Professional Pensions asked its audience of trustees and scheme managers about corporate hospitality and gifts. In the second of a two-part series, we look at the corporate hospitality offered and what is accepted.
We first asked respondents what is their favoured type of corporate hospitality from advisers, providers or fund managers.
Of those who answered, a good number said a meal would be their favourite choice, with respondents divided as to whether lunch or dinner would be preferable and whether or not they would prefer other scheme professionals to be attending also.
Something educational was also a popular choice as were networking events, such as conferences and awards, where respondents could meet and learn from others dealing with the same issues.
Other respondents, however, had a wider range of favoured hospitality – with some preferring sporting events such as horse racing, test matches or the Grand Prix.
However, many respondents were cautious.
As one respondent explained:
“My employer has to pay the cost through higher fees so it should be justifiable.”
“It would need to be relevant to the running of our scheme. I would feel uneasy accepting, for example, sporting event hospitality, even though I would thoroughly enjoy it!”
We then asked respondents what was the most extravagant corporate hospitality or gift they had ever been offered, regardless of whether or not they accepted it.
Responses included a box at Twickenham with all food, drink and overnight accommodation paid for; a two-day sailing trip to Cowes; a trip to the Middle East to play in a golf tournament; and Grand Prix hospitality.
Others said they had been offered a New Year Eve party at the O2; weekends in Monaco and Vienna; tickets to Wimbledon; and World Cup final tickets, including accommodation in South Africa.
In total, 121 scheme managers and trustees responded to the poll. To view the full results of the survey, click here.
The first part of this blog series can be found here: Accepting corporate hospitality – how scheme approaches differ.