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.
Showing posts with label Bribery. Show all posts
Showing posts with label Bribery. Show all posts
28 November 2010
02 June 2010
When is a bribe not a bribe?
Pretty sure that the headline caught your attention !.
There is an article in this months 'The Marketer' entitled 'Marketing or bribery'.
This autumn, there is potentially a new Bribery Act expected to come into force, replacing existing bribery legislation. As the article says "what constitutes “bribery”, and how could this new legislation affect marketers and advertisers?"
It says that potentially three areas need to aware of this - Corporate Hospitality; B2B Incentives and Rebates and Volume discounts. The latter being especially applicable to media agencies. We all know what a soft market it was last year with TV deflation at around 20% in the UK, and agencies are saying that many agencies have over promised and will under deliver on the savings promised to clients. So the article says that we as clients could start to add “good faith” and “impartiality” language into contracts and agencies may want to review their current supplier commercial arrangements.
Could be interesting to watch if the Act gets passed.
There is an article in this months 'The Marketer' entitled 'Marketing or bribery'.
This autumn, there is potentially a new Bribery Act expected to come into force, replacing existing bribery legislation. As the article says "what constitutes “bribery”, and how could this new legislation affect marketers and advertisers?"
It says that potentially three areas need to aware of this - Corporate Hospitality; B2B Incentives and Rebates and Volume discounts. The latter being especially applicable to media agencies. We all know what a soft market it was last year with TV deflation at around 20% in the UK, and agencies are saying that many agencies have over promised and will under deliver on the savings promised to clients. So the article says that we as clients could start to add “good faith” and “impartiality” language into contracts and agencies may want to review their current supplier commercial arrangements.
Could be interesting to watch if the Act gets passed.
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