According to the World Economic Forum and World Bank, corruption adds up to 10% of the total cost of doing business in many parts of the world, and up to 25% of the cost of procurement contracts in developing countries where most ASEAN countries are classified. It distorts market mechanisms, prevents fair competition, exposes businesses to legal and reputational risks, and erodes public investor trust and confidence. And while calls on governments to address the problem of corruption are getting louder, there is also an increasingly important role for the business community to play.
With the support of the United Kingdom’s Foreign & Commonwealth Office, we initiated the Regional Working Group on Business Integrity in ASEAN with the objective of promoting and achieving the highest standard of integrity in the region, moving towards a corruption-free ASEAN community. Established in September 2014 on the occasion of the Integrity Summit in Manila, Philippines, the Regional Working Group currently comprises 7 members from 6 ASEAN countries who have strongly committed to fight against corruption through collective action on advocacy and capacity building.
Members of the Working Group are:
- ASEAN CSR Network
- Integrity Initiative (Philippines)
- Indonesia Business Links
- International Chamber of Commerce - Malaysia
- Singapore Compact for CSR
- Vietnam Chamber of Commerce and Industry
- Private Sector Collective Action Coalition Against Corruption in Thailand
To know more about our Business Integrity and Anti-Corruption initiative, please visit http://integrityhasnoborders.com