With Europe, the Middle East, India and Africa (EMEIA) all continuing to grapple with huge bribery and corruption problems, many of those considering London Registrars’ board secretary services may be interested to read of a new survey shedding further light on the current scale of corruption.
The study, in which 4,100 senior company executives across 41 countries participated, found that more than half (51%) of respondents assumed that business transactions in their country involved bribery and corruption.
The report also found the 25 to 34-year old age group to be more corrupt than any other, with many of them assuming that their managers were also corrupt. There was also evidence of a failure to effectively implement whistleblowing, with staff often not knowing to whom a suspicious person should be reported.
However, the regulatory authorities’ efforts are having the desired impact, the report also found, with three-quarters of those participating in the study supporting individual responsibility for managers.
A time of rapid and unprecedented change
The survey’s findings have been released at a time of considerable and sometimes unexpected political change across the world. The resultant economic uncertainty is posing a major challenge to businesses also dealing with fast-paced technological change, shifting customer demands and the changing makeup of the workforce.
It seems that never before has business conduct been under such intense scrutiny, as firms are forced to find other ways of meeting ambitious revenue goals and increasing their responsiveness to a public that increasingly expects the highest levels of transparency and accountability.
Bribery and corruption remain massive challenges
The results of the study go a long way to demonstrating the sheer extent of unethical behaviour and mistrust among colleagues at today’s workplaces, with managers and the youngest generation coming in for particular censure.
These findings are the backdrop of ever-increasing requirements imposed by regulatory authorities, as well as companies themselves imposing strict compliance regulations. However, such rules will not be effective in changing anything if individual employees or even management committees are able to evade them.
The overall picture painted by the survey findings is of the fight against bribery and corruption being a major challenge across the EMEIA region, despite signs of progress in some emerging economies.
How London Registrars can help
London Registrars can provide advice on the effective management of anti-bribery policies at board level, suggesting bribery and whistleblowing policies that can be implemented throughout a company to leave employees certain of where they stand.
Contact the London Registrars team today to learn more about the complete range of benefits of our highly respected board secretary services.