In the latest issue of Financial Director we reported that many FDs have been left scratching their heads about some of the key elements of the new UK Bribery Act, due to be implemented in April this year.
Commercial businesses could be found guilty under the new corporate offence of failing to prevent any act of bribery being carried out by a company’s employees or associated persons unless they can show they have “adequate procedures” in place.
But only 20 percent of finance directors answering the latest FD Question on www.financialdirector.co.uk actually felt they have adequate procedures in place to safeguard their business against acts of bribery being committed by their employees.
More promisingly, 34 percent say that the procedures are in place but that their policies are still to be communicated to staff. While almost half said that their business is not prepared for the impending changes and will need to undertake a risk analysis across the business.
The final results of the FD Question are available in the February 2011 issue of Financial Director.