Sunday, June 23, 2013

Finmeccanica Tightens Business Ethics Code

by  Neelam Mathews

June 20, 2013, 7:05 AM

The European Union has been criticized in the past for being slow with regards to reforming its own transparency regime, creating a negative impact on the credibility of European companies. Finmeccanica (Chalet A232, Static C65) has made a head start with its compliance program, which focuses on trade controls for sensitive transactions and business ethics, said Walter Vasselli, senior compliance officer for the Italian company.

In February, Finmeccanica chairman and CEO Giuseppe Orsi was arrested following an investigation into alleged corruption involving the sale of helicopters to India. Court proceedings are presently under way in Italy, as India’s intelligence bureau officials travel to attend the trial in Milan.

Clear codes and rules are being implemented and enforced with proactive transparency, said Vasselli. This includes codes of conduct for officials, whistleblowing, acceptance of gifts and hospitality. “We have 120 legal opinions on management of intermediaries,” Vasselli told AIN.

Regarding the AW101 VVIP helicopter contract in India, which is currently under a cloud, Vasselli said, “We want to fight for the contract. We’d be surprised on the cancellation or if the group was debarred [blacklisted].”

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