Government Scams Haul India's Corporate Houses, says Study

Bangalore: As scams engulf every part of India, the country now lags on the corporate governance front as well.

A recent report says that 62 percent companies are deprived of having a formal policy statement forbidding bribes to secure business contracts. On the other hand, 91 percent firms do not have anti-corruption training for employees, reports CNBC-TV18's Farah Bookwala.

The global survey by Control Risks and the Economic Intelligence unit tells that India ranks higher than the global average on several parameters to check for corruption level.

About 62 percent of Indian firms surveyed comprise of policies hostile to bribery. 60 percent have superior managers having specific anti-corruption responsibilities. Apparently, Indian companies are least bothered to instill whistle-blowing mechanisms in them.
To wrap it all up, the report claims that anti-corruption rules in Indian firms remain mostly on paper.

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