Singapore companies are good at ticking the boxes on ethical business practices, but reality is something else.
An EY survey has found that more Singapore organisations have set up codes of conduct, provided training, put in place anti-bribery/anti-corruption (ABAC) policies and whistleblowing hotlines than two years ago, when the survey was last done, but these measures aren’t being as effective in catching wrong-doers.
It has to do with people’s attitudes. For example, more than a third of the Singapore respondents think ABAC policies are irrelevant and ineffective; and while nearly seven in 10 (67 per cent) of Singapore companies have whistleblowing hotlines, only 62 per cent of respondents say they will use them; fear of retribution is what keeps about a third from doing so.
The original article can be found at business.asiaone.com