The Bribery Bill is being debated by MPs as it passes its third reading in the Commons at the beginning of April. Any further amendments to be discussed and a vote taken on whether the bill becomes law.
The Bill is part of the wash-up to get it on the statute books before the UK election.
As law, this will have significance for procurement and supply professionals to encourage colleagues to act ethically, with transparency and openness.
David Noble, CEO of The Chartered Institute of Purchasing & Supply, said:
“We welcome the arrival of the Bribery Bill.
“Driving forward a strong code of ethical conduct for business to work against is crucial if industry is to engage in above the board, fair practice.
“Purchasing and supply managers will play a pivotal role in helping to maintain transparent practice which doesn’t favour or give commercial advantage to particular contractors. They are in a crucial position to prevent and encourage colleagues to act according to ethical guidelines and advance integrity in all supplier relationships.
“Purchasing and supply managers will also put in place processes and policies, checks and balances to prevent and monitor any signs of corruption. Preventing cosy relationships by encouraging a clear separation of duties and logging meeting activities and outcomes will demonstrate this commitment.
“This can’t be a ghost policy. It’s crucial that organisations take a proactive stance by educating staff and eliminating any fraudulent activities immediately- not waiting until they've been caught in the act.
“Those firms which don’t will be penalised appropriately.”
CIPS has its own code of ethics for members and purchasing professionals.