BUSA Vice President Martin Kingston, said at the 22nd Nedlac Annual Summit under the theme Restoring integrity by combating corruption through good governance that business needs to acknowledge that it is often complicit in enabling corruption, benefiting from corruption and has not been adequately strident and outspoken in dealing with corruption where it arises in the private sector.
Kingston said business identified key issues that Nedlac needs to find more effective ways to enable social partners and government to work together and drive economic transformation for inclusive growth; systematically address regulatory burden that is stifling the economy; engage comprehensively on energy matters; address youth employment challenge; and address corruption that is undermining and compromising our social progress.
“BUSA raised concern with
the state of
Tanya Cohen, Chief Executive Officer of BUSA indicated that BUSA has recently adopted guiding principles to address corruption and embed integrity within business. In this regard BUSA members have pledged to adopt the highest ethical standards, levels of accountability, and good governance principles. Pursue a transparent, zero tolerance approach with legal and visible consequences for companies and individuals found to be involved in corruption. Implement processes, controls and procedures to ensure compliance with anti-corruption legislation, including creating conducive conditions for whistle-blowers to come forward.
“In supporting its members in the implementation of anti-corruption principles, policies and mechanisms, BUSA is going to add its weight to anti-corruption efforts, raise awareness and identify management tools that are easily accessible to enable best practice in governance within business”.
“BUSA points to Nedlac as a
key forum for collaboration in the fight against corruption. Thus, the
recommendation for instituting support mechanisms within Nedlac to build on the
Cohen said there was a real
risk of further sovereign ratings downgrades, which would exacerbate the
current pressures on the fiscus and limit
“Urging all social partners to rededicate their commitment to address all these challenges, BUSA reaffirmed its readiness to deal with corruption, whether it occurs in the private sector or in the public sector,” said Cohen.
-BUSINESS REPORT ONLINE