Some of Australia’s biggest companies are putting their shareholders’ money at risk by not having policies that prohibit bribery, says the Australian Council of Superannuation Investors (ACSI) .
ACSI says 126 ASX 200 companies operate in sectors or countries that are deemed at high risk of corruption, the report undertaken by Corporate Analysis Enhance Responsibilty says.
But 40 per cent of those companies do not have policies that prohibit the paying of bribes or the facilitation of payments, says the report.
The World Bank estimates that corruption costs the world between $US1 trillion and $US1.6 trillion annually.
“Bribery costs investors money,” says Ann Byrne, chief executive of the ACSI. “Anti-bribery policies should be part of any good management. We’ll talk to the companies about their policies, and hopefully see improvements.”