NBIM publishes joint guidance note on anti-corruption reporting

Norges Bank Investment Management (NBIM), which is responsible for the investments of the Government Pension Fund Global (GPFG), has published a joint guidance note with the Basel Institute on Governance on the reporting of anti-corruption efforts.

NBIM has published the guidance, as it believes there is still relatively limited public reporting on tools, approaches and metrics used to measure the effectiveness of anti-corruption efforts. Such information is important to NBIM to analyse opportunities and risks to investments.

NBIM chief governance officer, Carine Smith Ihenacho, said: “We believe that working against corruption is an integral part of responsible business conduct.”

The guidance note contains a set of indicators that companies may wish to consider when reporting on the effectiveness of their anti-corruption efforts. The indicators are the outcome of a working group that Norges Bank Investment Management established for companies in the health care sector, facilitated by the Basel Institute on Governance.

Over the past year, this effort has brought together companies to exchange experiences with measuring anti-corruption efforts and explore opportunities for external reporting on such efforts.

Although the indicators were developed with the healthcare sector in mind, they are likely applicable beyond this sector. The indicators are intended for use by all company practitioners who would like to enhance external reporting on anti-corruption efforts.

“It is our hope that the indicators will offer some direction to companies and contribute to enhanced company reporting on the effectiveness of corporate anti-corruption efforts,” Smith Ihenacho added.

The 17 indicators are grouped into the following broad themes based on their relevance to the prevention of corruption: Culture, Risk Management, Third Parties, Compliance Function and Oversight.

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