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F&C hails new call for anti-graft laws
F&C Investments has welcomed a report by the UK Law Commission calling for new anti-corruption legislation, stating it is essential for the country to raise its standards to protect investors.
The report comes at an opportune time for the UK as it has seen its standing in the area of corruption slip in recent months.
The UK scored 7.7 on Transparency International’s 2008 Corruption Perception index. An anti-bribery working group of the OECD criticised the current positioning of the UK’s anti-corruption legislation in a report released last month.
F&C said it adopted strong anti-corruption policies and internal controls including board-level oversight. It also encouraged companies to develop internal hotlines for employees to report wrongdoing by colleagues, suppliers and business partners.
Karina Litvack, head of governance and sustainable investment at F&C, said: "We hope this review will prompt the UK government to take action and introduce new legislation in the near future so that, at a minimum, its anti-corruption law will enable the UK to comply with the 1997 OECD convention on combating bribery of foreign public officials in international business transactions."