< Back to previous page

Over half of UK companies not ready for bribery laws

Published on 30 Mar 2010 under category: legal

Companies in the UK operating in high-risk regions have to do more to prepare for changes in bribery laws, claims new research.

A study from the sustainability consultancy EIRIS found that over half (56 per cent) of firms had poor anti-bribery policies in place, with 78 per cent lacking adequate management systems.

Less than one per cent of the 625 global businesses analysed had reported adequately on the issue, suggesting that the new legislation laws may deter more from improving reporting procedures.

The more scrutiny a sector undergoes, the more likely it was to have measures and checks in place, claimed the report.

The oil and gas sector demonstrated the most "advanced response", according to the report. Investors could also play a significant role in shaping the anti-bribery agenda.

Of the high risk sectors, real estate was the least prepared for the new laws.

If made law, the bill will introduce four new offences, making firms culpable for failing to prevent bribery. The Corporate Offence is described as the new offence of "failure by relevant commercial organisations to prevent bribery by those working on behalf of the business – including employees, agents and subsidiaries (whether domestic or foreign)".

If you require advice on Commercial Litigation please call us on +44 (0)20 7831 0101 and ask for Andrew Pena.