Preventing Extractive Sector Corruption: The Integrity Practices of State-Owned Enterprises and their Partners
26 January 2022
A significant share of recent corruption cases in the oil, gas and mining industries have implicated state-owned enterprises (SOEs). Private-sector companies played a role in nearly all these cases, either directly or indirectly.While SOEs and their partners often operate with integrity, this corruption challenge is common and harmful enough to deserve special attention.
Many stakeholders, including companies and SOEs, are working hard to prevent corruption, creating opportunities for progress. Risks accepted years ago are no longer tolerable for many industry players.
To build on these openings, NRGI has developed new anticorruption guidance that draws on two years of stakeholder consultations, the analysis of dozens of past corruption cases and reviews of existing best practices. The guidance – which was published the day of the event – proposes concrete measures that companies should take to reduce corruption risks in their work with SOEs, and recommends steps SOEs can take to strengthen their anticorruption safeguards
This virtual event introduced the new guidance and bring together stakeholders to discuss new advances and continuing challenges in preventing extractive sector corruption.