Transparency in corporations just as important as transparency in government

PETALING JAYA: New and damning allegations against 1Malaysia Development Berhad (1MDB) shows that transparency in private corporations are just as important as it is in government, a graft watchdog said today.
Transparency International – Malaysia (TI-M) deputy president Loi Kheng Min said his organisation has been pushing for 1MDB to be more transparent in its corporate reporting in the interest of good governance since February 2014.
"In the interest of good governance, TI-M strongly reiterates the need for 1MDB and by extension the government to be more transparent in its corporate reporting including mandatory reporting of any transfer of funds, especially when it involves large amounts," Loi said in a statement.
In the interests of shareholders, he said, corporations must adhere to strong corporate governance reporting and government linked companies such as 1MDB are no exception.
On a related note, Loi said political parties must also declare its funding sources and urged the government to regulate financing for all political parties.
One of the ways, he said, is to ensure that funds are deposited into an official party account used for campaigns instead of being deposited into the candidates' personal accounts.
Loi then called on politicians from both sides of the divide to walk the talk in demanding greater transparency and accountability if they are sincere in combating corruption.
Lastly, he noted that the Malaysia Corruption Barometer 2014 (MCB) shows that 45% 2,032 Malaysian respondents ranked political parties as the most corrupt among top 6 key institutions in Malaysia.
In the MCB, the police came close second at 42%, followed by public officials or civil servants at 31%, the judiciary at 24%, and businesses or private sector at 23%.