In 2020, Airbus paid a record £3bn in fines for ‘endemic’ corruption. This settlement surpassed the previous UK record for a corporate fine for bribery, which was the £671m paid by Rolls-Royce, Britain’s luxury car manufacturer, in 2017.
Despite the UK Bribery Act having come into force in 2010, bribery is still a hugely problematic issue in corporate life. Billions of pounds of fines are levied every year and frequent reports hit the headlines of investigations and prosecutions from the US Department of Justice and UK Serious Fraud Office.
Companies should have strict policies in place to ensure all employees understand the steps they need to take to ensure their company cannot be found liable of bribery or corruption. The policy should apply strictly to all employees, partners, agents, consultants, contractors and any other people or bodies associated with the organisation. VinciWorks has therefore created an anti-bribery and corruption policy that can easily be edited to suite your organisation’s staff and industry.
What should an anti-bribery and corruption policy include?
Explaining bribery and corruption
Explain what your staff should be looking out for. Staff must understand that bribes are not always a matter of handing over cash. Gifts, hospitality and entertainment can be bribes if they are intended to influence a decision.
Under the Bribery Act 2010, bribery by individuals is punishable by up to 10 years imprisonment and/ or an unlimited fine. If the organisation is found to have taken part in bribery or is found to lack adequate procedures to prevent bribery, it too could face an unlimited fine.
This section should set out the organisation’s anti-bribery and corruption policy.
Key risk areas
Set out some of the key red flag indicators that your staff should look out for.
Raising a concern
The prevention, detection and reporting of bribery or corruption should be the responsibility of all employees of your organisation. Staff must feel they can comfortably raise any concerns they have.
Download the anti-bribery and corruption policy template for free
This policy template can easily be downloaded and edited by clicking on the button below. You can view more of VinciWorks’ policy templates here.