||Businesses should work against all forms of corruption, including extortion and bribery.
Corruption is a considerable obstacle to economic and social development around the world. It has negative impacts on sustainable development and particularly affects poor communities.
For companies, corruption disrupts business growth, escalates costs and poses serious legal and reputational risks. It also raises transaction costs, undermines fair competition, impedes long-term foreign and domestic investment, and distorts development priorities. Regarding to the good understanding that Investors have that corruption can negatively impact value and pose financial, operational and reputational risks to their investments, new and tougher anti-corruption regulations continue to emerge worldwide. All companies need robust anti-corruption measures and practices to protect their reputations and the interests of their stakeholders.
Championed by the United Nations Convention Against Corruption, The UN Global Compact’s 10th Principle states that “Businesses should work against corruption in all its forms, including extortion and bribery.” We call on companies to develop policies and programmes to address all forms of corruption. We challenge companies to join peers, governments, UN agencies and civil society to realize a more transparent global economy.