The International Forum on Business Ethical Conduct (IFBEC) is the international organisation for the aerospace and defence industry, maintaining its Global Principles of Business Ethics. Airbus Group's Chief Group Compliance Officer is currently co-chairing the task force which is the IFBEC governing body.
The Global Principles
The Global Principles are a common set of standards for ethical conduct, adopted in October 2009 by the AeroSpace and Defence Industries Association of Europe (ASD) and the Aerospace Industries Association (AIA), its US counterpart. They address business conduct as it relates to zero tolerance of corruption, use of advisors, management of conflicts of interest and respect for proprietary information.
The purpose of IFBEC is to:
- Promote and foster through the Global Principles the development of global, industry-wide ethical standards for the companies that are active in the aerospace and defence business sector.
- Organise opportunities for industry and relevant stakeholders to exchange information and best practices concerning ethical business challenges, practices and opportunities worldwide.
The IFBEC Annual Conference
The IFBEC Annual Conference is an important, interactive dialogue on promoting and enhancing global, industry-wide ethical standards towards companies outside of Europe and the US such as China and Brazil. Sitting around the same table, the major international aerospace and defence companies focus on sharing perspectives on emerging trends, risks and opportunities in the area of business ethical conduct. IFBEC’s members published the first Annual Public Accountability Report in 2012.