Thailand’s Private Sector Collective Action against Corruption was born in 2010 in Bangkok. CAC is an initiative by the Thai private sector to take part in tackling corruption problems via collective action. It was initiated because corruption in Thailand is still one of the biggest economic problems and not a lot of actions are implemented, despite the presence of many regulations. It aims to bring effective anti-corruption policy and mechanism into implementation by companies in order to create an ecosystem of clean business.
THAI CAC - Fight Against Corruption In South-East Asia
5. Fair Operating Practices
For the Company:
- Putting Thai companies in the spotlight by improving their transparency
- Giving Certification to companies who have implemented anti-corruption policy and followed CAC Standards
- Making Thai companies more compatible with anti-corruptions international standards
For the Society:
- Creating an eco-system of clean and responsible businesses
1) Targeting the companies and communities that would have embraced better the anti-corruption practice: Capital Markets and Big Companies, because they are more likely to comply since the financial institutions are already highly regulated.
2) Developing a certification process:
- Complete the 71 checklist
- External auditor
- Submit the document to CAC for review
- Get certification within 18 months after declaration
- Renew certification every 3 years
- Comply to “Incident management process”: if you act in a bad way while being certified, you can be asked to leave the CAC
3) Developing a Sectorial approach: asking Companies to become “Change agents”, controlling the transparency of each actor of the supply chain
4) Collaborating with Public Sector, because it is important to integrate the anti-corruption process not only to the private sector, but also to involve the whole community.
CONTRIBUTION TO COMPANY PERFORMANCE
In the short-term no effective economic benefits can be seeing by the companies, but the implementation of an anti-corruption process will lead to long term results and benefits:
- Gain trust of customers in the long run
- Vaccine to reputation risk.
- Improve employees’ satisfaction.
- Attract more reliable investors for the companies.
- Policies of companies can be implemented more effectively, and thus reach sustainable growth of their economic performances.
Today 264 companies are certified out of 855 signatory companies.
- Create a culture of integrity and equality in South-East Asia
- Improve Public Services for citizens
- Respect the international environmental standards
- Developing a sustainable society