The Lokpal and Lokayuktas Bill 2013: Implications for the Corporate Sector
Please find attached The Lokpal and Lokayuktas Bill 2013 as passed by both houses of Parliament this month, along with highlights of the Bill issued by PWC. We all know that it is a much-publicized anti-corruption Bill and will become an Act upon receiving the President's assent. It covers not only the public sector but also the private sector with government touchpoints.
Hence, the entire corporate sector will have to set up a mechanism to ensure greater transparency and avoid corrupt practices. The Lokpal can initiate an inquiry into offenses committed by employees of any company financed partially or wholly by the government. Directors of companies, who may not be directly involved in the payment of bribes or any other corrupt behavior, may also be potentially at risk. Therefore, the corporate sector is required to revisit compliance programs with a larger focus on anti-graft and anti-bribery.
Thanks
Please find attached The Lokpal and Lokayuktas Bill 2013 as passed by both houses of Parliament this month, along with highlights of the Bill issued by PWC. We all know that it is a much-publicized anti-corruption Bill and will become an Act upon receiving the President's assent. It covers not only the public sector but also the private sector with government touchpoints.
Hence, the entire corporate sector will have to set up a mechanism to ensure greater transparency and avoid corrupt practices. The Lokpal can initiate an inquiry into offenses committed by employees of any company financed partially or wholly by the government. Directors of companies, who may not be directly involved in the payment of bribes or any other corrupt behavior, may also be potentially at risk. Therefore, the corporate sector is required to revisit compliance programs with a larger focus on anti-graft and anti-bribery.
Thanks
2 Attachment(s) [Login To View]