Anti-corruption: Transparency in private sector Corporate Governance

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The paper aims at focusing on the Private Sector Corporate Governance and its Transparency which acts as a sword against corruption. The study takes into account the concept of anti-corruption, explains the same and proceeds with the impact of corruption and anti-corruption steps taken in the private sector…

Introduction

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)
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