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Is It Time To Pull Out The Handcuffs?
June 9th, 2011
Global Financial Integrity Managing Director Tom Cardamone has written a blog post for the TrustLaw website examining the shortfalls of anti-bribery and anti-corruption compliance efforts at companies around the world. A study showed that a third of firms saw anti-bribery programs as “an example of the governments imposing costly and excessive requirements”, demonstrating a lack of motivation in reducing unethical business practices. Referencing the effectiveness of penalties for corrupt practices, Cardamone writes:
An even closer read of the stories behind these fines shows that seldom do they make a significant dent in the profits of the firms involved and rarely...
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Private companies say “financial transparency: not a great idea”
February 3rd, 2011
In November 2010, the European Commission (EC) opened a public consultation to “seek stakeholders’ views on financial reporting on a country-by-country basis by Multinational Companies (MNCs).” Country-by-country reporting standards would require that MNCs provide information on the profits earned and taxes paid in each of the countries where they operate. Eurodad and other civil society organisations believe that such reporting standards would enhance financial transparency and would provide crucial information needed by developing countries to enhance collection of taxes on the profits made by companies in their countries. While several NGOs, including Eurodad, contributed to the public consultation with a...
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Closer watch on ownership transfer in cos
August 13th, 2009
NEW DELHI: Non-disclosure of transfer of beneficial ownership by promoters has caught the eye of policymakers. While noose has already tightened on listed companies after the Satyam episode by market regulator Sebi, the focus has now turned to tightening the disclosure for non-listed companies.
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