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With recent discussions surrounding integrity and honesty in business versus the often grim reality of corruption, bribery, and shortsightedness in the business world, I thought I'd share this here...
We recently sent out a new policy on bribery and corruption - namely gifts and bribes, what's appropriate and acceptable at work for employees, and what is not. For those who know me you'll know I have my own tiny fledgling business(es) but I also work in and witha very large business that's bigger than that. This is the latter.
There have been discussions on the forum about how common corruption is in business in some countries, industries, and sectors. This may or may not be true - I don't really know. However, here are some facts for everyone to keep in mind about why it is so important to operate from a place of integrity in business and in work.
Many countries have laws against bribery and corruption, including improper payments to vendors, customers, government officials, etc. Here is a list:
Australia: Bribery of Foreign Public Officials Act
Brazil: Clean Companies Act "CCA"
Canada: Laws from the OECD guidelines
China: The National Supervisory Commission
France: The Transparency, Fight Against Corruption, and Modernization of the Economy Act
UK: The Bribery Act
US: The Foreign Corrupt Practices Act
Here are some US cases and the fines/penalties and costs associated with them for bribery/corruption:
Petrobas, 2018: $853 million
Halliburton, 2017: $30 million
JP Morgan, 2016: $72 million
Odebrect, 2016: $3.5 billion
Braskem, 2016 $632 million
Jeanot Lorenz (VP, Halliburton) - $75,000
Mahmoud Thiam (Republic of Guinea) - 7 years in prison
Marcelo Odebrecht (CEO of Odebrecht) - 19 years in prison
So yes, there are certainly consequences to being dishonest in business. It goes beyond just your reputation. It could mean personal bankruptcy, billions in financial punishments, or even years in prison.
Beware of anyone on or off the forum who says this is how you should do business.
We recently sent out a new policy on bribery and corruption - namely gifts and bribes, what's appropriate and acceptable at work for employees, and what is not. For those who know me you'll know I have my own tiny fledgling business(es) but I also work in and with
There have been discussions on the forum about how common corruption is in business in some countries, industries, and sectors. This may or may not be true - I don't really know. However, here are some facts for everyone to keep in mind about why it is so important to operate from a place of integrity in business and in work.
Many countries have laws against bribery and corruption, including improper payments to vendors, customers, government officials, etc. Here is a list:
Australia: Bribery of Foreign Public Officials Act
Brazil: Clean Companies Act "CCA"
Canada: Laws from the OECD guidelines
China: The National Supervisory Commission
France: The Transparency, Fight Against Corruption, and Modernization of the Economy Act
UK: The Bribery Act
US: The Foreign Corrupt Practices Act
Here are some US cases and the fines/penalties and costs associated with them for bribery/corruption:
Petrobas, 2018: $853 million
Halliburton, 2017: $30 million
JP Morgan, 2016: $72 million
Odebrect, 2016: $3.5 billion
Braskem, 2016 $632 million
Jeanot Lorenz (VP, Halliburton) - $75,000
Mahmoud Thiam (Republic of Guinea) - 7 years in prison
Marcelo Odebrecht (CEO of Odebrecht) - 19 years in prison
So yes, there are certainly consequences to being dishonest in business. It goes beyond just your reputation. It could mean personal bankruptcy, billions in financial punishments, or even years in prison.
Beware of anyone on or off the forum who says this is how you should do business.
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