Fiber broadband and technology provider Converge ICT Solutions Inc. has united with businesses around the globe in the call for governments to crack the whip against corruption affecting business communities worldwide.
Converge Chief Strategy Officer and Chief Sustainability Officer Benjamin Azada represented the company as he joined other business leaders in signing the Call-to-Action from Business to Governments on the 20th Anniversary of the UN Convention against Corruption (UNCAC).
“Corruption remains one of the most harmful threats to sustainable development, causing crippling implications to industries and economies at large. Converge is one with the UN and the business community in the call for more immediate and aggressive steps to eradicate this and pave the way for businesses to thrive in good governance,” said Azada.
While the exact cost of corruption has yet to be measured and reported, a study from the International Monetary Fund (IMF) revealed its snapshot based on bribes paid every year in both developing countries and advanced economies.
The report estimated that bribes paid annually were about $1.5 trillion to $2 trillion in 2016, equivalent to roughly 2 percent of the global gross domestic product (GDP).
The study said the economic and social impacts of corruption “are likely to be even larger since bribes constitute only one aspect of the possible forms of corruption.”
The said call to action prompts governments globally to bring anti-corruption and good governance at the forefront of achieving a sustainable and inclusive economy and to embrace these as guiding principles of the 2030 Agenda for Sustainable Development.
Some of the steps promoted by the signatories in the appeal include the strengthening of policies for business integrity in supply chains, promotion of transparency in public-private interactions, integration of corporate sustainability criteria into government decision-making processes, and the use of technology to manage corruption risks, among others.
The signed appeal will be submitted at the tenth session of the Conference of the States Parties (CoSP10) on December 11 to 15 to serve as a basis for government discussions and decisions.
In 2022, Converge officially joined the United Nations Global Compact (UNGC), the world’s largest corporate social responsibility initiative, committing to taking responsible business actions in accordance with ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption.
As a participant of UNGC, Converge has been dedicated to actively taking action in support of the UN’s goals and issues embodied in the Sustainable Development Goals (SDGs).
BusinessNewsAsia.com