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Entries in World Economic Forum (3)


Graft costs EU €120 billion, new study says

A report by the European Commission describes how corruption affects member states and costs their economies around €120 billion a year.

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'Magnitsky sanctions' worry Russia business elite

Russian moguls are concerned that fallout from the death of anti-corruption lawyer Sergei Magnitsky will hurt their ability to do international business, according to a Reuters report Friday from Davos.

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A Trillion Dollars Lost

It must be the Obama effect. Whatever the cause, the corporate fight against international graft is now appearing on YouTube. To mark the World Economic Forum's International Anti-Corruption Day on Dec. 9, 2008, the top brass at some of the 140 signatory companies from the Forum's Partnering Against Corruption Initiative appear in the video below. They're inviting ideas how to fight corruption, which they say costs the world a trillion dollars a year.

In the one-minute video are CEOs Peter Bakker from TNT in the Netherlands, Alan L. Boeckmann from Fluor Corporation, Samuel A. DiPiazza Jr from PricewaterhouseCoopers International, and Richard OBrien of Newmont Mining Corporation, all based in the United States.

The YouTube blurb says: The World Economic Forum's Partnering Against Corruption Initiative (PACI) is a global anti-corruption initiative driven by the private sector, bringing together companies from multiple industries throughout the world to fight bribery and corruption. Launched by CEOs from leading global corporations at the World Economic Forum Annual Meeting 2004 in Davos, PACI helps to consolidate industry efforts on the issue and shape the evolving regulatory framework. By becoming a PACI signatory, a company commits to a zero-tolerance policy towards bribery and corruption and agrees to put in place an internal anti-corruption programme that reflects the PACI Principles for Countering Bribery. For further information email: