But the ad, which prompted a string of complaints from the public, was deemed to be misleading because it used the word "businessmen" to cover both men and women.
The ad appeared in the Sunday Times' appointments section and claimed the paper was the most read publication among businessmen.
After posing the question "What turns businessmen on?", the ad read "Domination". This prompted a rash of complaints from readers, who said it was discriminatory because it excluded businesswomen, was sexist and could encourage bullying and sexual harassment.
The Advertising Standards Authority rejected the complaints about sexism because it did not consider the ad likely to cause widespread offence.
The ASA also rejected claims the ad would encourage bullying because most people would understand that the word "domination" related to the Sunday Times' position as the most widely read broadsheet in the UK business community.
However, it ruled that the use of the word "businessmen" to cover both men and women was misleading. This was despite the fact that the publisher of the research on which the evidence was based, the British Business Survey, said on its website that the term "businessmen" applied to both sexes.
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