ASEAN companies’ anti-corruption disclosure declines, Philippines records largest drop

SINGAPORE: The level of anti-corruption disclosure among major ASEAN companies has continued to decline, according to the ASEAN Corporate Integrity Disclosure Study 2024, released by the Institute of Governance and Sustainability (CGS) at the National University of Singapore (NUS) Business School.

The study assessed the transparency of anti-corruption policies among the 50 largest listed companies in Indonesia, Malaysia, the Philippines, Singapore, and Thailand. It evaluated companies based on their internal anti-corruption commitments, external anti-corruption commitments, and reporting and monitoring mechanisms.

The findings revealed that the overall anti-corruption disclosure rate averaged 64% across the five ASEAN countries, marking a five-percentage-point decrease from 2022. Among the countries surveyed, the Philippines experienced the most significant decline.

Despite the regional drop, Thailand continued to lead in transparency, scoring 80% in anti-corruption disclosure. Malaysia followed with 75%, while Singapore achieved 63%.

The report highlighted a particular area of concern: external anti-corruption commitments, which scored the lowest, averaging only 55%. The CGS study noted that companies across ASEAN are falling short in disclosing policies related to external suppliers and partners, indicating a critical gap in transparency and accountability in their supply chains.

The decline in anti-corruption disclosure points to growing challenges in corporate governance across ASEAN. As the region faces increased scrutiny from regulators and investors, companies are urged to strengthen their anti-corruption frameworks, particularly in their dealings with external stakeholders.

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