With the global cost of corruption estimated at 2.6 trillion dollars per year, the Asian Development Bank (ADB) has committed to strengthening engagement with the private sector to support good corporate governance and anti-corruption measures.
In his welcome remarks, ADB President Mr. Takehiko Nakao said: "When good public governance is matched by good corporate governance, the impact of development is magnified," adding that public and private sectors must work together to build effective, accountable, and inclusive institutions.
Board of Trustees Chair of ASEAN CSR Network Ms Yanti Triwadiantini and Project Director of Thai Private Sector Collective Action against Corruption (CAC) Mr Pana Ratanabanangkoon delivered keynote speeches at the event.
As ADB looks to increase its private sector operations to one-third of total operations by 2024 with more focus on new markets, including fragile and conflict-affected countries and small island developing countries, it is planning to further improve corporate governance and compliance with global standards on integrity and transparency among its private sector partners.
“Creating a culture of integrity in the business community in Southeast Asian nations is a crucial step toward shared growth and progress,” said Triwadiantini, Board of Trustees Chair of ASEAN CSR network.
She emphasized that by choosing to embrace integrity as a corporate value, the business community can help foster a more sustainable, inclusive, and fair playing field.
Ratanabanangkoon highlighted the key role of collective action in fighting corruption, citing how eight leading organizations 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 global corruption cost estimated to be almost equal to 5 percent of the global GDP, the world is deprived of resources that could help fund commitments under 2030 sustainable Development Goals.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific while sustaining its efforts to eradicate extreme poverty. In 2018, it made commitments of new loans and grants amounting to $21.6 billion.
(With inputs from ANI)