Bangalore: As scams engulf every part of India, the country now lags on the corporate governance front as well.
The global survey by Control Risks and the Economic Intelligence unit tells that India ranks higher than the global average on several parameters to check for corruption level.
About 62 percent of Indian firms surveyed comprise of policies hostile to bribery. 60 percent have superior managers having specific anti-corruption responsibilities. Apparently, Indian companies are least bothered to instill whistle-blowing mechanisms in them. To wrap it all up, the report claims that anti-corruption rules in Indian firms remain mostly on paper.Nohid Nooreyezdan, Partner, AZB & Partners says, "If you see the percentage of companies who say they have policies and the percentage of companies who reserve money for implementation or training, it is really skewed, so we always get our paperwork right, letís put it that way."
Experts suggest that what corporate houses really need to do is to plan out a zero-tolerance stance to bribery, complemented by corporate-level anti-corruption training programmes and regular checks on corruption.
In concern to this report, Radhika Vohra, Associate Director - Corporate Investigations, Control Risks India, says, "It's also about creating the perception in the minds of the people you are interacting with that you are guided by company policies that require you to be zero tolerant to corruption."
But there is also a ray of positivity seen to fix the issue. Although rooting out corruption out of corporate sector will be a long and strenuous task, most experts agree that the new company bills on corruption, with their strict rules will easily mend the problem in several companies.