Is corruption in the private sector only about bribery?
As the 2009 GCR documents, bribery is a persistent and pervasive concern for businesses of all sizes, in all sectors and countries, in dealings with the public sector and in private business transactions. Yet corruption, defined as the abuse of entrusted power for personal gain, is a much broader challenge for business. Beyond bribery, corrupt practices frequently occur within a company in the form of corporate fraud and insider dealing. Collusive practices and illegal cartels are corruption challenges that affect the broader market. Corruption can also pose a particularly troublesome challenge at the business-government nexus when legitimate lobbying gives way to undue influence on public officials or by unfairly shaping policies and rules. The 2009 GCR illustrates how all these corrupt practices are interrelated and mutually reinforcing.
