It is worth remembering that Woolf was identifying deficiencies against some
notional "gold standard" - a standard which no international trader operates
to. It would now be interesting to see the same level of investigation into
BAES' competitors - especially those from the USA and France.
PDR
"Tommo" wrote in message
news:c455b6e5-5e1a-4d69-9a5b-fec14b55ee8b@m45g2000hsb.googlegroups.com...
> More BAE than CPR this time:
>
>
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> http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article3878433.ece
>
>
> BAE Systems, Europe's largest defence contractor at the centre of
> corruption claims over its arms deals with Saudi Arabia, has been
> urged to review business practices and install tougher anti-corruption
> measures.
>
> An independent report by Lord Woolf, the former Lord Chief Justice of
> England and Wales, recommended 23 measures which would improve
> transparency and raise ethical standards.
> Lord Woolf warned in the report: "Despite the progress made, the
> company has a substantial task ahead if it is to meet higher
> standards."
>
> The report recommends BAE must commission an external audit of its
> ethical business conduct and its management of reputational risk
> within three years and further reports should be commissioned at
> regular intervals thereafter.
>
> The group needs to develop a code of business ethics and the board's
> Corporate Responsibility Committee should take charge of ethical
> conduct and reputational risk.
>
> However, the commissioning of the Woolf report has been heavily
> criticised for the limitations of its scope.
>
> It has examined BAE's current practices, but did not look at the Saudi
> contracts into which the Serious Fraud Office conducted a bribery and
> corruption investigation. This investigation was ordered to be dropped
> by the Government on the grounds of national security.
>
> The High Court ruled last month that the Serious Fraud Office acted
> unlawfully in its decision to drop the investigation. The SFO is set
> to take the matter before the House of Lords.
>
>
>
> Full article here:
>
> http://business.timesonline.co.uk/tol/business/industry_sectors/engineering/article3878433.ece
>
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