NEW DELHI, JANUARY 24 Here is a reality check for those corporates who are still gloating over their outpouring of sympathy for the Asian tsunami. According to a report by Davos-based World Economic Forum (WEF), corporate scandals — and not their humanitarian aid — was the defining glory of 2004.

‘‘2004 was a bad year for the world’s goals,’’ says the WEF’s annual publication, Global Governance Initiative. The report lists promises made by governments, such as to the United Nations’ Millenium Goals on peace, security, hunger, poverty, education and environment.

It warns that governments are flailing against those targets, but so is the private sector: ‘‘Coming in the wake of major corporate scandals, the business community faces a strong need to rebuild trust,’’ the report says.

It adds: ‘‘Unfair or not, the very public exposure of corporate malfeasance affecting millions has tarred business as a whole. Companies also find themselves under scrutiny for their broader social, economic and environmental performance.’’

According to WEF, businesses depend on new markets of healthy, educated and prosperus populations in stable societies, many times in developing countries. ‘‘Here, nearly 3 bn people living on less than $2 a day.’’

Social investments and donations are out of fashion, at a time when private enterprise must assess the risks and opportunities with respect to international goals of removing hunger, illiteracy and poverty.

The atrocities in Sudan, deteriorating situation in Iraq, the ‘‘war on terrorism’’, Abu Ghraib or the privatisation of basic water supply are no longer political problems. They are business problems too, as they divert funds and because delays raise costs irreversibly.