The ICC has introduced its fresh set of 2023 Rules on Combating Corruption, establishing a higher standard for corporate conduct in overseeing integrity risks across worldwide value chains. These rules, recognized as a cornerstone for promoting business ethics globally, have been updated from the previous 2011 edition to align with contemporary standards and corporate norms. Developed under the guidance of the ICC Global Commission on Anti-corruption and Corporate Responsibility, these regulations were unveiled by ICC Chair Maria Fernanda Garza on December 11 during the commencement of the UN Conference of the States Parties to UN CAC in Atlanta. This conference marks the 20th anniversary of the UN Convention against Corruption and seeks to assess ways to reinforce the implementation of this binding instrument.
The revamped ICC 2023 Rules on Combating Corruption underscore mechanisms for reporting, crucial in uncovering and preventing misconduct. They also emphasize managing Third Parties, a common weak link in supply chains. Notably, these rules now advocate for the promotion of Responsible Business Conduct, aligning with the expectation for businesses to positively contribute to sustainable development while addressing adverse impacts associated with their operations.
In an exclusive interview ahead of the launch, we spoke with Viviane Schiavi, ICC Global Policy Lead on Anti-corruption and Corporate Responsibility, to delve into the new rules and the role businesses can play in fighting corruption.
The updated rules call for companies to establish codes of conduct prohibiting corrupt practices and develop compliance programs based on risk assessments tailored to their business activities. These programs should identify, manage, and address integrity issues, covering aspects such as political contributions, conflicts of interest, and gifts.
ICC’s historic role in advocating for self-imposed rules for enterprises, alongside recognizing the shared responsibility of international organizations and governments in battling corruption and fostering responsible business conduct, is significant. With a suite of practical rules and guidelines, ICC aims to create a level playing field by promoting a corruption-free system.
The impact of these updated rules on daily business operations is anticipated to set a new standard for corporate practices in managing integrity risks across global value chains. These guidelines can serve as valuable resources, particularly for small and medium-sized enterprises (SMEs) lacking legal departments, offering clear considerations and actionable steps to implement.
For more insights into the 2023 ICC Rules on Combating Corruption, visit the link provided and learn further about ICC’s work on Anti-Corruption.