Grease Payments _ CorpCounsel 11_2011

Grease Payments _ CorpCounsel 11_2011 - ALM Properties Inc...

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ALM Properties, Inc. Page printed from: Corporate Counsel Many Fortune 500 Policies Unclear on Foreign 'Grease Payments' Many Fortune 500 Policies Unclear on Foreign 'Grease Payments' Among Fortune 500 companies, only 19 of those with public codes of conduct prohibit their employees from making so-called "grease payments" to foreign officials. But a whopping 373 companies deal with the same issue by simply not mentioning it at all in their codes of conduct, according to a new study. Sue Reisinger Corporate Counsel November 07, 2011 Among Fortune 500 companies, only 19 of those with public codes of conduct prohibit their employees from making so-called "grease payments" to foreign officials. But a whopping 373 companies deal with the same issue by simply not mentioning it at all in their codes of conduct, according to a new study. Under the Foreign Corrupt Practices Act, a facilitation or grease payment is legal if made to a foreign official, political party, or party official for "routine government action," such as processing papers or issuing permits in order to expedite an act that would occur anyway. The
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