Exploring the Latest Changes in ICC’s 2023 Regulations for Combatting Corruption
ICC Unveils Updated Guidelines for Corporate Integrity in 2023, Redefining Global Standards
Establishing a new standard for corporate integrity across global value chains, the International Chamber of Commerce (ICC) has introduced its 2023 Rules on Combating Corruption. Serving as a cornerstone for fostering business integrity worldwide, these rules represent an evolution from the previous 2011 edition, aligning with contemporary standards and corporate practices. Developed under the guidance of the ICC Global Commission on Anti-corruption and Corporate Responsibility, the launch of these rules took place on December 11 at the commencement of the UN Conference of the States Parties to UN CAC in Atlanta, coinciding with the 20th anniversary of the UN Convention against Corruption.
Leading the initiative, ICC Chair Maria Fernanda Garza introduced the 2023 Rules, emphasizing their significance in enhancing the implementation of this legally binding instrument. To delve deeper into these transformative regulations, we engaged in a discussion with Viviane Schiavi, ICC Global Policy Lead on Anti-corruption and Corporate Responsibility.
Exploring the Modifications in ICC’s 2023 Rules on Combating Corruption
The 2023 ICC Rules on Combating Corruption mark a significant advancement by strengthening provisions related to reporting mechanisms, crucial for uncovering and deterring wrongdoing. Notably, the rules place increased emphasis on engaging and managing Third Parties, acknowledging their role as potential weak links in the supply chain. Additionally, for the first time, the rules call for the promotion of Responsible Business Conduct, recognizing enterprises’ growing expectations to contribute positively to sustainable development and address adverse impacts associated with their operations.
Initiatives for Businesses to Eradicate Corruption
To combat corruption effectively, businesses are encouraged to establish a comprehensive code of conduct or company rules explicitly prohibiting corrupt practices in all forms and situations. This encompasses actions such as Commercial or Public Bribery, Extortion or Solicitation, Trading in Influence, and Laundering proceeds from these activities, whether conducted directly or indirectly through Third Parties. Businesses should take a proactive stance by developing compliance programs tailored to their specific business activities, incorporating risk assessments to identify, manage, and address integrity concerns. Such programs can encompass guidance on political and charitable contributions, conflicts of interest, gifts, hospitality, and more.
ICC’s Role in Global Anti-corruption Efforts
Throughout its history, the ICC has emphasized the crucial role of enterprises in complying with self-imposed rules while recognizing the fundamental responsibilities of international organizations and national governments in the fight against corruption. Pioneering this commitment, the ICC issued anti-corruption rules in 1977, laying the foundation for a suite of practical rules and guidelines tailored for responsible business conduct. The ICC envisions a corruption-free system that fosters fair competition on a level playing field for all participants.
Impact of Updated Rules on Daily Business Operations
The newly introduced ICC Rules on Combating Corruption are poised to serve as a benchmark, reshaping corporate practices in managing integrity risks across global value chains. Particularly beneficial for small and medium-sized enterprises (SMEs) without dedicated legal departments, these rules provide concrete considerations and guidance, offering a practical tool for implementation.
