Problems solved: corruption, lack of transparency and leadership

The global economic crisis revealed large scale fraud in the financial sector and dropped public confidence and trust. This presents a daunting array of challenges to companies and government alike. It is practically impossible for a single stakeholder on their own to effectively address the problems that contributed to this crisis: corruption, greed, lack of transparency and leadership. Hence there is a case for collective action that enables companies to collaborate with competitors and/or stakeholders from the public and civil society sector to create and maintain fair market conditions.

Recognizing this, the World Bank Institute is organizing an Executive Development Program precisely on such joint approaches titled Fighting Corruption through Collective Action in Today’s Competitive Marketplaces. 

Working collectively, companies can help level the playing field between competitors, create incentives to avoid bribery among individuals and organizations, and introduce greater transparency and predictability to business transactions. There are a growing number of examples of collective approaches, and while some, such as the Business Ethics Leadership Alliance, bring together the usual suspects of multinationals based in OECD countries, others are engaging local firms in some tough operating environments, be it Cambodia's Clean Business Initiative, or the Convention on Business Integrity in Nigeria.

The World Bank’s Executive Development Program taking place in June will feature the range of case example and offer practical guidance on collective action tools for doing business in high risk situations useful for both corporate decision makers and government officials.

Registration and additional information are available at www.fightingcorruption.org