The path to sustainable development in the Caribbean must be closely connected with the principles of ethical business practices.
The corruption perception index (CPI) 2023 offers a detailed look into how TT, St Lucia, Barbados, Jamaica and Guyana fare in terms of corruption, thereby highlighting the critical need for ethical governance in fostering sustainable growth.
The CPI, by assessing public and private sector integrity, underscores the profound impact of corruption on economic stability, societal trust and the broader developmental agenda.
CPI 2023: A Caribbean analysis
In 2023, Barbados leads within the Caribbean, with a CPI score of 69 out of 100, followed by St Lucia with 55.
They exemplify the positive outcomes of concerted anti-corruption efforts.
In contrast, Guyana's score of 40 illustrates the challenges that persist in combating corruption effectively.
Jamaica scores 44, and TT’s score stands at 42.
These CPI scores, determined through a combination of surveys and assessments, reflect the perceptions of businesspeople and country experts on corruption. According to Transparency International, which did this survey, over two-thirds score below 50, "which strongly indicates that they have serious corruption problems."
This insight is crucial, as it benchmarks the current state and can guide policy formulation. The corruption index serves as a risk assessment input and enables organisations to fortify their ethical business strategies and practices.
SDGs and ethical business
The UN's sustainable development goals (SDGs), particularly SDG 16, aim to promote peaceful and inclusive societies for sustainable development, with a specific focus on reducing corruption and bribery.
This direct linkage between ethical business and the SDGs establishes a clear framework for countries and companies alike to integrate anti-corruption measures as a fundamental component of their sustainable development strategies.
The SDGs offer a global blueprint for progress, emphasising that integrity and accountability in business practices are indispensable for achieving sustainable development.
Focus on ethical business conduct
The International Financial Reporting Standards (IFRS) S1, developed by the International Sustainability Standards Board (ISSB), sets a new benchmark for sustainability-related financial disclosures and is likely to be adopted within Caribbean jurisdictions as well. It requires entities to provide comprehensive information about sustainability-related risks and opportunities, emphasising the need for disclosures that are comparable, verifiable, timely and understandable.
This standard aims to enhance transparency and shows clearly how sustainability issues affect an entity’s financial condition and operational resilience. It is an indicator that facilitates decision-making among investors.
Similarly, the European Sustainability Reporting Standard (ESRS) G2 on business conduct focuses on promoting transparency and accountability in business operations.
By requiring
