Lavish corporate hospitality part of global business culture, says advisory company

Executive Analysis (EA) has told companies that the Bribery Act will hold back UK plc as gifts, cash and lavish hospitality are common business practice globally.

Lavish hospitality part of foreign business, says advisory company
Lavish hospitality part of foreign business, says advisory company

Speaking this morning (1 February) at Bribery Risk Briefing at Green's Restaraunt near Bank, EA chief executive Simon Sole said that it's not all doom and gloom for UK companies, which will still win contracts on their reputation and prestige.

"I don't think the world is such a dreadful place where favours are the only way to win business. I'm cynical though, as to whether legislation actually changes business behaviour. Companies are primarily out for their own good," he added.

Nations where bribery and corruption are common practice were cited in the seminar, with Russia being named as the world's bribery hotspot.

China was also singled out for its systemised price index on bribes, which often include luxury gifts and holidays.

For C&IT's analysis on the Bribery Act, the implementation of which is now delayed, see February's C&IT magazine.

A recent poll showed that 70% of the events industry believe the Bribery Act will affect the industry.

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