Norges Bank Investment Management and the Basel Institute on Governance have published a new guidance note, which contains indicators that we hope will contribute to better company reporting on the effectiveness of corporate anti-corruption efforts.
To prevent corruption, many companies have developed extensive anti-corruption programmes. However, there is still relatively limited public reporting on tools, approaches and metrics used to measure the effectiveness of anti-corruption efforts. For investors like Norges Bank Investment Management, such information is important to analyse opportunities and risks to investments.
—We believe that working against corruption is an integral part of responsible business conduct, says Chief Governance Officer Carine Smith Ihenacho.
The guidance note contains a set of indicators that companies may wish to consider when reporting on the effectiveness of their anti-corruption efforts. The indicators are the outcome of a working group that Norges Bank Investment Management established for companies in the health care sector, facilitated by the Basel Institute on Governance. Over the past year, this effort has brought together companies to exchange experiences with measuring anti-corruption efforts and explore opportunities for external reporting on such efforts.
Although the indicators were developed with the health care sector in mind, they are likely applicable beyond this sector. The indicators are intended for use by all company practitioners who would like to enhance external reporting on anti-corruption efforts.
—It is our hope that the indicators will offer some direction to companies and contribute to enhanced company reporting on the effectiveness of corporate anti-corruption efforts, Smith Ihenacho says.
The 17 indicators are grouped into the following broad themes based on their relevance to the prevention of corruption: Culture, Risk Management, Third Parties, Compliance Function and Oversight.
The guidance note can be read in full here.
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