8 Feb 2010

Call for more NZX firms to guard against bribery

8:31 pm on 8 February 2010

The corruption watchdog Transparency International New Zealand says it's concerned that only 44% of companies listed on the NZX50 share index have policies against bribery.

This country is ranked the least corrupt nation in the world by Transparency International, but one of its New Zealand branch directors, Alex Tan, says there is a danger of becoming complacent.

Mr Tan says 14 NZX50 companies are working in countries susceptible to corrupt practices, and overseas employees could potentially engage in bribery without realising their behaviour is illegal under New Zealand law.

Transparency International New Zealand says its view is shared by the Securities Commission, which recommends all company boards have a policy against giving or taking bribes.