Taking a corporate stand against corruption – Partnering Against Corruption Initiative (PACI)

The first link of private sector involvement was forged four years ago, when participants in the 2003 World Economic Forum discussed the “supply side of corruption” and how international business might help find practical solutions. A year later, benchmark business principles were adopted by 19 companies, including Fluor, and the Partnering Against Corruption Initiative (PACI) was formed. Each company adopting the PACI principles agreed to maintain a zero-tolerance policy toward bribery and corruption and to develop and implement a broad-based anti-corruption program to guide the behavior of its employees.

Today, nearly 130 companies from 39 nations have become signatories to the PACI principles. The signatories, most from the global energy, mining and minerals, and engineering and construction industries, represent more than $ 600 billion in revenues and over two million employees worldwide.

Recently, PACI has been collaborating with the World Bank and regional development banks. Initial discussions centered on a requirement that bidders provide anti-bribery certificates on large contracts. A further requirement that bidders provide a code of conduct and anti-bribery policies as further evidence of their commitment is being explored.

PACI has become a serious contributor to the battle against corruption in global commerce, and those of us involved are encouraged by our progress and momentum. Yesterday’s tolerance for corruption is diminishing faster than is commonly appreciated, dramatically changing the stakes for all concerned. At the same time, we are reaching only a small portion of the world business community.

Read more …

“Taking a corporate stand against global business corruption,”, Offshore, Jan 2008.

Taking a Corporate Stand Against Corruption, World Energy, Vol. 6. No. 4, 2003, pp 94-98. (requires registration).

Foreign Corrupt Practices Act (FCPA): News, Updates and Important Links.