The report decodes the current state of anti-corruption reporting practices and highlights the urgent need for enhanced quality, reliability, and comparability in this crucial area.
At a time when companies, investors, and financial markets are calling for increased transparency and accountability for anti-corruption efforts, the International Federation of Accountants (IFAC), Transparency International UK (TI-UK) and the World Economic Forum’s Partnering Against Corruption Initiative (the Forum’s PACI) have published a comprehensive review of anti-corruption corporate reporting by the largest publicly traded companies worldwide.
The report decodes the current state of anti-corruption reporting practices and highlights the urgent need for enhanced quality, reliability, and comparability in this crucial area. It also raises a series of policy questions around jurisdictional differences, comparability, governance, and the completeness and reliability of the information provided.
IFAC CEO Kevin Dancey said: “Our findings are mixed—the report reveals both progress and challenges, and significantly different disclosure practices in jurisdictions. We must collectively address the gaps and differences to ensure anti-corruption reporting achieves the same level of rigor, transparency, and trust as financial reporting. IFAC, TI-UK and the Forum’s PACI are committed to engaging stakeholders based on this research and holding ongoing conversations to drive meaningful change.”
TI-UK CEO Daniel Bruce said: “Corruption has far-reaching negative consequences, undermining public services, economic opportunities, and achieving the United Nations Sustainable Development Goals. Fighting corruption requires collaboration among diverse stakeholders, including governments, businesses, and society at large. Through collaboration and dialogue, we can work toward a future where businesses uphold the highest standards of integrity, contribute to sustainable development, and combat corruption effectively."
IFAC, TI-UK and the Forum’s PACI urge stakeholders to join forces in advancing anti-corruption reporting, enhancing its quality, reliability, and comparability. By working together, we can forge a future where corruption is eradicated, economic progress is safeguarded, and sustainable development becomes a shared reality.
Findings
- Nearly all (95%) of companies reviewed disclose some information about anti-corruption policies, training, and/or results.
- Most of these companies use internationally recognized sustainability standards (61% use GRI and 17% use SASB) to report anti-corruption information.
- There is little comparability between anti-corruption disclosure.
- Few companies disclose corruption incidents (37%) or the costs of corruption (4%).
- The majority (72%) of companies are not obtaining assurance on anti-corruption information.
To access the full report, visit the IFAC website.
IFAC
© IFAC - International Federation of Accountants
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