Bribery Act Statement |
Updated September 2019 |
The Bribery Act 2010 came into force in the U.K. on 1 July 2011 and the Bribery Act 2016 came into force in Bermuda on 1 September 2017. The two Acts are extremely similar and are jointly referred to as the “Act” in this notice. The Act applies to the Club and the Managers in relation to business transacted in the UK, Bermuda and abroad. The Act:
The offences of Bribery
Bribery may be seen as the offering, promising, giving, accepting or soliciting of a financial or other advantage (often on an undisclosed or secret basis) as an inducement or reward for an action which is illegal, improper or a breach of trust. Corruption is the type of relationship brought about by bribery.
There are four offences under the Act; two general offences of paying and receiving bribes; one of bribing foreign public officials with the intention of securing business or a business advantage, and the new “corporate offence” referred to above, concerning the failure of commercial organisations to prevent bribery. It should be noted that the making of “facilitation payments” (i.e. small bribes or “grease payments” paid to facilitate routine government or official action) are clearly prohibited under the Act. This is the case no matter how small the payment or how well-established the practice is in any jurisdiction, unless permitted by applicable written local law, which will be rare.
The offences contained in the Act carry criminal penalties for individuals and organisations. For individuals, a maximum prison sentence of ten years in the UK and fifteen years in Bermuda and/or an unlimited fine can be imposed; for companies, an unlimited fine can be imposed.
Zero tolerance approach to bribery and corruption
The Club and its Managers have a zero tolerance to bribery and corruption and are committed to acting professionally, fairly and with integrity in their business dealings and relationships, and implementing and enforcing effective systems to counter bribery.
The zero tolerance to bribery extends to all the Club’s and Managers’ business dealings and transactions in all countries in which they and their associates operate. The Club and its Managers expect that their business counter parties similarly adopt effective policies to counter bribery and corruption in their own dealings. Third parties include any individual or organisation doing business with the Club or its Managers, or with whom an officer of the Club or a staff member of the Managers comes into contact during the course of their work for the Club, and include actual and potential members, customers, suppliers, distributors, business contacts, correspondents, agents, service providers, advisers, brokers and government and public bodies, including their advisors, representatives and officials, politicians and political parties. In short if it is not legally permissible for the Club or Managers to perform a particular transaction, it is similarly impermissible for such third parties to do so in the course of their business relationship with the Club/Managers.
The Code of Business Standards and Ethics, which sets the standards to be applied to the conduct of the Club’s business in general, endorses the zero tolerance approach to bribery.
Company procedures
The company procedures to counter bribery address the following:-
Members and third parties doing business with the Club should immediately contact the Managers for further advice if they have any concerns regarding bribery and corruption involving any party in its business dealings with the Club .
If you require more information about our Whistleblowing Policy, please contact David Ragan (Director - Risk Management and Compliance) here: David Ragan
THE STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION (BERMUDA) LIMITED
and
THE STEAMSHIP MUTUAL UNDERWRITING ASSOCIATION LIMITED