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Anti-corruption: A Realistic Strategy in Latin American Mining?
Abstract
Latin America is perceived as one of the most corrupt regions of the world (Zinnbauer and Dobson, 2008), and mining is perceived as one of the industries most likely to engage in corrupt practices worldwide (Riano and Hodess, 2008). Under endemic corruption, unethical companies gain significant short-term advantages from some of their corrupt transactions (Hellman et al., 2002). This is especially true for mining, which depends on the state for a series of concession approvals and operating permits, requires sizable upfront investment, and faces time pressure from financing, leaving it vulnerable to extortion (Marshall, 2001). However, there is mounting evidence that corruption is very costly to firms in the medium to long term and that aggressive prosecutions under international laws, including a recent fine of US$1 billion, are a potent disincentive (Labelle, 2008). Thus, overall the business risks of corruption for mining firms in Latin America appear considerable.
... Even though corruption cases and measures taken in such incidents were the least disclosed information, some companies disclosed aspects of the reported corruption cases and the complaint reporting means. However, others indicated no cases were reported, a fact that agrees with the studies highlighting the importance of reporting corruption cases in companies according to relevant regulations (Nobanee et al., 2020;Odell, 2011). ...
This research aimed to analyse the anti-corruption policies and management disclosed following the GRI anti-corruption standard, in the sustainability reports of Peruvian companies within the framework of the institutional theory. This exploratory study used a quantitative and qualitative descriptive research design for the content analysis of the voluntary sustainability reports for 2018-2019 according to the GRI standard. The results indicated that most companies considered the disclosure of anti-corruption policies in their sustainability management approach and commitment to regulatory compliance, although without reaching a high level of compliance with the performance categories of the standard. Companies focused primarily on communicating training on anti-corruption policies and procedures to stakeholders. A significant level of disclosure is in sectors vulnerable to corruption with considerable institutional influence on policy and regulatory compliance. In Peru and other Latin American countries, governments and regulators must promote anti-corruption reporting standards to companies as part of their corporate sustainability objectives.
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