Many UK companies slow preparing for Bribery Act.

• Position: CORPORATE GOVERNANCE

While the majority of companies in the United Kingdom are on track to implement the Bribery Act on time, many feel they've not adequately prepared senior leadership for the challenges that may arise from the legislation, a recent survey finds.

The survey of more than 400 senior compliance officers, risk managers, internal auditors, lawyers and company secretaries affected by the new regulations, conducted by Thomson Reuters, found that almost 40 percent of responding businesses felt they were in need of additional information before the legislation was enacted on July 1. The bill is designed to tighten the regulatory framework throughout the U.K.

But about two-thirds of respondents overall expressed confidence that any disruptions they encounter in the implementation of the new regulations would not adversely affect their bottom lines.

Stacey English, head of regulatory intelligence at Thomson Reuters Governance, Risk & Compliance, noted that a majority of companies believe that implementation will be cost-neutral, which removes a major preliminary concern.

"This seems reasonable, given that implementation of the act should simply be an extension of existing procedures and controls," said English. However, he added, "there is no room for complacency and many firms still have a lot of work to do."

Other notable findings from the survey reveal:

* Despite the feeling of confidence overall, one of the most...