The 12th International Business Forum - held at the World Bank Headquarters in Washington, D.C. on October 9 and 10, 2007, focused on the role of the private sector in tackling today’s pressing global challenges. The forum was organized by InWEnt, Capacity Building International, Germany and the World Bank Institute and featured participants from the global business community as well as members of government, multilateral agencies and civil society worldwide. For two days the participants discussed how international corporations can actively and positively engage in global governance in light of issues such as climate change, corruption, and the achievement of the Millennium Development Goals (MDG’s). The sessions were chaired by Mr. Erich Suessdorf and moderated by Mr. Justin Webb, BBC Washington Correspondent.
The panel discussion entitled “Combating Corruption: Setting One’s Own Standards” took place on October 9, 2007. The discussion featured the following panelists: Peter Eigen, Chairman of the Advisory Council Transparency International and Chair of the Extractive Industries Transparency Initiative, Jacqui Beckett, Senior Corporate Counsel of the Newmont Mining Corporation, Alberto de Armas, Vice President of Business Development, CEMEX México and Nancy Boswell, President and CEO of Transparency International in the United States.
Webb began by asking Eigen about the standards the private sector sets to fight corruption, and whether these are adequate and sufficient. Eigen stated that there are no global rules against corruption and many companies have adapted to the idea that corruption is normal. It is only because of efforts from civil society organizations such as Transparency International, Eigen said, that these standards have begun to change. Recently, changes in the global environment due to partnerships across the public sector, private sector and civil society have provoked higher standards for companies. Eigen mentioned the Extractive Industries Transparency Initiative (EITI) as one such successful partnership across sectors. Beckett spoke next, also stressing the importance of collaboration across sectors. She also pointed out that both developed and developing countries must take responsibility for corruption by providing mechanisms for transparency so that civil society can hold both the private sector and the government accountable. Armas responded to Webb’s question about whether multi-national corporations can truly influence this issue by showing a short video. The video showed how a private/public partnership in the region of Chiapas, Mexico succeeded, an efficient and transparent way, in responding to the disastrous effects of hurricanes in 2005.
Following the panel discussion, Webb introduced Daniel Kaufmann, Director of Global Programs at the World Bank Institute, who provided his comments on the panel. Kaufman framed the issue of private sector corruption around the notion that ultimately firms will always choose to maximize profits. As a result, he stated, the different constraints imposed by either the government or civil society will determine how corrupt companies will be. Kaufman pointed that third party monitoring, data dissemination, the private media’s willingness to expose corruption, as well incentives from institutions such as the World Bank, can play a significant role in raising the costs of corruption for the private sector. Kaufman also talked about the World Bank’s anti-corruption efforts. Next, the other panelists offered their comments, which were followed by a question and answer session with the audience.
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