Airbus beefs up anti-corruption measures in wake of Rolls-Royce's record fine
Airbus has set up a heavyweight panel of compliance to examine its business practices as the pan-European plane-maker comes under scrutiny from British and French anti-corruption and fraud investigators.
The new Independent Compliance Review Panel includes Lord Gold, the Conservative peer and City lawyer who was appointed by Rolls-Royce to lead a wide-ranging review of the engine maker's anti-corruption policies after it was embroiled in allegations of bribery to secure deals.
In January Rolls agreed to pay a record £671m settlement after an investigation led by the Serious Fraud Office, which uncovered what the judge who oversaw the case described as “egregious criminality over decades” with the company “making truly vast corrupt payments”.
Airbus's move to set up the panel is an attempt to show regulators it has its house in order ahead of a future settlement.
Last year the plane-maker self-reported to regulators over what chief executive Tom Enders called “mis-statements and omissions” it had uncovered.
These are thought to relate to Airbus using “middlemen” to negotiate deals in some countries, with fears bribes could have been paid, potentially meaning the company would not be able to win government financing support to help seal deals with foreign buyers.
The use of these third parties was one of the main areas where Rolls fell foul of anti-corruption rules.
Announcing the launch of the panel, Mr Enders said: “Airbus has been building up and improving its compliance process, policies and organisation constantly over the past decade. We have been co-operating fully with investigations and further improving our compliance system is obviously our number one priority now.
“However, to embed irreproachable behaviours in all our business undertakings sustainably, we must take a hard look at both our systems and our culture.”
Airbus said the panel - which also includes former French minister of foreign affairs Noëlle Lenoir and former German finance minister Theodor Waigel - will have access to “all levels of the company” and will report to the Airbus chief executive and board on how to improve Airbus’s compliance and culture.
Independent aerospace analyst Howard Wheeldon said the launch of the panel showed Airbus was “joining the throng to show they are squeaky clean”.
“Airbus will leave no doubt that no stone has been left unturned as it tries to reassure investors that its business practices are sound,” he added.
