In a significant move to fortify global business integrity, the International Chamber of Commerce (ICC) has unveiled its 2023 Rules on Combating Corruption. This landmark revision sets a new benchmark in managing integrity risks across global value chains, marking a pivotal moment in corporate governance.
Introduced by ICC Chair Maria Fernanda Garza at the onset of the UN Conference of the States Parties to UN CAC in Atlanta, these rules represent a comprehensive update since their last edition in 2011. They come at a critical juncture, coinciding with the 20th anniversary of the UN Convention against Corruption, underscoring a renewed commitment to ethical business practices.
The ICC’s 2023 Rules are distinguished by their enhanced provisions to facilitate reporting mechanisms crucial in identifying and deterring corrupt activities. A notable advancement is the stronger focus on managing Third Parties, traditionally seen as the weakest link in maintaining supply chain integrity. Additionally, in a first for ICC’s 2023 rules, there’s an emphasis on promoting Responsible Business Conduct. This shift acknowledges the growing expectation for businesses to contribute positively to sustainable development and address adverse impacts of their operations.
Viviane Schiavi, ICC’s 2023 Global Policy Lead on Anti-corruption and Corporate Responsibility, highlights that businesses play a vital role in eradicating corruption. She advises companies to implement a code of conduct explicitly forbidding corrupt practices in all forms, including commercial/public bribery, extortion, and money laundering. Moreover, businesses are encouraged to develop compliance programs tailored to their specific risk profiles, addressing potential conflicts of interest, political contributions, and other integrity-related aspects.
Since its initial anti-corruption rules in 1977, the ICC has been a frontrunner in advocating for corporate self-regulation while recognizing the integral role of international and national entities in combating corruption. The ICC’s suite of rules and guidelines has continuously evolved, providing practical, business-oriented solutions for responsible conduct.
The updated 2023 rules are expected to significantly impact day-to-day business operations, especially for SMEs that may lack extensive legal resources. These rules serve as a practical guide, outlining key considerations and necessary actions for maintaining integrity in business dealings.
As the world grapples with complex challenges in maintaining corporate ethics, the ICC’s 2023 Rules on Combating Corruption emerge as a beacon of hope, guiding businesses towards a future where integrity and responsibility are at the forefront of global commerce.