QUEBEC CITY, Oct. 10, 2012 /CNW Telbec/ - Huguette Labelle, Chair of the Board of Transparency International Canada, addressed participants at the 2012 International Summit of Cooperatives, strongly urging them to remain vigilant when it comes to corruption as corporate businesses in the cooperative world are not immune to corruption. Close to 2,800 participants from 91 countries are currently attending the Summit in Quebec City, Canada.
The economic impact of bank secrecy
According to Transparency International, up to $32 trillion could be hidden in financial havens across the world. Bank secrecy gives rise to this type of situation. It also enables tax evasion and leads to bad management practices, which in turn result in the financial disasters the world has known in recent years.
Ms. Lebelle believes that cooperatives must remain vigilant in their government practices to stay true to their core values. She stated that bank secrecy and tax evasion are practices that threaten our goal to build sustainable communities, adding that these same practices work against social responsibility, one of the fundamental values of the cooperative movement.
Cooperatives as a model of governance
Huguette Labelle, Chair of the Board of Transparency International Canada, stated that governance is essential. A building that has a solid structure and a strong foundation withstands disasters. In the same vein, the values of an institution determine this foundation, guiding its operations. Cooperatives embody transparency, integrity, responsibility, rigour and inclusiveness—values that ensure the cooperative model is the winning model of governance.
SOURCE: 2012 INTERNATIONAL SUMMIT OF COOPERATIVES
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