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Anti-corruption

Anti-corruption​

 
Definition
 
The term, “corruption” comes from the Latin word, “corruptio,” which has different meanings depending on the user’s objective. Basically, it may be applied to moral, political, economic views (Magavilla, 2012). Corruption may be considered one type of crime and can be distinguished from ‘fraud’, ‘embezzlement’ and ‘extortion’. The essence of corruption is that two individuals or groups act in cooperation for their own interest at the expense of a third party, e.g., bribery.
 
The United Nations defines corruption as a complex social, political and economic phenomenon that affects all countries (UNODC, 2009), while Transparency International (TI) defines corruption as an abuse of entrusted power for private gains, in both public and private sectors.
 
 
The European Union defines corruption as the abuse of public power for private gains, bribery or an act of authorized persons that violates duties for own interest or others.
 
In conclusion, corruption is an abuse of power or bribery to gain private interest that may or may not be a breach of laws. Corruption can occur in both public and private sectors, including company executives misusing their power or position to seek personal gains. ​
 
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Alliance against corruption 
 
Corruption is a global phenomenon, particularly in developing economies where a large, various number of factors are causative to corruption. Such negative environment is a serious obstacle to social and economic growth and sustainable development in the long run.
 
Countries around the world have collaborated in the fight against corruption. One of the significant milestones is the establishment of Transparency International (TI) – an international non-profit, non-partisan agency supported by the World Bank, governments and multinational organizations. TI’s primary objectives are: (1) to put corruption issue on the global agenda, (2) to play a major role in the creation of anti-corruption conventions, and 3) to raise public sector standards in solving corruption issues. In 1995, TI introduced the Corruption Perceptions Index (CPI) as an indicator of the perceived levels of corruption in each country. The assessment has been conducted annually since then.
 
 
On legal framework initiative, the United Nations held a meeting at the headquarters of the United Nations Office on Drugs and Crime (UNODC) to discuss possibilities of using legal tools to tackle corruption. In 2003, the General Assembly adopted the United Nations Convention against Corruption (UNCAC) and appointed the UNODC as the UNCAC Secretary. In addition, December 9 was officially designated as the International Anti-Corruption Day to raise the global awareness of corruption and the roles of the UNCAC in combating and preventing it. The UNCAC requires that member countries promulgate laws for the prevention of corruption, including infliction and cooperation for international legal framework and law enforcement. The court’s cooperation for inspection of assets and information exchange is also requested to support effective combat against corruption.
 
In Thailand, many agencies have been established to prevent and combat against corruption, for example, the Office of the National Anti-Corruption Commission (ONAC), the Office of the Public Sector Anti-Corruption Commission (PACC), the Anti-Money Laundering Office (AMLO), and the Office of the Auditor General of Thailand. While relevant laws and regulations on punishment of corruption are enforced, cooperation among private sectors is also essential for solving the issue. The leading alliance is the Private Sector Collective Action Coalition Against Corruption (CAC), which is endorsed by the Government and the Office of the National Anti-Corruption Commission (ONAC), and operated by seven leading organizations – (1) the Thai Institute of Directors, (2) the Thai Chamber of Commerce, (3) the International Chamber of Commerce(4) the Thai Listed Companies Association, (5) the Thai Bankers Association, (6) the Federation of Thai Capital Market Organization, and (7) the Federation of Thai Industries.

 
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Capital market development and corruption issue
  
To combat the major national issue of corruption at all levels is not only the government’s job; it requires commitment and collaboration among private sectors.  The SEC, therefore, encourages listed companies, securities companies, and asset management companies to join the Private Sector Collective Action Coalition Against Corruption (CAC) to enhance integrity and transparency in the Thai capital market, and be a role model for non-listed companies and other business organizations when it comes to building capital market confidence and promoting robust economic growth.
The SEC also encourages listed companies to establish and implement anti-corruption measures and requires them to disclose such policy and performance in the annual report, the annual registration statement (Form 56-1), and the registration statement for offering of securities (Form 69-1). Such disclosed information not only benefits investors but also helps listed companies self-assess their own progress and make necessary improvement.  
 
In addition, five major institutional investors – the Government Pension Fund, the Social Security Office, the Association of Investment Management Companies, the Thai Listed Companies Association, and the Thai Life Assurance Association – have joined force to fight corruption and announced the declaration of intent to set up the Ethical Investment Framework on 11 March 2013. The framework contains operating and investment guidelines for institutional investors such as Proxy Voting Guidelines, to promote good corporate governance, corporate social responsibility and anti-corruption practices of listed companies and the international recognition of the capital market.  
 
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Up​dateDate 21 June 2018