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BLSA to establish committee to guard against corruption by members

28th September 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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South Africa has lost about R700-billion as a result of corruption and unfair business practices over the past 20 years, Business Leadership South Africa (BLSA) said on Monday, reiterating its support for a planned anticorruption march by civil society on September 30.

A BLSA committee would be established to consider the actions of any member company that may credibly be alleged to be in conflict with the values set out in the organisation’s Code of Good Corporate Citizenship.

Further, the organisation stated that its members had committed neither to offer, nor accept bribes, inducements or facilitations of any kind within the private sector or from public officials and public institutions.

It also committed to fully abide by legislative and regulatory requirements.

“Corruption poses a challenge to development and job creation and undermines good governance, ethical values and justice and South Africa’s economic woes are worsened by its proliferation,” BLSA said in a statement, adding that the World Economic Forum estimated that corruption increased the cost of doing business by up to 10% on average.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

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