The Banknote Ethics Initiative (BnEI) Accreditation Council has formally accredited De La Rue as a BnEI member at its first meeting on 17-18 February, following their review of a detailed audit completed by independent auditors GoodCorporation.
London, 19 February, 2014
De La Rue was one of the first three companies to be accredited to this new industry standard. The independent nature of the BnEI accreditation will provide governments and central banks with assurance with respect to ethical standards that they are looking for from their banknote suppliers. De La Rue expects BnEI accreditation to become the default standard that all suppliers across the industry will be expected to reach.
The initiative was established to promote ethical business practice, with a focus on the prevention of corruption and on compliance with anti-trust law within the banknote industry and was launched at Currency Conference in May 2013.
BnEI sets out a rigorous framework for promoting and maintaining high ethical standards in the industry and requires members to commit to a Code of Ethical Business Practice that was developed in partnership with the Institute of Business Ethics. Compliance with the Code is rigorously tested through an audit framework developed in conjunction with GoodCorporation, recognised worldwide as a leading company in the field of assuring corporate responsibility and business ethics. De La Rue has undergone an in depth audit by GoodCorporation against this strict framework with the results presented to the BnEI Accreditation Council on 17-18 Feb, chaired by Philippa Foster Back CBE, Director of the Institute of Business Ethics.
Tim Cobbold, De La Rue CEO said, “De La Rue is proud to be one of the first companies to be accredited to this new industry standard, as we know how important ethical business practice is to our customers. Our compliance has been tested to an extremely high standard through a rigorous independent audit. BnEI accreditation is a significant achievement and I am sure this will now set the standard for all suppliers in the industry.”
For further information:
Group Director of Communications, De La Rue
Tel: +44 (0) 1256 605018
About De La Rue plc:
As the world’s largest integrated commercial banknote printer, De La Rue is a trusted partner of governments, central banks, issuing authorities and commercial organisations around the world.
The Group has in recent years been involved in the design or production of over 150 national currencies. De La Rue also produces a wide range of security documents including passports, driving licences, authentication labels and tax stamps. In addition, the Group manufactures sophisticated, high speed cash sorting and inspection equipment.
De La Rue also offers a range of specialist services and software solutions including government identity schemes, product authentication systems and cash management processing solutions.
De La Rue employs approximately 4,000 people worldwide and is listed on the London Stock Exchange.
About the Banknote Ethics Initiative:
The Banknote Ethics Initiative (BnEI) is an initiative established to provide ethical business practice, with a focus on the prevention of corruption and on compliance with anti-trust law within the banknote industry.
Maintaining high ethical standards across the banknote industry is essential in order to ensure our customers and other stakeholders are confident that the standards which we apply to our practices are beyond reproach.
Together we can help ensure that all the companies operating in the industry are performing to the highest ethical standards.
Members must adhere to a strict Code of Ethical Business Practice. All organisations that have signed the Code must become accredited after passing an audit carried out by a third party auditor, GoodCorporation or KPMG.
For more information please contact Antti Heinonen, BnEI Chairman.
Tel.: +32 2 627 55 49