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M&S incorporates anti-bribery clause in Indian agreements
15
Dec '12
UK-based retail chain Marks & Spencer (M&S) is now adding anti-bribery clause in all agreements that it enters into India, including those with vendors.
 
M&S has framed an in-house strategy to prevent malpractices, and it would be applicable for the company’s all activities in India, Mr. Jan Heere, international director of M&S, who was on a visit to India, told Times of India.
 
He said the company is incorporating clauses related to the UK anti-bribery act in all its agreements in India.
 
He added that M&S attaches great importance to compliance of the internal controls and systems put in place by the company.
 
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 planning to open ten new outlets in India over the next six to eight months period.
 

Fibre2fashion News Desk - India

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