ARTICLE
88 also impacts the relationship between businesses and their regulators . These are the regulators to ensure compliance by corporate entities with governance arrangements . Very often , multinational companies operating in such markets must defend their values and beliefs even though the exercise of the norm of reciprocity and external authority is uncertain . Too many eventually become overwhelmed and betray their beliefs and values by participating in the corrupt examples of many such markets . Are there no remedies ? Given the extra-territorial reach of some anti-corruption laws like the Foreign Corrupt Practices Act ( FCPA ) from the US or the UK Bribery Act ( which has introduced the offence of “ failure to prevent bribery ”), a mechanism of control that can help the firm operate efficiently in such environments or circumstances is needed .
In Zones Of Weak Governance ( O ' Toole 1993 ) tells us that power is exercised through large organisations in corporatist political settings ( such as in many zones of weak governance ). The state is controlled by large interest groups ( like businesses , trade unions , the military , politicians , and so on ) where competition is always ongoing for control of the state , sometimes leading to the capture of the state by some group or the other . In the case of a country like Nigeria , not only is the political environment corporatist , the form of democracy practised is elitist . In an elitist democracy , a power elite ( very wealthy and influential clique ) manipulates the political system ; ordinary citizens do not wield much influence regardless of preferences expressed through elections or polls ; the political system is controlled from the top by the power elites rather than from below by the people ; this general tendency for centralised power manifests in most institutions of governance across the business , civil society and government .
In the search for improved governance , two key issues come to the fore regarding where we expect the “ remedies ” to be driven from , which ( Apampa 2008 ) sums up as “ locus of control ” and how we expect to be reasonably sure that be-