GLOBAL - The International Corporate Governance Network has called on companies to ensure they demonstrate that they have appropriate systems in place to detect bribery and corruption.
It also calls on investors to ensure they have the processes in place within their own organisations, which they urge on others.
F&C head of governance and sustainable investment and ICGN working group co-convener Karina Litvack said: "Corrupt practices take an enormous financial toll on our global economy, and drive down shareholder returns by misdirecting capital to inefficient uses.
"Companies often argue that corrupt payments are a necessary and inevitable part of doing business in certain parts of the world - but this is both mistaken and unacceptable. Besides constraining growth, corruption has a deeply corrosive effect on management culture, and undermines its overall effectiveness in delivering value."
The ICGN said it recognised investors had an important role to play in confronting bribery and corruption through open and constructive engagement with companies.
In the past, corporate governance codes have tended to focus on the structure of boards and their relations with shareholders. However, the ICGN argued any well controlled organisation should know how its money is being used.
The statement includes initial guidance for investors in the form of questions to ask company representatives around anti-corruption policies and procedures, enforcement, transparency and voluntary initiatives.
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.