Consultancy firm Dimension Legal RVS, a member of "Dimension" CJSC’s group, in partnership with the British Embassy in Yerevan, jointly organised a seminar on “Business Integrity as a Modern-Day Requirement” at Mantashyants Association.
Consultancy firm Dimension Legal RVS, a member of "Dimension" CJSC’s group, in partnership with the British Embassy in Yerevan, jointly organised a seminar on “Business Integrity as a Modern-Day Requirement” at Mantashyants Association. Representatives of around 50 organizations took part in the discussion, UK Solicitor Advocate UK Ben Wells and Dimension Legal RVS experts delivered thematic speeches.
The seminar was aimed at presenting and raising awareness of issues regarding the legal entities’ criminal liability within Armenia, as well as Armenian businesses’ compliance with international standards.
In particular, the institute envisaging criminal liability of legal entities has entered into force since January 1, 2023. According to long-awaited amendments, penal measures may be imposed upon legal entities: they may be fined up to the gross income’s twenty percent if the crime had been committed to the benefit of the legal entity (for example, if the bribe is provided by the director to win a tender, not only the director but also the legal entity will be held criminally liable, if it’s not substantiated that the company had proper procedures in place for bribery prevention).
During the discussion held with the support of the British Embassy in Yerevan, it was highlighted that effective Compliance programmes ensure the prevention or deduction of a legal entity’s criminal liability. The content of Compliance Programmes was also discussed. A legal entity’s director should not be exclusively guided by the shareholders’ interests, but also by the interests of employees, customers, business partners, and industry, demonstrate social responsibility, comply with the human rights in business and protect the environment.
07 February 2023, Tuesday