Cor­rup­tion rises as global cri­sis un­der­mines faith in govts, banks

The Pak Banker - - Company& -

LONDON: An­a­lysts from the Zer­matt Sum­mit re­port that the world is now con­sid­ered a more cor­rupt place than it was three years ago, with some 56% of peo­ple in­ter­viewed by Trans­parency In­ter­na­tional be­liev­ing their coun­try had be­come more cor­rupt.

Bribes were also a con­cern al­though less com­mon in the EU and North Amer­ica. Po­lit­i­cal par­ties have long been re­garded as the most cor­rupt in­sti­tu­tions and an­a­lysts blame ris­ing con­cern on the global fi­nan­cial cri­sis for un­der­min­ing peo­ple's faith in govern­ment, banks and eco­nomic in­sti­tu­tions. A re­cent BBC poll sug­gested that cor­rup­tion is the world's most talked about prob­lem. Re­spond­ing to this break­ing news, Christo­pher Wasser­man, Pres­i­dent and Founder of the Zer­matt Sum­mit, which is cam­paign­ing for greater trans­parency, ac­count­abil­ity and re­spon­si­bil­ity in busi­ness, be­lieves that the com­mon ap­proach of more leg­is­la­tion will not help un­less busi­ness lead­ers take re­spon­si­bil­ity and be­have more eth­i­cally them­selves, and cites the re­cent global credit crunch as a re­sult of poor ethics and trans­parency.

Wasser­man said, "Sadly with cor­rup­tion on the in­crease, it is be­com­ing even more crit­i­cal that some­one makes a stand and makes ef­forts to turn things around. Good gov­er­nance should be at the heart of any busi­ness or­gan­i­sa­tion or coun­try and these at­tributes should be dis­played from the top in or­der to pro­vide a good role model for oth­ers to fol­low.

"From an eco­nomic sense I see this is a fun­da­men­tal re­quire­ment for sta­bil­ity and growth to re­turn to the world mar­kets as the con­tin­ued loss of con­fi­dence is hurt­ing our economies, and ul­ti­mately the root cause is loss of trust which has fallen to an all time low and could fall fur­ther. For sta­bil­ity to be re­stored and sus­tained, we ur­gently need to gov­ern and run our com­pa­nies with an eth­i­cal, trans­par­ent and ac­count­able man­date. -PB News

SIALKOT: Pres­i­dent Sialkot Cham­ber of Com­merce and In­dus­try (SCCI) Ghu­lam Mustafa Chaudhry pre­sent­ing a shield to Pro­gramme Man­ager CBI Ms. Christa Bouwhis. -App

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