Enhancing Transparency and Combating Corruption in Business Practices

ENHANCING TRANSPARENCY AND COMBATING CORRUPTION IN BUSINESS PRACTICES Lecture Notes I. Introduction • In this discussion, we address the issue of concealing information regarding bribery and corruption from shareholders and auditing firms. The importance of transparency and the need to enforce openness in significant economic decisions made by government officials are emphasized as key measures against economic-corruption crimes. II. Transparency as a Solution A. Government's Role 1. Legislation on Fund Management • Emphasis on controlled fund allocation • Violation leading to criminal prosecution 2. Transparent Decision-Making • Openness as an essential factor • Non-compliance as a corruption offense B. Tackling Corporate Offenses 1. Oversight Gap • Lack of state control over certain offenses • Limited criminal consequences 2. Impacts on Public Interests • Formation of corruption chains • Negative effects on public interests • Tax evasion and asset diversion consequences III. Realigning State Policies A. Broader Countermeasures 1. Beyond Criminal and Administrative Sanctions 2. Civil-Law Measures • Indirect lawsuits against unethical managers B. Corporate Initiative 1. Utilizing International Experience 2. Independent Implementation • Incorporating mechanisms from abroad • Internal company documents as reference • Disciplinary and civil consequences for non-compliance IV. Conclusion • As the state's response to corruption remains limited, companies can adopt measures from foreign jurisdictions to enhance transparency and ethical behavior. By implementing these mechanisms, businesses can contribute to minimizing corruption risks and promoting ethical standards within their operations.