Corruption is a severe global problem
The World Bank has estimated that more than USD 1,000 billion is paid globally in bribes every year. Such payments distort markets, undermine democracy and have a wide range of other damaging effects on societies. It is estimated that global growth could be as much as three percentage points higher if corruption did not exist. Furthermore, the World Bank has estimated that corruption increases the cost of foreign investments by 20%.
Bribery – no thanks!
As of May 2005, Novozymes adopted a corporate management standard on business integrity, outlining six business integrity principles and a business integrity management system. The former clarifies our values of responsibility, openness and honesty, while the latter provides employees with the possibility of seeking guidance and anonymously raising concern about potential breaches of the principles.
Translating global values into local practice
As an international company with numerous value chains of customers, employees, suppliers and other business partners, Novozymes faces many different legal and cultural perceptions of corruption. Consequently, we have put much effort into striking the delicate balance between ensuring international consistency on one hand and adapting to and appreciating local cultural traditions on the other. Accordingly, our business integrity measures apply to all Novozymes’ business units globally, while local adaptation rules clarify local implications.
Managing risks and opportunities
Novozymes’ business integrity measures enable us to manage both risks and opportunities related to corruption:
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Opportunities
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Risk
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- Ensuring alignment with customer expectations |
- Safeguarding reputation and brand |
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- Meeting demands of ethical investment funds |
- Providing documentation to auditors |
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- Preparing for future legislation |
- Ensuring compliance with laws and regulations |
In terms of business opportunities, we especially acknowledge the fact that major customers increasingly require Novozymes to document that we – like them – do not contribute to corruption. Investors, legislators and other important stakeholders around the world expect this too.
Further information