Changing regulatory requirements along with awareness about whistleblower policies driving companies for greater compliance but still, there is a long way to go feels India Inc.
According to a recent survey by law firm AZB & Partners, 74% of the respondents agree that the use of the whistle-blowing mechanism is a significant driver in unearthing ethical issues within organisations. The firm conducted a survey by reaching out to its over 500 clients.
"A reputation for legal and fair business now has tangible and measurable benefits in terms of better valuations, availability of a deeper pool of external debt and equity capital at more favourable terms and of quality employees to run and grow the business," said Zia Mody, co-founder of law firm AZB & Partners.
The report suggests that the efforts that have been taken in relation to the establishment of the whistle-blowing mechanism by corporate India are showing results. Also, it suggests that increasing investments by foreign investors, including Foreign Direct Investment (FDI) in the country has a push factor in driving the ethics and compliance culture in India.
According to the study, about 71% of participants believe that people are now more open and forthcoming in making complaints and raising red flags on ethical issues. Also, about 82% of the respondents stated that their organizations investigate anonymous/ pseudonymous whistle-blower complaints based on merits.
"Limited Indian business ethos has evolved...
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