By: Staff Writer
April 08, Colombo (LNW): The Sri Lankan government, private sector, and civil society organizations have formed a strategic alliance to enhance integrity, transparency, and accountability across the business landscape. This collaboration emphasizes shared objectives, capacity development, and the use of data-driven strategies to build a culture of ethical practices.
A key initiative is to create a common understanding of these values within the private sector, with clear, measurable goals. A joint framework will define stakeholder roles, responsibilities, and methods of cooperation to ensure coordinated and accountable actions.
Transparency International Sri Lanka (TISL) and the International Chamber of Commerce Sri Lanka (ICCSL) formalized their partnership through a Memorandum of Understanding (MoU), signed at ICCSL’s premises.
This MoU enables the government to support ethical training for private sector leaders and employees, focusing on anti-corruption, regulatory compliance, and the implementation of effective internal controls such as whistleblower systems and independent audits.
The agreement also encourages open data sharing among government bodies, businesses, and civil society, enhancing transparency and oversight. Recognizing the importance of ethical business for economic development, the MoU outlines a cooperative structure between TISL and ICCSL to combat corruption risks, promote best practices, and strengthen compliance, especially among small and medium enterprises (SMEs).
Key goals include exchanging knowledge on integrity and anti-corruption efforts, launching joint advocacy to raise awareness of corruption’s impact, and building business capacity to maintain strong ethical standards. The partnership will also include co-hosted events, training, and the publication of educational resources and reports.
By involving civil society in performance monitoring and establishing protections for whistleblowers, the initiative aims to reinforce accountability and improve the legal framework governing corporate conduct. Overall, the partnership seeks to foster a transparent, ethical, and resilient business environment in Sri Lanka.
It will engage civil society organizations in the monitoring and evaluation of private sector performance, ensuring that there are independent voices advocating for accountability.
A robust mechanisms will be established for protecting whistleblowers who report unethical or illegal activities within the private sector.
This will strengthen the legal and regulatory framework to ensure that private sector entities are held accountable for their actions and that there are effective mechanisms for addressing violations.
It will ensure a level playing field for all businesses, preventing corruption and unfair competition that can undermine integrity and transparency.
By fostering a strategic partnership that addresses these key areas, Sri Lanka can create a more resilient and accountable private sector that contributes to sustainable economic growth and development.
