How does Collective Action benefit markets and society?

How does Collective Action benefit markets and society?


Collective Action is a great tool to open
up new markets. It is about the joint fight against corruption
in bringing allies together for one common goal, and that is cleaning up markets for
great business for the benefit of all. For me, Collective Action is about building
sustainability into all the work that we’re doing to end corruption and address a lot
of other global challenges. So it means that we’re building systems and
processes and approaches that involve of course the business community and governments and
civil society, working together to really try to lift up in a virtuous circle to make
sure that when we address the challenges, we’ll have long-term success and real change
on the ground. The highlight really is that Collective Action
seems to have come on age. It’s not a fad. It’s not a nice-to-have. I think it’s putting the private sector bang
in the middle of anti-corruption work. And it’s very important today where
there are governments who citizens look up to to do something about corruption, who
are failing in that area. It is better aligned with incentives of business to do it in their interest and in the interest of their consumers. I think the most valuable aspect of Collective Action,
as the UN Secretary-General António Guterres says, is that businesses have a lot of solutions
and appetite, they work on innovation. That when combined with state and non-state
actors really leads to more buy-in from stakeholders as well as helps in sustaining any kind of
initiative that gets rolled out. We think it allows us to do interventions
in the area of anti-corruption or ethics and convincing SMEs and getting their buy-in to
put standards, compliance standards. It also allows us to collectively through
the members spread awareness and join other multi-stakeholders in our efforts. The Siemens Integrity Initiative is based on the settlements with the World Bank and European Investment Bank. We have funds of more than 100 million and have so far invested into 55 projects all around the world and committed 75 million US dollars. If I may, look at that, here is a bouquet
of flowers and our partners all around the world is a real nice bouquet of flowers and
they all fight for clean markets. That is very important because it is so urgently
needed for our joint activities.

Author: Kennedi Daugherty

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