Survey: Most Companies Have Gift Policies, Execs Don’t Believe Company's Leaders Follow Them

While most companies have policies governing gift giving and receiving, most executives don’t believe their corporate leaders follow those policies, according to the results of a new survey released this week. Survey was conducted by UHY Advisors.
 
 
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May 27, 2010 - PRLog -- Survey By Top Tax and Business Firm UHY Advisors: Most Companies Have Gift Policies, But Execs Don’t Believe Their Company’s Leaders Follow Them

Atlanta, May 27, 2010 – While most companies have policies governing gift giving and receiving, most executives don’t believe their corporate leaders follow those policies, according to the results of a new survey released this week.  The survey was conducted by UHY Advisors, a top national tax and business consulting firm, as part of its quarterly Financial Leaders Seminar series in Atlanta.

“Ethics in America continues to be called into question,” says Frank Fenello, managing director, UHY Advisors.  “It’s clear from the results of this survey that our corporate leaders have yet to convince even their own executives that they are working ethically, or to communicate their company’s’ ethics policies effectively.”

Fenello added: “As business executives and managers search for ways to improve profitability and performance in this tremendously challenging marketplace, ethics policies and commitment should, without a doubt, be one of the places they look.”

Ethical breaches are typically a result of corporate culture.  Pressure from management to achieve results and exceed goals too often pushes employees to cross ethical lines.  Ethics — good or bad — originate from the leaders who build the strategy, drive the pace and set the moral tone of a business or department.

Good Ethics is Good Business
Operating a business with principled values based on “doing the right thing” is vital to corporate survival.  Bottom-line results for businesses where employees and executives partner in ethical behavior far exceed those companies where there is little value placed on morals.

“Companies that are more ethical continually show a higher level of return to shareholders – 53 percent more in fact,” says Fenello.

Survey Results Summary

Question: Does your company have a policy on gift giving and receiving?
•   56% said their companies have a well-defined policy of gift giving and receiving.
•   29% said their companies either didn’t have a policy or they didn’t know whether they had a policy.

Do you think a gift from a vendor would influence you?
•   15% said a gift from a vendor would influence them regardless of its size.
•   13% said a gift from a vendor would only influence them if it was “sizable”
•   60% said gifts from vendors don’t influence them one way or another.

Do you believe the leaders of your company follow your company’s gift policies?
•   42% believe the leaders of their companies follow their corporate gift policies.
•   24% said the leaders of their companies follow their corporate gift policies depending on the situation.

Fifty-five senior level financial executive attending UHY Advisors’ Financial Leaders Seminar in Atlanta participated in the survey.

About UHY Advisors, Inc.
UHY Advisors, Inc. and its subsidiary entities have more than 1,200 professionals providing services from offices across the United States.  UHY Advisors, Inc. is ranked as the 16th largest professional services firm providing tax and business consulting in the country by Accounting Today.

UHY Advisors, Inc. and UHY LLP are independent U.S. members of UHY International Limited, an international association of independent member firms providing accounting, tax and other professional services.  For additional information, please visit UHY Advisors’ Web site at www.uhyadvisors-us.com. UHY Advisors, Inc. and its subsidiary entities are not licensed CPA firms.  UHY LLP is a licensed independent CPA firm that performs attest services.
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Source:MItch Leff
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Industry:Accounting, Human resources
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