With the UK Bribery Act coming into effect in April 2011, legal and insurance experts have warned that directors and officers are ill-prepared for the risks they will be exposed to.
Martin Butterworth, a partner at Davies Arnold Cooper LLP, and Douglas Robare, D&O manager, Zurich Global Corporate, stressed that the new legislation will:
-Increase protection to whistleblowers;
-See a rise in the number of actions taken by regulators, as well as self-disclosures by corporates;
-Further the potential liabilities that directors and officers are exposed to personally; and
-Have ramifications for corporate activity beyond the UK.
Directors and officers were advised to:
-Ensure their corporate governance structures are rigorous enough, and instil a culture of zero tolerance towards corruption offences;
-Closely examine bribery terms in contracts and scrutinise third parties; and
-Work closely with their claims department.
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