British retail giant Marks & Spencer (M&S) is attaching strict anti-bribery clauses to agreements in India as the company moves ahead with its expansion plans in the country.
M&S currently operates 25 stores in India through a 51:49 joint venture agreement with Reliance Retail Limited, a subsidiary of Reliance Industries. The retail giant is also planning to open ten new outlets in India over the next six to eight months period.
Jan Heere, International Director for M&S, told the Time of India on the 14 December 2012, “There will be no compromise with regards to compliance… we attach clauses related to UK’s anti-bribery act in all contracts that we enter, including with vendors”.
Given the UK Bribery Act claims jurisdiction over corrupt payments anywhere in the world, it is important that multi-national corporations such as M&S, who carry on a “business or part of a business” in the UK, are seen to exercise vigilance with regard to possible corrupt activity, and establish adequate procedures and compliance controls to prevent it.