By Issac John www.khaleejtimes.com
Emirates airline, one of the world’s fastest growing carriers, was ranked No. 1 in the world for organisational transparency by anti-corruption watchdog Transparency International.
In a survey of corporate reporting by 100 multinationals based in 16 of the world’s fastest-growing nations released on Thursday, the Berlin-based organisation ranked Johnson Electric Holdings of China and Malaysian state energy company Petronas in the second and third positions, respectively, in terms of organisational transparency.
The organisational transparency category marked firms on their disclosure of data like majority and minority holdings, percentages owned by the parent company and the country of incorporation and operation — all of which is often made “deliberately opaque for the purpose of hiding the proceeds of corruption”, Transparency said.
The average score in the category was 54 percent. Eleven companies scored zero in this category, nine of them incorporated in China.
The global civil society organisation leading the fight against corruption has admonished Chinese companies for their opaque business practices while praising Indian firms’ relatively high standards in the survey.
Indian firms perform best in the Brics group of nations — Brazil, Russia, India, China and South Africa — with a result of 54 per cent and several occupy the top positions in the overall index, said Transparency, attributing this to laws in India about how multinationals must report on subsidiaries. More info