By upgrading its previously adopted statement on standards for transactions between business and government to the status of charter – a status reserved only for enduring issues of greatest importance to the organization –- PBEC reiterated what the organization believes is the strong linkage between good governance and economic growth, and the need for prompt and effective action to deal with the issue.

The charter contains a Statement of Transactions Standards to promote integrity, transparency and accountability in transactions between enterprises and public bodies, to which it encourages member companies to conform. Its provisions cover respect for laws and standards, prohibition of improper inducements, actions of agents, financial recording and auditing, responsibilities of corporate enterprises and political contributions.

PBEC also calls upon governments to redouble their efforts to ensure complete integrity, transparency and accountability in all business-government transactions. Specifically, PBEC congratulated the Organization for Economic Cooperation and Development (OECD) on the recent completion of its Convention on Combating Bribery of Foreign Public Officials and urges all economies in the Pacific region to sign, ratify and implement this path breaking agreement as early as possible. PBEC stated that broad participation in the Convention will strengthen good governance and corporate integrity, promote economic efficiency and development, and provide direct benefits to consumers around the world through lower prices for goods and services.

Recognizing also the importance of regional activity to enhance transparency in government, PBEC also applauded the efforts of the APEC Government Procurement Experts Group, and urged APEC to move forward to develop a regional agreement on transparency in government procurement.

PBEC’s IGM is an opportunity for the region’s foremost corporate executives to gather with other international leaders to discuss, in a frank and intimate setting, the key issues in the regional economy, and to issue policy recommendations and statements. The IGM typically includes major addresses given by heads of government, government ministers, leaders of prominent international organizations, and senior executives of some of the largest corporations of the region. Chilean President Frei delivered the opening address.