• Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Corruption can take many forms that vary in degree from the minor use of influence to institutionalized bribery. Transparency International's definition of corruption is "the abuse of entrusted power for private gain." This can mean not only financial gain but also non-financial advantages.

Corruption is now recognized to be one of the world's greatest challenges. It is a major hindrance to sustainable development, with a disproportionate impact on poor communities. The impact on the private sector is also considerable in many parts of the world: It impedes economic growth, distorts competition, represents serious legal and reputational risks and is also very costly. These are just a few of many good reasons for businesses to join the fight against corruption.