Corruption is a key risk for many businesses and a topic of CSR importance yet there is insufficient reporting on the issue; according to a review carried out by Transparency International of sustainability reports submitted to the ACCA (Association of Chartered Certified Accountants) UK Awards for Sustainability Reporting 2005.

The review on countering corruption was carried out by Transparency International as this year’s annual focus for the ACCA Sustainability UK Reporting Awards. The review looked at reports submitted from companies for which countering bribery and corruption should be of high importance; decided based upon their size or the markets in which they operate. Based upon these criteria, 53 of the 82 ACCA entries were reviewed. However, few entries reported on risk assessments related to countering corruption or the CSR aspects of countering corruption

David Nussbaum, Chief Executive of Transparency International said: “The risks to companies from corruption are growing and the effects of corruption are especially severe on transition economies. Our review has shown that reporting is improving among best practice companies, most often those at greatest risk from corruption, but for the majority of companies the issue is still handled in a low profile manner. TI strongly encourages companies to improve their reporting to support their reputation for integrity.”

TI selected nine companies that had provided examples of good practice on aspects of reporting on countering corruption. At the time, they were: Anglo American, BAE Systems, BHP Billiton, BG Group, BP, BT, Diageo, Shell International and Unilever.