(Lagos) – Nigerian business leaders participating in an executive roundtable in Lagos endorsed the UN Global Compact’s Reporting Guidance on the 10th Principle against Corruption. The executives emphasized that the guidance is an important tool to assist companies in disclosing their progress in implementing the anti-corruption business principles adopted at the 15th Nigeria Economic Summit in December 2009.
Meeting participants agreed that compliance mechanisms are most effective when businesses are able to report clearly and publicly on their progress, and that public disclosure is integral to a company’s credibility as it allows the company’s actions to be subject to both rewards and sanctions. The business leaders further pledged to integrate the principles in their individual operations and incorporate the reporting guidance into their disclosure efforts.
According to some the global financial crisis and recent reforms in the Nigerian banking industry have raised the importance of ethics and transparency to the success of businesses. Mr. Frank Nweke Jr., Director General of the Nigeria Economic Summit Group underscored the need for businesses to be more proactive to integrate ethical practices into their operations, stressing that a company’s survival is increasingly dependent on evidence of its strong commitment to corporate responsibility.