'Ficci, CII need to fight corruption'

Oct 05 2012, 16:16 IST
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'Ficci, CII needs to play bigger role in fighting corruption' 'Ficci, CII needs to play bigger role in fighting corruption'
SummaryAssociations in India promote transparent and ethical business practices.

Industry chambers like Ficci and CII need to play a greater role in promoting transparent and ethical business practices to check corruption, said UN's Global Compact report.

"Industry associations need to play a much larger advisory role ... associations in India like FICCI and CII (need to) promote transparent and ethical business practices among the member companies in a more proactive manner," Chairman Administration Committee, Global Compact Network India (GCNI), A K Balyan said.

GCNI is an Indian arm of the UN Global Compact.

Balyan, who is also CEO & MD of Petronet LNG Ltd, said that although various big public and private corporates like GAIL, Tata Steel and Infosys are taking steps at individual levels to curb corruption, there is a need for concerted effort to deal with the menace.

The GCNI study which has outlined the steps being taken by corporate houses to prevent corrupt in their respective companies was released by veteran journalist Kuldeep Nayyar yesterday.

The study noted that while government-owned GAIL made its entire billing process more transparent and user friendly, Neyveli Lignite Corporation (NLC) implemented e-procurement system to prevent corruption and encourage transparency in their business dealings.

Tata Steel, it said was the first major company to formulate a written code of conduct, provides training to its new employees in countering corruption.

IT bellwether Infosys, which has been widely acknowledged for its corporate governance, follows whistleblower mechanism to address concerns relating to questionable accounting and auditing matters, it added.

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