IFBEC releases first annual Public Accountability Report.
Press Release Summary:
International Forum on Business Ethical Conduct (IFBEC) released their first Public Accountability Report, which provides IFBEC members and stakeholders with data on IFBEC member compliance with Global Principles and best practices that align with Global Principles. Report gives analysis of management and leadership structure of ethics and anti-corruption programs of IFBEC member companies, as well as implementation of policies and integrity programs in member companies.
Original Press Release:
IFBEC Releases First Annual Public Accountability Report
AIA, ASD join forces to promote highest ethical standards
Washington, D.C., Brussels - The International Forum on Business Ethical Conduct (IFBEC) released their first annual Public Accountability Report today. The report provides IFBEC members and various stakeholders with data on IFBEC member compliance with the Global Principles and best practices that align with the Global Principles. The report can be found at www.ifbec.info.
“This report both provides a window into the anti-corruption programs of IFBEC members and also serves as an incentive to other companies to adapt programs that have similar features,” said BAE Systems, Inc., Vice President of Contracts and Business Conduct Charles Chadwick, who serves as IFBEC Chair. “These are the most successful aerospace and defense companies in the world. If you want to succeed at this level the message is clear: conduct business the way they do.”
The report gives an analysis of the management and leadership structure of the ethics and anti-corruption programs of IFBEC member companies, the implementation of policies and integrity programs in member companies and a variety of the best practices implemented by these companies. These policies include anti-corruption training and anonymous reporting mechanisms. In 72 percent of surveyed companies, the head of the ethics and business conduct program reports directly to the CEO.
“The companies that have chosen to join IFBEC benefit from the exchange of best practices in the conduct of business,” said Pedro Montoya, group chief compliance officer of EADS and Vice-Chair of IFBEC. “With the first accountability report made public during the 2012 Annual Conference, we wish to share these findings with our stakeholders and use them to seek improvement.”
The IFBEC Transparency and Accountability Subcommittee developed a detailed questionnaire drawing from topics and issues raised by multiple stakeholder groups. Current IFBEC member companies responded to the questionnaire. Going forward, annual completion of this questionnaire will become a condition of membership in IFBEC.
The IFBEC announced the preliminary results of the questionnaire in Madrid, Spain at its annual conference featuring industry, non-governmental and governmental participants September 13-14. Attendees engaged in a robust dialogue regarding ethical business conduct, and focused on encouraging participation in the development of fair competition rules and practices. Featured speakers at the event included Spanish Deputy Defense Minister Pedro Argüelles SalaverÃa and OECD Working Group on Bribery in International Business Transactions Chairman Mark Pieth.
About IFBEC
The International Forum on Business Ethical Conduct was created by member companies of the Aerospace Industries Association of America and the Aerospace and Defence Industries Association of Europe in 2009 and provides industry participants an opportunity to exchange information on ethics best practices and trends globally and to identify areas of commonality. IFBEC members have developed a set of "Global Principles of Business Ethical Conduct for the Aerospace and Defence Industry," which were endorsed by AIA and ASD in Oct. 2009. The Forum is open to all companies in the aerospace and defense industry that are willing to share business practices for sustainable competitiveness.
IFBEC is managed by a Steering Committee composed of AIA and ASD member companies, including: BAE Systems Plc.; BAE Systems Inc.; The Boeing Company; Dassault Aviation; EADS; Finmeccanica; General Dynamics Corporation; L3-Communications Corporation; Lockheed Martin Corporation; Meggitt Plc.; Northrop Grumman Corporation; Raytheon Company; Rolls-Royce Plc.; Saab; Safran; and Thales.
In order to participate in IFBEC, interested companies must execute an annual Company Statement about their corporate ethics policies and practices, their participation in industry-wide ethics activities and their commitment to bolstering adherence to the Global Principles within their company and among other industry partners.
For more information, visit www.ifbec.info.
Daniel N. Stohr
Director, Communications
Aerospace Industries Association
1000 Wilson Blvd., Suite 1700
Arlington, Virginia 22209 USA
T: 703-358-1078 C: 703-517-8173
dan.stohr@aia-aerospace.org
