Antitrust Guidelines
The antitrust laws are a comprehensive charter of economic controls aimed at promoting free competition. These laws rest upon the premise that the preservation of free competition will yield the best allocation of economic resources, the lowest prices, the highest quality and the greatest material progress for the public welfare. Under the antitrust laws competitors may not restrain competition via agreements or understandings regarding the price, production or distribution of products and services. Competitors may not engage in any activity intended to restrict the competitive capabilities of their customers, suppliers, or other competitors.
Antitrust laws are immensely complex and are often of unclear applicability. Unlawful agreements can be inferred from circumstantial evidence. A conviction for violating the antitrust laws may result in stiff fines, extended jail sentences for individuals who participated in the violation and forced disbanding of their trade association. Even if an antitrust case is won or settled, the demands upon the time of those involved can be tremendous. Legal fees and costs can easily run to six figures or more.
The guidelines that follow are designed to assist you in avoiding even the appearance of questionable activity. At WPMA meetings, the following will not be discussed.
Current or future prices. (Great care must be taken in discussing past prices.)
What constitutes a "fair" profit level
Possible increases or decreases in prices
Standardization or stabilization of prices
Pricing procedures
Cash discounts
Credit terms
Control of sales
Allocation of markets
Freight allowances
Refusal to deal with a corporation or individual because of its pricing or marketing practices
General Operating Procedures
To guard against unintentional conduct, all WPMA meetings shall be conducted in accordance with the following procedures:
A written agenda will be prepared for each meeting, and should be reviewed in advance by legal counsel.
Accurate minutes, which provide a complete summary of each meeting, will be prepared. The minutes of all meetings will be reviewed by legal counsel to insure there is no misinterpretation.
Legal counsel will be present at all meetings of the Board of Directors and Executive Committee, as well as other meetings at which sensitive issues will be discussed.
All association meetings will be properly and formally scheduled; members should never hold "rump" meetings.
In case of doubt concerning the propriety of any topic of discussion, consult WPMA legal counsel or staff prior to raising it at a WPMA meeting.
Should reservations arise as to the propriety of remarks or discussion at a WPMA meeting, state the reservations. If the discussion is not terminated or the question not resolved satisfactorily, the Chairman or WPMA staff person present should adjourn the meeting temporarily to request advice of legal counsel. If the issue is not resolved to the concerned member's satisfaction, that member should leave the meeting.
Summary Statement of WPMA's Antitrust Compliance Policy
The Western Petroleum Marketers Association ("WPMA") has an Antitrust Compliance Policy which applies to all Officers, Directors, employees and committees of WPMA. The policy requires that we fully comply with all applicable federal and state antitrust laws in all dealings on behalf of WPMA. WPMA shal