BAE welcomes Woolf Report
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BAE Systems yesterday (6 May) welcomed the publication of the Woolf Committee Report, saying it was an important step towards BAE Systems’ objective of achieving benchmark standards of governance in the conduct of its day-to-day business.
The report, commissioned by the defence contractor itself to review its conduct, suggested that BAE Systems admitted to acting less than ethically in the past and made more than 20 recommendations for the future.
In his report, Lord Woolf (pictured) said allegations of unethical behaviour had directly damaged BAE's reputation, casting over it “a shadow of suspicion and doubt".
BAE was also too "secretive, defensive, unwilling to explain its actions and, at best, lukewarm to the challenge of dealing with the major reputational issues affecting the company and industry", the report added.
During Woolf’s review Turner and group chairman Dick Olver conceded that BAE had not in the past paid sufficient attention to ethical standards and avoiding activities “that had the potential to give rise to reputational damage".
A full copy of the Report is available at www.baesystems.com/woolfcommittee.
