For many companies operating in Asia’s most corrupt markets, it is important to develop simple, consistent compliance frameworks with local buy-in, a panel discussion at the Asia Ethics Summit said.
The panel, titled “Corruption Challenges in Key Asian Markets,” featured speakers Gary Seib, a Hong Kong-based partner at Baker& McKenzie, Stanley Lui, general counsel for APAC at Nobel Biocare Asia, and Ben Wootliff, director of corporate enquiries, Greater China and North Asia at Control Risks.
Asia is home to some of the world’s most corrupt countries, according to Transparency International, with Myanmar ranking 172nd out 174 nations, Laos 160th, and Cambodia 157th.
Aside from local corruption, companies also have to deal with requirements of the UK Bribery Act, and the U.S. FCPA. And then, employees are also required to meet sales targets while making ethically correct choices.
Seib said that it was important for companies to have simple, clearly guidelines with regard to dealing with corruption that employees on the ground could understand. “Sometimes, they might face difficulties trying to identify if they’re dealing with public officials or working with a facilitation company,” he said. “Simple guidelines will help them take decisions more easily.”
Lui said that it was key for these compliance frameworks to also be aligned with local ground realities, thus making things easier for employees.
The Asia Ethics Summit, jointly organised by Ethisphere magazine and Asian Legal Business, is being held on Dec. 4 and 5 at the Renaissance Harbourview Hotel in Hong Kong.
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