International News 2010: Siemens selects initial projects for $100-M Integrity Initiative

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Siemens AG recently announced the first anti-corruption projects that will receive financing from the $100-million integrity initiative to promote clean markets. This initiative is part of the World Bank-Siemens AG comprehensive settlement that was agreed on July 2, 2009. An initial tranche of $40 million will now be distributed to more than 30 initiatives from over 20 countries that have been selected. Around 300 non-profit organizations from 66 countries had applied for funding during the first round.

“Siemens stands for top performance with the highest ethical standards,” said Peter Y. Solmssen, Member of the Managing Board and General Counsel of Siemens AG. “Together with the World Bank Group, we want to promote integrity and fair competition worldwide. With the selection of the projects for the Siemens Integrity Initiative, we have taken the first important step in this direction.”

“We welcome the company’s initiative and clear commitment to the principle that only clean business is good, sustainable business“, said Leonard McCarthy, Integrity Vice President of the World Bank Group. “Corruption steals from the poor, and it can only be tackled on a joint basis. The projects of the Siemens Integrity Initiative will help strengthen the will to combat corruption worldwide and improve conditions for everyone.”

Projects that will be supported by this initial tranche include a clarion call for collective action from two Philippine-based organizations - the Makati Business Club (MBC) and the European Chamber of Commerce in the Philippines (ECCP). Dubbed “Project: SHINE”, which is an abbreviation for Strengthening High-level commitment for Integrity Initiatives and Nurturing collective action of Enterprises advocating for fair market conditions, the joint undertaking aims to increase transparency and integrity in business transactions to create a more sustainable business environment in support of national development.

Project: SHINE’s key objectives include the standardization of business practices and codes of conducts, and the creation of integrity pacts among participating companies. This is in addition to fostering constant dialogue among various stakeholders to ensure a common understanding on the challenges and solutions in the fight against corruption, and strengthen their commitment to good corporate governance.

http://www.mb.com.ph/node/292898/

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Stock News 2010: Businessmen present wish list to Aquino

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BUSINESSMEN ON Friday outlined their concerns on the economy and governance at a meeting in Malacañang with President Benigno C. Aquino III.

A wish list for the next six years was presented by Makati Business Club (MBC) chairman Ramon R. del Rosario, Jr. in behalf of his group, the Philippine Chamber of Commerce and Industry, Management Association of the Philippines and the Joint Foreign Chambers.

Mr. del Rosario, while noting recent gains such as a stock market surge, the strong peso and an oversubscribed global bond issue, said much more needed to be done.

Businessmen are also concerned over vacancies in key government positions, which if left unfilled for long would send the impression that the Aquino administration was lacking a sense of urgency.

The government, Mr. del Rosario added, should also articulate clear and stable policies with respect to major economic sectors.

The businessmen’s proposals include:

1. wage setting reforms and the upgrading of the Labor Code as "significant provisions have become much archaic and irrelevant to the globalized environment";
2. early implementation of an open skies policy and full use of the Ninoy Aquino International Airport 3 (NAIA 3) terminal to improve access to tourist spots;
3. a review of the common carriers tax which was described as discriminating against foreign firms; and
4. the pursuit of a disaster prevention, mitigation and preparedness program.

http://www.bworldonline.com/main/content.php?id=17961

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