Anti-corruption: Transparency in private sector Corporate Governance - Essay Example

Finally, the paper concludes stating the concepts and benefits of Transparency in Corporate Governance in tackling and abolishing corruption from the corporate scenario. One of the worst issue the current world faces is "corruption". This causes obstacles to the overall development of a country as well as it creates a negative impact on the weak communities which hampers the society at large. Thus there emerged a need to fight away this evil of corruption and "Anti-corruption" policies, strategies and practices evolved.

(The Global Impact) Traditional ways of beating up corruption was through reforming public administration and public finance management. But as time passed by and with the emergence of technologies and businesses, corruption too expanded its evil effects which even included the internal political system to relationship among core state institutions, interaction between the states and firms, and even the relationship between the state and civil society. This paper aims at the Anti-corruption activities done within competitive private sector.

The impact of corruption in private sector hampers economic growth, disturbs competition and causes serious legal and goodwill damages. It could also be very expensive as far as a multinational business is concerned. The World Bank has stated that "bribery has become a $1 trillion industry." (The Global Impact) Different entities such as, Org. OECD provides strategic principles and policies voluntarily for the safe and honest conduct of business. (OECD 2). Another move for anti-corruption was entering into force of the first globally agreed instrument, the United Nations Convention against Corruption (UNCAC) in December 2005.

(The Global Impact)Corporate GovernanceCorporate Governance is a body formed to look at the institutional and policy framework for corporations. The body focuses a firm from its promotional stages through different stages till insolvency. (Corporate Governance 1) Since its launch in 1995, it has provided news, related website links, and a small library for related matters etc. Corporate Governance serves more as a discussion forum and an easily accessible network for stakeholders who firmly believe that the active participation from shareholders in the administering activities of corporations will enhance their ability to create wealth.

(World Bank Institute Governance & Anti-Corruption)The spontaneous and active development of rules of Corporate Governance all around the globe is also making the companies aware to focus on anti-corruption measures as part of their quality measures to protect their goodwill and to protect the interests of their shareholders. The Corporate Governance have succeeded in making a significant positive impact on the private sector as the application of its policies and norms are being adopted by more and more investment managers to ensure the companies better management and best practices.

(The Global Impact)Transparency in Corporate GovernanceTransparency in Corporate Governance is the main essence of all socially acceptable business developments. Therefore in-house rules on ethics of it should cover a