Farnell has today announced it has been granted a certificate of membership signifying the company’s commitment to transparency in international commercial transactions by TRACE International Inc. (TRACE). TRACE is a non-profit 
membership association that pools resources to provide practical and cost-effective anti-bribery compliance solutions for multinational companies.
This certification supports the work the company has done to implement the requirements of the UK Bribery Act, introduced in 2011, and its broader approach to ethical business behavior.
The Bribery Act extends to behavior by UK companies anywhere in the world and, as a multinational organisation, Farnell has therefore re-assessed all of its policies and procedures and introduced updated and common approaches in every one of its international locations. The Act also introduces new and stringent requirements covering gifts and hospitality that might be, or give the appearance of corruption.
The company has reinforced its total commitment to ethical behavior by providing comprehensive training and guidance to employees all around the world – another example of providing assurance to its customers and suppliers at a time when the reputation and standing of businesses around the world is under the microscope.
Steven Webb, group Company Secretary said “We are delighted to receive this confirmation from TRACE following their review. We see it as vital that our customers and our suppliers can have confidence in dealing with Farnell and this is just the latest in a number of areas where we aim to take a lead in setting standards for our industry, from our comprehensive legislation guidance available through the element14 community, to our innovative packaging solutions and now in this area of ethical business practice.”
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