Corruption is a global problem. In the three decades since US’s Congress enacted the FCPA, the extent of corporate bribery has become clearer and its ramifications in a transnational economy starker. Corruption impedes economic growth by diverting public resources from important priorities such as health, education, and infrastructure. Corruption is also bad for business. Corruption is anti-competitive, leading to distorted prices and disadvantaging honest businesses that do not pay bribes. It increases the cost of doing business globally and inflates the cost of government contracts in developing countries.
A company’s code of conduct is often the foundation upon which an effective compliance program is built. The most effective codes are clear, concise, and accessible to all employees and to those conducting business on the company’s behalf.