According to the World Economic Forum the cost of corruption equals more than five percent of global GDP (US$ 2.6 trillion). Much has already been done to fight corruption. But we can do better. B20 Germany thus decided to establish a Cross-thematic Group on Responsible Business Conduct and Anti-Corruption.
The B20 Responsible Business Conduct and Anti-corruption (RBC&AC) Cross-thematic Group has published its final policy paper. The paper is the outcome of eight months of intense discussions and hard work among 112 CTG members from 26 countries and diverse economic sectors. In five teleconferences and physical meetings in Geneva, Berlin and Paris the RBC&AC CTG under the leadership of Dr. Klaus Moosmayer, Chief Compliance Officer Siemens AG, developed three highly relevant recommendations to the G20:
Establish Beneficial Ownership Transparency – G20 members should increase their efforts to implement beneficial ownership transparency so that risks related to the ultimate owner(s) can be identified.
Recognize Compliance Efforts – G20 members should be supportive of company’ proactive engagement by providing positive recognition of effective anti-corruption and compliance systems.
Enhance Responsible Business Conduct in Infrastructure Projects – G20 members should increase transparency and accountability at all stages of the project cycle in order to mitigate the risk of corruption and increase Efficiency.