Nearly two out of five businesses say they need more time to prepare for the Bribery Act.
The 2011 Act, due to come into force on 1 July, makes it an offence for a company to bribe or to fail to prevent bribery taking place on its behalf at home and abroad.
A Thomson Reuters survey of more than 400 senior company secretaries and lawyers found that one in six had not yet discussed the new legislation at board level, while one quarter had held board discussions only once.
Stacey English, head of regulatory intelligence at Thomson Reuters Governance, Risk & Compliance, said: “Complete board involvement is vital no matter where that board is based.”
Training and communication would play a vital role in compliance, she said.
“There is a responsibility placed on a company to inform not only their staff but the employees of any third-party service providers it uses. Everyone involved in business dealings needs to be aware of the firm’s anti-bribery policies and stance with the Bribery Act. The survey suggests this is not happening yet.”
