BUSINESS OPENNESS
Scorecard finds fishing firms are most transparent
A culture of secrecy remains prevalent in large sections of business, write Andrew McGregor and Jeremy Dobbin
In many traditional African cultures, talking loudly avoids creating suspicions of secrecy — a gesture that could be well adopted by South African business. Transparency in business was an early victim of the apartheid state, which attempted to hide clandestine sanctions-busting as well as arms and equipment supply to the state security apparatus. This culture of secrecy remains prevalent in large sections of business, and yet the reasons behind corporate secrecy are the same reasons society demands corporate transparency. The Economist describes the drive for corporate transparency as "the openness revolution", which is driven by the global fight against corruption, money laundering and terrorist-funding activities. Beneficial ownership is a particular focus of the G20. At the 2104 G20 summit in Brisbane, the organisation stated: "The G20 considers financial transparency, in particular the transparency of beneficial ownership of legal persons and arrangements, as a high priority." ...
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