KUALA LUMPUR – To combat corruption and raise standards of business ethics, the British Malaysian Chamber of Commerce (BMCC) signed the Corporate Integrity Pledge (CIP) on 26 June 2012 at the Kuala Lumpur Convention Centre, witnessed by Malaysian Anti-Corruption Commission (MACC) Chief Commissioner Dato’ Sri Abu Kassim Mohamed.
Also present were British High Commissioner of Malaysia H.E. Simon Featherstone, BMCC Chairman Dato’ Larry Gan, BMCC patrons and board of directors.
Praising BMCC for working closely with MACC to promote integrity, transparency and good governance in the country, Dato’ Sri Abu Kassim pointed out that this is not only morally right but there is ample evidence to show that high standards of integrity build better businesses.
“With the signing of the CIP, it is a clear signal to all that this chamber has acknowledged the need to promote high standards of integrity. In addition they have made a commitment to support initiatives to combat corruption not only in the corporate sector alone, but in Malaysia as a whole,” he said.
The Commission aims to fight corruption and enhance integrity in all businesses and commercial activity. Thus, upholding the core values of corporate integrity must be instilled, understood and applied at all levels in a company – be it the humblest member of staff or the most senior manager.
By signing the CIP, BMCC is making a commitment and promise to uphold, commit and practice Anti-Corruption Principles for Corporations in Malaysia, both verbally and in action.
This is in accordance to the government’s emphasis on the need to promote and strengthen corporate integrity among the business and private sectors. In return, the private sectors should support the Economic Transformation Programme (ETP) in ensuring the success of the initiative, not only in terms of economic growth and sustainability, but also the country’s vision to transform itself into a fully developed nation.
Moreover, it is also a widely known fact that evidence shows clearly that companies with high standards of integrity outperform those with indifferent attitudes and unethical conduct. In short, integrity builds better businesses.
For this, the CIP is a document that allows a company to make a commitment to uphold the Anti-Corruption Principles for Corporations in Malaysia. By signing the pledge, a company is making a unilateral declaration that it will not commit to any corrupt acts. That it will work towards creating a corruption-free business environment and will uphold the Anti-Corruption Principles for Corporations in Malaysia in the conduct of its business and in its interactions with its business partners and the Government.
The beneficial effects of this are two-fold: first, a company will be making a clear stand of how it operates, where this Pledge will act as guidance to the company in its business interactions. Second, a company can use this Pledge to set itself apart from its peers by demonstrating to its stakeholders that its business operations do not include any hidden risks or costs that are associated with corrupt activities.
The Pledge is a tool to be used by companies and is not a regulatory instrument of any sort. Breaches of the pledge will not carry any legal sanction. Instead, the Pledge will be given force through self-reporting by the company, to meet the demands of its stakeholders.
MACC is ever willing to assist all companies based in Malaysia in developing awareness programs as well as providing corruption prevention and capacity building modules. [ENDS