Members of the Aerospace Industries Association of America (AIA) and the AeroSpace and Defence Industries Association of Europe (ASD) have created a new Task Force to administer the ongoing activities of the International Forum on Business Ethical Conduct (IFBEC).
“In this time of global economic volatility, it is even more important for our industry to uphold and promote the highest standards of integrity and ethical business conduct,” said Alice Eldridge, chairman of the IFBEC Task Force and vice president of Ethics and Business Conduct at Lockheed Martin Corporation. “IFBEC will help us to share best practices in preventing corruption and fostering ethical cultures within our organizations.”
IFBEC is an opportunity to exchange ethics best practices globally among industry participants and identify areas of commonality. IFBEC has hosted two open meetings to foster the exchange of best practices and raise awareness of the Global Principles of Business Ethics for the Aerospace and Defense Industry. While a number of U.S. and European companies have voiced their support for the IFBEC and the Global Principles, there have been no formal procedures or requirements for participation in IFBEC or for registering adherence to the Global Principles until now. The Global Principles were endorsed by AIA and ASD in Oct. 2010.
“IFBEC is open to all responsible companies from other regions willing to share our values and business practices for sustainable competitiveness,” added Pedro Montoya, vice chairman of the IFBEC Task Force and chief compliance officer at EADS.
In order to participate in IFBEC, the new charter will require companies to 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 customers, partners, and suppliers. The next two-day IFBEC Conference will be held on October 19-20, 2011 in Washington, D.C. For more information about IFBEC, please visit www.ifbec.info.
IFBEC Task Force Members:
BAE Systems Plc.
BAE Systems, Inc.
The Boeing Company
L-3 Communications Corporation
Lockheed Martin Corporation
Northrop Grumman Corporation
Note to editors: ASD, AeroSpace and Defence Industries Association of Europe, represents the aeronautics, space, and defence industries in Europe. ASD has 28 member associations in 20 European countries, and represents over 2000 companies with a further 80,000 suppliers, many of which are SMEs. http://www.asd-europe.org
The European aeronautics, space and defence Industry at a glance:
Employment: around 715,000 in aerospace & defence
Industry Turnover: over €155 billion.
Founded in 1919 shortly after the birth of flight, the Aerospace Industries Association is the most authoritative and influential trade association representing the nation’s leading manufacturers and suppliers of civil, military and business aircraft, helicopters, unmanned aircraft systems, space systems, aircraft engines, homeland and cybersecurity systems, materiel and related components, equipment services and information technology.
Employment: around 820,000 in aerospace & defence
Sales: $214.5 billion
Trade Surplus: $51.2 billion