Top foreign firms pen historic anti-corruption business conduction pact in Russia
Issue:
May 2010, Vol. 5, No. 4
Tags:
Deutsche Bank
Several high-profile foreign companies, including Deutsche Bahn, Deutsche Bank and local subsidiaries of multinationals such as Daimler and Siemens, have penned a Corporate Ethics Initiative for Conducting Businesses in Russia. The document was automatically labeled ‘an anti-corruption pact’ in view of the ongoing global bribery scandals in and outside Russia that involved some of the signatories to the historic document.
Briefly put, the agreement obliges all its signatories to exclude corrupt practices – both directly and indirectly via covert bribery forms such as donations and other questionable gifts – in their operations in Russia. “This declaration sends a strong signal,” Michael Harms, chairman of Russian-German Foreign Trade Chamber and one of the architects of the pact, said. “Business without bribery is not absurd; indeed, we believe that is the future for Russia.”
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