Corporate best practices to be codified at LYBrA

In line with a widely acknowledged need for the industry to be proactive in improving its business practices, LYBrA is to publish a codified series of standards that will act as operational guidelines for its members.

The document has been in the offing for an extended period of time, according to Fraser Yachts CEO Hein Velema, and its origins precede the introduction of the UK Bribery Act. Formulated through a peer review system, in which its founding members have discussed and identified key areas to focus on, the document, says Velema, could be ready for the next meeting of LYBrA members to be held on 30 July.

Velema has welcomed the introduction of the Bribery Act, which he feels effectively governs the business dealings of companies and individuals throughout the industry. “[At LYBrA] we want to implement the Bribery Act no matter where the location of the company, or what the nationality of the client is”, Velema explained.



The Bribery Act has hurried things along, but ideas have been circulating for a long time – “before LYBrA even had a name”, says Velema. “We don’t want to compete with each other on how we implement the Bribery Act, and for me, it doesn’t have to be a limitation on how we do things.”

Far from being restrictive, Velema believes these guidelines will help to improve the flow of information between the brokerage houses and their clients. If captains are involved in a deal, for example, they need to be so, “as openly as possible.”  



The standards will be incorporated into the LYBrA ‘constitution’, a draft of which is ready but is yet to be formalised. When that happens the document, including the agreed corporate practice standards, will be made available to the public.

Related Links

Fraser Yachts Profile | Fraser Yachts Website

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