Jamshyd N Godrej [Get Quote], chairman and managing director, Godrej & Boyce Manufacturing Co. Ltd is the only Indian corporate leader to have committed to supporting a zero-tolerance policy in a WEF-led collaborative move to fight corruption and bribery.

In all 62 corporate leaders from around the world are supporting the move.

The World Economic Forum's Partnering Against Corruption Initiative (PACI) announced at the Foundation's Annual Meeting 2005 that the following companies have signed the support statement to the Partnering Against Corruption Principles for Countering Bribery (PACI Principles):

The PACI principles are derived from Transparency International's Business Principles for Countering

Bribery and call for two fundamental actions:

• a zero-tolerance policy towards bribery, and
• the development of a practical and effective implementation programme.

The companies' support means they will either implement anti-bribery and anti-corruption practices based on the PACI principles or use them to benchmark and improve their existing programmes so they achieve the objectives of the PACI Principles.

The widespread adoption of the PACI principles will raise business standards across the world and contribute to the goals of good governance and economic development.

"The overwhelming positive response to the Partnering Against Corruption Initiative demonstrates both the desire and urgency of addressing this issue," said Klaus Schwab, Executive Chairman of the World Economic Forum.

Additionally, "The commitment of the signatory companies marks a significant step towards tackling corruption and bribery from a corporate perspective. The signatories' have demonstrated courage and leadership. We hope that many more companies will follow their example and support the PACI principles."

Up until today the PACI focused on three sectors: energy, engineering & construction, and mining & metals.

Within the World Economic Forum's activities, the energy as well as the engineering & construction communities have addressed the issue since 2002, and the mining & metals community since 2003. Given the progress achieved in these three sectors, the PACI board has agreed on Friday to expand the scope of the PACI and to reach out to other sectors as well.

"The need to tackle corruption proactively goes far beyond the energy, engineering & construction, and mining & metals sectors. The private sector has to take action to prevent bribery and corruption, and especially in the so-called higher risk industries such as the logistics & transport, pharmaceutical and defence sectors," said Mark Pieth, Chairman of the Working Group on Bribery at the Organisation for Economic Co-operation and Development (OECD), Paris, and member of the PACI Board.

He added: "After seeing the positive dynamic created by the PACI in these three sectors, we are convinced the Initiative has the potential to bring about significant progress in other sectors as well. We are counting on the leaders of other industries to pick up this challenge and to take steps to prevent bribery in their respective industries."

The initiative seeks to:

• Offer a neutral platform enabling companies to consolidate their efforts to counter bribery and"corruption;
• Extend the ongoing efforts to implement measures to fight corruption and bribery to a wider group of"companies;
• Communicate to a wider public the active commitment of leading companies to the principles of countering bribery and corruption;
• Identify and implement mechanisms to turn the principles into a tangible instrument;
• Integrate anti-corruption experts, NGOs, international organisations and governments into the activities of the PACI in order to develop a wider and more comprehensive effort to fight corruption and bribery.

The PACI board members are:

• Alan L. Boeckmann, Chairman and Chief Executive Officer, Fluor Corporation, USA
• Jermyn P. Brooks, Member of the Board of Directors, Transparency International, Germany
• Hassan Marican, President and Chief Executive Officer, PETRONAS (Petroliam Nasional), Malaysia
• Wayne W. Murdy, Chairman and Chief Executive Officer, Newmont Mining Corporation, USA
• Mark Pieth, Chairman, Working Group on Bribery, Organisation for Economic Co-operation and Development (OECD), Paris
• Richard Samans, Managing Director, Global Institute for Partnership and Governance, World"Economic Forum

India and the World Economic Forum: Complete Coverage