Quote from Business Today issue Oct 2012 by Suren Rajakarier
Though there is limited focus and disclosures on the issue of bribery and corruption, corporates should pay more attention to reduce such occurrences. We need to find a mechanism in Sri Lanka to encourage leading companies to disclose policies and measures they are taking to combat bribery and corruption. To quote from a Transparency International report on Transparency in Reporting on Anti-Corruption (TRAC); “bribery and corruption remain endemic problems in many countries, weakening governance and posing a major impediment to development. At the same time, bribery and corruption are a significant risk for companies around the world: not only must companies comply with anti-bribery legislation, but corrupt company practices are increasingly scrutinised and punished by both investors and society at large who demand that companies behave as responsible corporate citizens. To ensure compliance with laws and to manage the broader risk of corruption, firms must adopt coherent policies and systems to prevent and redress bribery and corruption”.