Firestone and Nozycowski: New law in Poland could open corporate expenses and contracts to public view
A draft anti-corruption law currently being discussed by the Polish government will have serious consequences for all businesses operating in Poland if it is passed in its current form.
Among other things, the “Law on Transparency in Public Life” would require practically all public entities, including all businesses that are at least 20 percent state owned to record all of their contracts worth over 2,000 PLN (approximately $600) in a register that in many cases will be fully available to public.
It would also require them to publish details about business related credit card expenses.
In other words, to take but one example, material details (including value and scope of work) of a contract between a U.S. pharmaceutical company and a state owned hospital could be available for all to see.
Similarly, if a representative of a U.S. company goes out to dinner with a representative of a Polish SOE and the latter picks up the check, everyone will know about it.
Among other things, the “Law on Transparency in Public Life” would require practically all public entities, including all businesses that are at least 20 percent state owned to record all of their contracts worth over 2,000 PLN (approximately $600) in a register that in many cases will be fully available to public.
It would also require them to publish details about business related credit card expenses.
In other words, to take but one example, material details (including value and scope of work) of a contract between a U.S. pharmaceutical company and a state owned hospital could be available for all to see.
Similarly, if a representative of a U.S. company goes out to dinner with a representative of a Polish SOE and the latter picks up the check, everyone will know about it.
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