ADB to help private sector enhance corporate governance, anti-corruption initiatives

The Asian Development Bank (ADB) has reiterated its commitment to strengthen engagement with the private sector to support good corporate governance and anti-corruption measures.

"When good public governance is matched by good corporate governance, the impact of development is magnified," said ADB President Takehiko Nakao, adding that public and private sectors must work together to build effective, accountable and inclusive institutions.

Board of Trustees Chair of ASEAN CSR Network Yanti Triwadiantini said that creating a culture of integrity in the business community in southeast Asian nations is a crucial step toward shared growth and progress.

She emphasised that by choosing to embrace integrity as a corporate value, the business community can help foster a more sustainable, inclusive and fair playing field.

Pana Ratanabanangkoon, Project Director of Thai Private Sector Collective Action against Corruption (CAC) highlighted the key role of collective action in fighting corruption, citing how eight leading organisations in the Thai private sector worked together in 2010 to build a clean and transparent business community through CAC.

To date, 427 Thai companies have been certified by CAC as compliant with anti-corruption standards derived from Transparency International guidelines while 953 more companies have applied to join.

With the global cost of corruption estimated at 2.6 trillion dollars per year, equivalent to 5 per cent of global gross domestic product, the world is deprived of resources that could help fund commitments under the 2030 Sustainable Development Goals.

ADB said it recognises the need to address the unfinished governance agenda to deliver development results.

.