Comments on: Why we fail to eradicate corruption

By: Awie

Awie — Tue, 13 Oct 2009 21:10:31 +0000

I would like to reply this post by another article of G8 Summit :

12 Common Principles and Standards on Propriety, Integrity and Transparency

1) A strong, fair and clean economy must be based on the values of propriety, integrity and transparency. These values should be promoted by public policies and be upheld by business. Effective monitoring of the implementation of these principles and standards should be undertaken on a regular basis.

2) Governments, companies and all business entities, irrespective of their legal form, around the world should recognise that these values are the keystone of a market economy which serves the needs and aspirations of citizens of every country and which deserves their respect and confidence.

3) Any “race to the bottom” in labour, social and environmental standards and regulatory arbitrage among jurisdictions should be prevented through international cooperation and convergence of domestic legal frameworks.

4) Tax evasion and avoidance are harmful to society as a whole and companies and all business entities, irrespective of their legal form, should fulfil their fiscal duties, including by respecting the arm’s length principle in transfer pricing practices.

5) Government / business interaction, including lobbying and “revolving door”, should be conducted in accordance with principles which are balanced, transparent, fair to all parties, and enforceable.

6) Business practices and governance of companies and all business entities, irrespective of their legal form – whether traded or non-traded, private or State-owned – should ensure accountability and fairness in the relationship between management, the board, shareholders and other stakeholders. Financial structures and instruments should not be misused in order to hide the true beneficial owner and corporate vehicles, in their various forms, should not be used for illicit activities, including money laundering, bribery, shielding assets from creditors, illicit tax practices, self-dealing and diversion of assets, market fraud and

circumvention of disclosure requirements.

7) Disclosure of timely and accurate information regarding the activities, structure, ownership, financial situation and performance of companies should be ensured.

8.) Pay and compensation schemes should be sustainable and consistent with companies’ and all business entities’, irrespective of their legal form, long-term goals and prudent risk-taking.

9) Bribery, including bribery in international business transactions, should be established as a criminal offence and effectively prosecuted and punished.

10) Money laundering should be criminalised and the crime of money laundering should be applied to all serious offences, with a view to including the widest range of predicate offences.

11) Any form of protectionism should be banned.

12) Bank secrecy should not constitute an obstacle to the application of the above mentioned principles , including tax compliance worldwide.

Source : http://www.oecd.org/document/6/0,3343,en_2649_37447_43268358_1_1_1_1,00.html

By: Insay

Insay — Mon, 12 Oct 2009 12:04:47 +0000

@MM, I hope we would stop thinking that way. Besides, not all that money can be claimed as the peoples. In fact, much of it can come from donors who have dipped their hands in the wrong places, blood money if you may, tainted, malas. Anyone who touches it stands the risk of being cursed.

By: Manresa

Manresa — Mon, 12 Oct 2009 11:44:13 +0000

@MM

In a more recent history, Among Ed gave the same advice to the poor voters in 2004 elections. The poor folks obliged and Among Ed won, but bloods were shed after the election as someone allegedly took vengeance against some of those who heed the advice of Among Ed.

By: MM

MM — Mon, 12 Oct 2009 10:43:08 +0000

For those who were not old enough at the time, Cardinal Sin advised the people, accept the money because that’s people’s money, but still vote for the candidate you want. It worked! Pres. Cory became our best president ever!

By: Insay

Insay — Mon, 12 Oct 2009 09:30:23 +0000

Amen, amen, amen. That is why I have emphasized to my friends and kin that it is not only important to explain to people why we are supporting the Noy-Mar tandem. It is equally important to warn people the dangers of accepting “gifts” given by any of the candidates and their representatives, from the baranggay level to the highest office in the land. The 500 pesos they get during election time they will spend in what, one or two days? Like a fiesta, it will only last that long. But the interest for that measly sum will be in millions, nay billions that they and their children’s children’s children will have to pay back for years and years to come. Because there will be pay back, no doubt about that. They might not understand it, but it is one of the major reasons why almost half of the country’s population is still cursed to a hand-to-mouth existence. These Buwayas will have to get back the money they have “given away,” in multiples of millions. And this onerous relationship has the tacit approval of anyone accepting these gifts. As The Chair Wrecker puts it, “it takes two to tango,” more so in this dance called Corruption.