Pakistan State Oil (PSO) recently signed a voluntary multi-industry and multi-national anti-bribery charter at the World Economic Forum, Davos, reiterating its policy of zero tolerance against the practice. On behalf of PSO, company chief Tariq Kirmani, signed a statement of commitment to the Partnering against corruption principles for countering bribery; according to PSO sources here.

Among other firms that have signed the charter are the world's top companies like ABB of Switzerland, Petronas of Malaysia, Betchel Group and Occidental Petroleum of the United States, Emirates National Oil Company, Kuwait Petroleum Corporation and Statoil, Norway.

The 62 signatories of the charter will take immediate action if bribery or other forms of corruption are discovered in their operations.

The principles for "Partnering Against Corruption Initiative" were derived from Transparency International's Business Principles for Countering Bribery and the norms of Basel Institute of Governance.

The Partnering Against Corruption Initiative (PACI) was launched at the annual meeting in Davos in January, 2003. The initiative is presently focused on energy, engineering, construction, metal and mining industries and is likely to cover up other sectors also in future.

Copyright Associated Press of Pakistan, 2005