GCR: Private Sector

Cover of GCR: Private Sector

The private sector can be a source of dynamic innovation and growth. Nonetheless, as Transparency International’s Global Corruption Report 2009 clearly demonstrates, it can also fail to live up to its potential, if corruption goes unchecked, and turn into a destructive force that undermines fair competition, stifl es economic growth and political development and ultimately undercuts its own existence.

Despite prominent corruption scandals and the lack of transparency and accountability that has been shown to lie at the root of the fi nancial crisis, there has been encouraging and real progress towards stronger corporate integrity. Corporate performance in the fi ght against corruption often does not yet match corporate commitments, however. Crucial corruption risks, as well as loopholes in transparency, accountability and oversight, persist across all industries and all countries. Dynamic markets continue to produce new and subtle corruption challenges.