It’s the time of year that vendors try to spread holiday cheer, often in the form of gifts and entertainment. That means it’s also time to review corporate policies before accepting even the smallest gift, according to attorneys at Fisher-Phillips.
A gift or meal could be perceived as a bribe and therefore necessitate a clear gifts and entertainment policy, the firm’s experts say.
“An effective G&E policy can’t address every possible situation, but a well-drafted policy can promote consistency, encourage ethical business relationships, minimize potential concerns and provide guideposts for your employees — as well as your business partners,” wrote Fisher-Phillips partner Melissa A. Dials, in the firm’s Cleveland office, and Raymond W. Perez, of counsel in the firm’s Columbus, OH, and Washington, DC, offices.
The policy should be written to include employees on every rung of the corporate ladder, according to the attorneys.
“If top executives are allowed to receive gifts and entertainment that exceed the company limits, it can send the message that the ethical standards apply to all employees except the C-Suite executives,” they wrote. “This hurts morale and can lead employees to assume that it is acceptable to violate other company standards.”
Accepting invitations to special events generally is permissible, they said, as long as such events “are deemed commercially reasonable and the individuals are representing the company.” Beware, however, that some events might be inappropriate and violate anti-bribery laws, they added. Therefore, the attorneys said, it’s best to ask for approval by the company’s legal or compliance group before accepting.
According to Dials and Perez, a gifts and entertainment policy should cover:
- Dollar limits,
- Gifts to an employee’s family members and
- Timing — for instance, don’t accept gifts “during the bidding process, contract negotiations, during vendor evaluations or formal reviews.”
The policy should be included in a company handbook that is available to all employees, the attorneys said.
“It’s also a good practice to send annual reminders (i.e., during the holidays) to business partners regarding the company’s G&E policy and ask for their cooperation,” Dials and Perez advised.
🏠 HD | Tech | Live🟢 | ToDay🌞 | Magazine | News | Crypto | ⛅Weather | 🇪🇸 | 🍿 | Terms | Privacy | ☕
⚖News Balance🇺🇲
The WEBFI algorithm actively curates and presents current news from the Internet, delivering it in both written and video formats on our platform. Unlike many other news sources, WEBFI Network - News Balance Security is committed to a user-friendly experience. We refrain from displaying advertising within our content, avoid any redirects to external sites, and meticulously filter out any graphic content deemed unsafe, sensitive, or private. Our primary goal is to provide visitors with a distraction-free and secure environment, ensuring they receive the news they seek.
Importantly, WEBFI Network does not collect any personal information from our visitors, and we do not engage in newsletter subscriptions. We take pride in remaining entirely advertiser-free, thanks to the support of our contributors and our dedicated hosting service partners. It's crucial to note that the opinions and content presented on our platform do not necessarily align with WEBFI NETWORK's opinion, philosophy, or vision. We strongly uphold the principle of freedom of speech, welcoming a diverse range of perspectives and ideas.
🌐 Discover News Balance 🇺🇲 - Your Round-the-Clock Source for Unbiased News!
Experience a continuous stream of comprehensive, unbiased news coverage 24/7/365 with News Balance 🇺🇲. Our carefully curated playlist ⏯ delivers a harmonious blend of national and global politics, cutting-edge tech updates, weather forecasts, noteworthy events, and captivating entertainment news.
The best part? No subscriptions, registrations, or downloads required. Enjoy an ad-free news experience with News Balance 🇺🇲.
WEBFI Unstoppable Websites
Since 2018
"Introducing Unstoppable Private WebFi Websites – Your Forever Digital Haven.
Experience a lifetime of ownership with WebFi – where your digital presence is a lifelong investment. Embark on your journey to own a private website for life.
Our private servers set the gold standard in security and performance, ensuring your website stays in top form. With our lifetime license, the days of fretting about hosting renewals are behind you.
Unlock your very own WebFi space granting you a perpetual haven for your projects, free from the burden of recurring payments. Your sole financial commitment? Domain annuities to your domain provider – nothing more!
Choose WebFi and own your digital future, secure, simple, and everlasting."LEARN MORE
WEBFI |🟢LIVE | TECH | MAGAZINE | NEWS | CRYPTO&MARKET | LATINO|⛅WEATHER |☕ HURRICANE WATCH RADAR WATCH
X
