Transparency International (TI) has for the first time released a detailed list looking not at state-level corruption, but rather at irregularities in the corporate reporting of individual companies. Under scrutiny were the world's 105 largest publicly-traded firms.
The study showed that although many multinationals have implemented anti-corruption programmes and given protection to whistle-blowers, they remain vague when reporting details on profits and tax payments, according to Edda Müller, the head of the German branch of Transparency International, who spoke with reporters in Berlin on Tuesday.
TI's survey is based on a Forbes list of the 105 biggest enterprises in the world. The anti-corruption body specifically looked at the companies' own codes of conduct and measures to fight corruption. It also assessed regular business reports and statements about tax payments, with the data used coming exclusively from publicly accessible sources such as company websites.
Firms in the finance sector didn't quite make the cut in the survey either, with Goldman Sachs, Bank of America, Visa and Citigroup all ranking in the bottom third.
"In our view, this confirms the need for more regulation and binding corporate reporting standards in the finance sector", said Müller. "You can't pocket taxpayers' money in the form of bailouts, while at the same time refusing to publicly document the tax payments in the countries you operate."
TI's list also includes seven German companies, among them software giant SAP, chemical conglomerate BASF and insurer Allianz. All of them did relatively well, securing themselves spots in the top third of the index. Following a large-scale investigation into corruption surrounding German electronics company Siemens in the US, many German firms have taken additional anti-corruption measures, TI stated.
However, Müller said German companies still left much to be desired when it came to documenting their business activities abroad. TI criticised the German government for not immediately implementing a recent EU guideline, which would oblige companies in the natural resources sector to make their investments more transparent.
Press release
Report © Transparency International
© Deutsche Welle
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