The UK’s House of Lords Select Committee on the Bribery Act 2010 published its report last week. The Bribery Act 2010 has been in force for nearly eight years, and this inquiry was launched to examine whether it is achieving its intended purposes. Baltic Exchange Chief Executive Mark Jackson gave evidence to the Committee, explaining that more practical guidance and specific case studies were needed to help smaller freight market players comply with the Act.
The Act has a far-reaching scope and means that shipping companies with a UK presence need to ensure that they implement firm-wide anti-corruption policies, which apply to the conduct of all their subsidiaries or agents, regardless of the different business culture in which those subsidiaries/agents operate.
Click here to download a full copy of the report.