What is IFBEC?
The International Forum on Business Ethical Conduct (IFBEC) was created by member companies of the Aerospace Industries Association of America (AIA) and the Aerospace and Defense Industries Association of Europe (ASD) in 2010. It provides an opportunity to exchange information on best practices in the area of ethical business practices and global trends among industry participants.
Global Principles of Business Ethics for the Aerospace and Defense Industry
IFBEC members have developed a set of Global Principles of Business Ethics for the Aerospace and Defense Industry, which were endorsed by AIA and ASD in Oct. 2009. The Forum is open to all companies willing to share business practices for sustainable competitiveness.The purpose of IFBEC is to promote and foster through the Global Principles the development of global, industry-wide ethical standards for companies that are active in the aerospace and defense business sector. The IFBEC also is focused on organizing opportunities for industry and relevant stakeholders to exchange information and best practices concerning ethical business challenges, practices and opportunities worldwide.
What exactly are the Global Principles?
The IFBEC Global Principles affirm our industry's commitment to ethical business behavior and a uniform set of standards. The Global Principles address business conduct as it relates to zero tolerance of corruption, use of advisors, management of conflicts of interest and respect for proprietary information. Companies that formally adhere to the principles commit to including programs and policies that foster ethical business conduct consistent with the Global Principles in their corporate business practices.
What are the benefits of joining IFBEC?
The IFBEC Steering Committee meets several times a year and holds monthly conference calls. The Steering Committee is responsible for disseminating information about the actives of the organization and items of relevance on an on-going basis.
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IFBEC also hosts an annual conference each year. These conferences brought together non-governmental organizations, government representatives, major American and European companies from the aerospace and defense sectors, and industry representatives from Brazil, Canada, China, and Japan for a robust dialogue regarding issues related to ethical business conduct. More than 100 aerospace and defense industry representatives from around the world participate annually. The conference includes panels on: Best Practices in Anti-Corruption Compliance Training; Due Diligence of Acquisitions Targets; The Tone from the Top, featuring the chief executives of various global defense companies; and a Stakeholder Dialogue. The conference rotates annually between Europe and the United States, with the first conference held in Berlin, Germany in January 2010. The next conference will be held in the Fall of 2013 in Washington, D.C. For more information, please visit the Annual Conference section of the website.
What is the difference between IFBEC and the Defense Industry Initiative?
The Defense Industry Initiative (DII) shares the same goals and many of the same members as IFBEC, but membership is only available to aerospace & defense companies that are based in the United States. IFBEC is an attempt to expand the very successful efforts of DII to the international community. While DII and IFBEC are separate entities, we work closely together to promote business ethical conduct throughout the global community. You can visit DII’s website here (www.dii.org)
Who are the current IFBEC members?
Current IFBEC members can be found here.