ICC Global: The International Chamber of Commerce (ICC) has recently launched its highly anticipated 2023 Rules on Combating Corruption, marking a significant milestone in the global fight against corruption. Recognized as a flagship tool for building business integrity worldwide, these rules replace the previous 2011 edition and aim to set a new benchmark for corporate practices in managing integrity risks across global value chains.
Under the leadership of the ICC Global Commission on Anti-corruption and Corporate Responsibility, the 2023 Rules have been developed to align with the latest standards and corporate practices. Maria Fernanda Garza, ICC Chair, officially introduced the rules on December 11 at the commencement of the UN Conference of the States Parties to UN CAC in Atlanta, coinciding with the 20th anniversary of the UN Convention against Corruption.
Key Highlights of the 2023 ICC Rules on Combating Corruption:
- Enhanced Reporting Mechanisms: A notable feature of the new rules is the bolstering of provisions related to reporting mechanisms. These mechanisms are crucial in uncovering and deterring wrongdoing, playing a pivotal role in promoting transparency and accountability.
- Focus on Third-Party Engagement: The updated rules place increased emphasis on engaging and managing third parties within the supply chain. Recognizing the vulnerabilities associated with third-party involvement, the rules aim to strengthen the integrity link and mitigate risks.
- Promotion of Responsible Business Conduct: In a groundbreaking move, the 2023 ICC Rules call for the promotion of Responsible Business Conduct. This reflects a growing expectation for enterprises to make positive contributions to sustainable development and address adverse impacts linked to their operations.
Insights from Viviane Schiavi, ICC Global Policy Lead on Anti-corruption and Corporate Responsibility:
Schiavi emphasizes that businesses can take proactive steps to combat corruption:
- Establish a code of conduct explicitly prohibiting corrupt practices.
- Implement compliance programs based on risk assessments tailored to the nature of the business.
- Address various aspects, including political and charitable contributions, conflicts of interest, gifts, and hospitality.
ICC’s Role in Global Anti-corruption Efforts:
The ICC has played a pioneering role in advocating for enterprises’ compliance with anti-corruption rules since 1977. Recognizing the shared responsibility of international organizations and national governments, ICC believes that a corruption-free system is essential for fair competition.
Anticipated Impact on Businesses:
The updated rules are expected to have a profound impact on the day-to-day operations of businesses. They provide a comprehensive tool for managing integrity risks, particularly benefiting small and medium-sized enterprises without dedicated legal departments.
In conclusion, the 2023 ICC Global Rules on Combating Corruption set a new standard for corporate integrity, reinforcing the commitment to a corruption-free business environment and promoting responsible business conduct on a global scale.