The Organization for Economic Cooperation and Development published a report on worldwide corruption in 2014, showing that many cases in the past seven years have led to criminal conviction and/or fines. Jose Angel Gurria explains that most often CEOs and senior officials are involved if not responsible for corruption. Consulting firm Ethic Intelligence advises companies on avoiding corruption.
At the European Commission Cartel Settlements Unit, Flavio Laina leads the search and exposure of corrupt companies. His team approaches companies without notice and uses a set of tools to expose information on computers. Due to the leniency procedure, Laina receives many calls from bosses denouncing other colleagues in order to avoid a fine.
After President Obama strengthened the Foreign Corrupt Practices Act, courts have prosecuted many businessmen and companies. Richard Bistrong practiced bribery as vice president of international sales for a weapons manufacturer and was sent to prison. He explains the vicious cycle of corruption within companies, comparing it to drug addiction.
In 2006, officials arrested leaders at Siemens for extensive corruption; the multinational company had to pay millions of dollars in fines. Head of the compliance department, Klaus Moosmayer has been responsible for transforming the company’s culture through training and in- person conversations with employees. After three years of the anti-corruption program, Siemens has found that it is behind on innovation; this disconnection with the market can be both a cause and effect of corruption.
Credits: Corruption, the Double Penalty
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Corruption is the scourge of the business world. Companies are fighting to raise awareness among their collaborators by launching more and more ethics programs. We look at how legislators are strengthening existing regulations, how corrupt businessmen are owning up to their crimes, and how companies are trying to redeem themselves.
Length: 28 minutes
Copyright date: ©2016
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