Around the world, countless companies are committed to Responsible Business Conduct (RBC), improving health and safety at work, living conditions, society, environment, and consumer welfare. More and more companies are integrating this concept in their value chains. An important aspect of Responsible Business Conduct is fighting corruption. Corruption reduces efficiency and increases inequality. It distorts the efficient allocation of resources. It raises the costs of doing business. It undermines the trust in governments and erodes the rules of law.

According to the World Economic Forum the cost of corruption equals more than 5 per cent of global GDP (USD 2.6 trillion). Much has already been done to fight corruption. But we can do better. B20 Germany thus decided to establish a Cross-thematic Group on Responsible Business Conduct and Anti-Corruption.

The B20 Responsible Business Conduct and Anti-corruption (RBC&AC) Cross-thematic Group has published its final policy paper. The paper is the outcome of eight months of intense discussions and hard work among 112 CTG members from 26 countries and diverse economic sectors. In five teleconferences and physical meetings in Geneva, Berlin and Paris the RBC&AC CTG under the leadership of Dr. Klaus Moosmayer, Chief Compliance Officer Siemens AG, developed three highly relevant recommendations to the G20:

1. Establish Beneficial Ownership Transparency – G20 members should increase their efforts to implement beneficial ownership transparency so that risks related to the ultimate owner(s) can be identified.

2. Recognize Compliance Efforts – G20 members should be supportive of company’ proactive engagement by providing positive recognition of effective anti-corruption and compliance systems.

3. Enhance Responsible Business Conduct in Infrastructure Projects – G20 members should increase transparency and accountability at all  stages of the project cycle in order to mitigate the risk of corruption and increase Efficiency.

To download the full RBC&AC policy paper – click here

To access the RBC&AC Factsheet – click here.

Source: B2O Germany

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