I mention the Convention as one of the most important indications by the developed countries that we are not prepared to treat corruption as a necessary part of doing business in many countries. The Commonwealth Business Council and Worldaware have also drawn attention to the serious barriers to inward investment which are created by corruption in some countries. I commend to you the excellent reports on investment which these organisations produced last year. I understand that their Final Report on priorities for Action is included in your packs today. Corporate Citizenship But trade also brings social responsibilities.
Companies have much to gain from being a good neighbour to the communities in which they operate.
But they also have much to lose. Corporate Social Responsibility is not a new concept of course. But these days it is becoming an essential requirement of modern business. Companies must be economically viable, environmentally sound and socially responsible. The fact is that unethical business practices are likely to be publicly exposed, affecting consumer attitudes and a company s reputation in turn.