I have read this week about the Bribery Act that comes into force next year and the impact that it could have on the media industry in particular. The Act is there to stop corruption and market distortion, and if you are found to be breaching it, there are unlimited fines for the companies found guilty, as well as a possible ten years for individuals who are found to be offering inducements.
The article in Campaign feels that there is a lot of corporate hospitality and entertaining that goes on the media world, and that is an essential part of the job as it enables the media buyer or advertiser to understand the different commercial mediums that are in place.
Ummm not so sure of that. Obviously as Procurement we are always aware of these types of situations, and in my view everything should be reciprocal so I make sure that I pay my fair share (not that I have that many lunches I have to say). But I don't really agree that you need to experience corporate hospitality and entertaining to understand what you are buying. We Buyers have to understand the market that we are operating in and there are many valuable sources of information and I agree that you cannot beat a face to face, but this can be at the agencies or clients office or over a coffee.