What is Corruption?
There is no globally accepted definition of corruption. Transparency International defines corruption as ‘the abuse of entrusted power for personal gain’.
Corruption can be distinguished between ‘true corrupt intent’ and ‘necessary corruption’. True corrupt intent implies bribery or an action to obtain an illicit benefit, whereas necessary corruption occurs to get things done (i.e., to obtain a legally entitled service). Some main forms of corruption are bribery, embezzlement, fraud, and extortion.
Corruption is traditionally defined as the practice of public officials abusing their position, but this definition does not account for corrupt practices occurring within the private sector.
Anti-Corruption Laws means all laws, rules, and regulations of any jurisdiction applicable to a corporation or its subsidiaries from time to time concerning or relating to bribery or corruption.
Probity is the quality of having strong moral principles; honesty and decency.
| Synonyms for Probity include: | integrity, honesty, uprightness, decency, morality, rectitude, goodness, virtue, right-mindedness, trustworthiness, truthfulness, honour, honourableness, justice, fairness, equity; |
Croesus uses the principles and processes delineated in the section on GRC to inculcate Probity into every aspect of an organisation’s structure and behaviour.