Bangkok--30 Apr--PwC Thailand
PwC Thailand has been awarded a certificate of the Private Sector Collective Action Coalition Against Corruption from the Thai Institute of Directors Association (IOD).
The Thai firm, led by CEO Sira Intarakumthornchai and Governance, Risk, Compliance and Internal Audit Services Partner Varunee Pridanonda, represented PwC to receive the certificate at the IOD office in Bangkok on Monday. PwC is among those receiving the certificate together with other leading companies including AIA and Siemens, etc.
“We feel honoured to be receiving this certificate,” Sira said. “We’re extremely proud to be part of this Collective Action Coalition against Corruption initiative, and, most importantly, to be able to make our voice heard, among many others in the private sector, in the promotion of transparency and taking a leading role in governance reform.”
“Clearly, the fight against corruption in today’s business environment is nothing less than a core developmental challenge. Both the costs of corruption, and the impact of better governance, are profound. Not only does corruption distort markets, diminish confidence in public institutions and harm national competitiveness, but it also erodes trust.”
Companies, who face serious risks while doing business in a corrupt environment, can stand to lose the ability to invest with confidence and explore wider opportunities. However, Sira added that: “By strengthening economic institutions and public governance at both national and business levels, we can help squeeze out corruption while developing a foundation for sustainable development.”
According to executives, company reputation and brand are seen as being the major drivers for building preventive systems. In a recent PwC Economic Crime Survey: Fraud risks on the rise in Thailand, 35% of Thai respondents have suffered from one or more types of economic crime in the past 12 months. This result compares with the 34% globally and 31% from the Asia-Pacific region.
Thai businesses are expected to see a rising trend of complex embezzlement, corruption and IT-related crimes over the next three to five years, costing them hundreds of millions of baht in direct losses and wider disruptions that have a ripple effect through the entire organisation, the survey found.
So, as far as Thailand is concerned, one hopes to see more Thai role models and champions who can make the case against corruption in the country and lead by example, he said.
Thailand’s Private Sector Collective Action Coalition Against Corruption was initiated in 2010 through the cooperation of the Thai IOD, the Thai Chamber of Commerce (TCC) and the Joint Foreign Chambers of Commerce (JFCCT) and is now supported by a total of seven leading private sector partner organisations, also including the Listed Companies Association, Thai Bankers’ Association (TBA), Federation of the Thai Capital Market Organisations (Fetco) and the Federation of Thai Industries (FTI).
The national project is supported by the Thai Government and the Office of the National Anti-Corruption Commission (NACC) and has also received the full support of the US-based Centre for International Private Enterprise (CIPE). PwC is one of the IOD’s sponsors along with other Thai leading companies including PTT, Siam Cement Group, and Banpu, to name a few.
To view signatory companies of Thailand’s private sector collective action coalition against corruption’s declaration of intent, click http://www.thai-iod.com/imgUpload/file/Siminar&Event/67%20%D1%B7%20ENG-%2027%20__%2055.pdf
Looking ahead, corruption will not be resolved overnight, since reforming practices and building institutions takes time. As long as steady progress is made in strengthening the coalition, implementing good practice, and reaching out to more companies, the collective effort might well be headed in the right direction.
Ploy Ten Kate
Tel: +66 (0) 2344 1000, ext. 4713
Email:
[email protected]
Pattamawadee Sriwongsa
Tel: +66 (0) 2344 1000, ext. 4714
Email:
[email protected]
Somjutha Chancharoen
Tel: +66 (0) 2344 1000, ext. 4711
Email:
[email protected]