SLID and TISL launch “Business Against Corruption” initiative


SLID President, Faizal Salieh and TISL Executive Director, Nadishani Perera, exchange the Memorandum of Understanding signed between the two organizations

  • Commit to working closely with the business community to strengthen the nation’s integrity and make SL a better investment destination

The Institute of Directors of Sri Lanka (SLID) recently entered into a strategic collaboration with Transparency International Sri Lanka (TISL) to launch an initiative under the theme “Business Against Corruption”.

Under this theme, the two institutions will work together to facilitate and enable businesses to mitigate the risk of corruption.

The roadmap planned over a three-year horizon includes a series of programs and activities to raise awareness of the issue, commitments of key stakeholders, training programs integrating international best practices on the subject, inculcating solid values transparency, accountability, integrity, fair market competition, fair pricing, ethical business practices, credible leadership and building a strong internal resilience framework.

SLID President Faizal Salieh said, “We are aware of the current situation, the realities on the ground and the challenges faced by companies in their business activities. Therefore, our approach in this journey is pragmatic and practical and will enable businesses to proactively and progressively mitigate the risk of corruption using preventive measures, checks and balances on a voluntary “best efforts” basis.

TISL Executive Director Nadishani Perera said: “Businesses play a vital role in any nation’s anti-corruption efforts. At this unique and transformative moment in Sri Lanka’s history, when citizens have risen up against corruption, it is of the utmost importance that the business community also pledges to do its part in this mission. TISL is honored to partner with SLID to support this “Business Against Corruption” initiative, with renewed hope for the country.

SLID and TISL are committed to working closely with the business community to enhance the integrity of our nation and make it a better investment destination.

SLID said corruption has been identified as a root cause of the current political and economic crisis in Sri Lanka by several analysts. It exists at the corporate, public and government levels and must be taken into account in the national search for solutions to the current crisis with a view to ensuring the country’s economic recovery and long-term sustainability. Corruption endangers and discourages investment, leads to misallocation of resources, creates uncertainty and entails high social costs. Mitigating corruption will enable Sri Lanka to become an attractive destination for good long-term investment.

Corruption has plagued Sri Lanka for many years and continues to do so. Sri Lanka is ranked 102nd in Transparency International’s latest Corruption Perceptions Index (2021), which ranks 180 countries and territories on their perceived levels of corruption in the public sector. Article IV of the report recommends that “efforts to strengthen governance and reduce vulnerabilities to corruption should continue”.

In the absence of strict legal requirements for businesses to prevent and resist corruption, it is imperative that the business sector turn to international best practices and alternative voluntary pathways to enforce compliance standards. ethics and integrity in business.

SLID believes that now is the time for businesses to act in response to the compelling national need to root out corruption and be part of a collective business action to gradually build their internal resilience against corruption at the strategic and corporate level. transaction level.

“Crises, as severe as the one we are currently experiencing, consume people and systems. As a people, we must pursue what is good and right for the country in the long term and rise above short term narrow interests. At this turning point for our country, it is imperative to make appropriate long-term structural changes,” SLID added.


Comments are closed.