BUSINESS PRACTICE:DISTRUST OF business has risen in the wake of the financial crisis and about half those surveyed around the world see the private sector as corrupt, watchdog Transparency International said at the start of this month.

A survey by the Berlin-based group showed that 53 per cent of respondents believe the private sector to be corrupt, up from 45 percent in 2004.

In roughly a fifth of the countries and territories surveyed, the private sector is seen as the most corrupt institution.

"These results show a public sobered by a financial crisis precipitated by weak regulations and a lack of corporate accountability," said TI Chair Huguette Labelle.

More than half the respondents in TI's 2009 Global Corruption Barometer, which surveyed over 73,000 people from 69 countries, believe companies use bribes to influence public policy.

Private sector bribery of policy-makers is seen as a particularly serious problem in newly independent states such as Georgia and Armenia, but it is also seen as a major issue in North America.

"But we also see that the public is willing to actively support clean business," said Labelle. "What is needed now is bold actions by companies . . . to report more transparently on finances and interactions with government."

Half the respondents said they were willing to pay a premium to buy from companies free of corruption.

Political parties are seen as the most-tainted institution, followed by the civil service.