Banknote business trailblazes industry-wide code of ethical conduct

Crane Currency, De La Rue plc and Innovia Security have become the first companies to be accredited under the Banknote Ethics Initiative (BnEI).

The BnEI was launched last year at the Currency Conference where eight leading companies in the industry signed up to the code. Arjowiggins Security SAS, Giesecke & Devrient GmbH, KBA-NotaSys SA, Note Printing Australia Ltd and SICPA SA are expected to be accredited by October.

The code was developed by the Institute of Business Ethics (IBE) with CSR consultancy and auditor GoodCorporation translating the code into an audit framework and developing the audit methodology.

Leo Martin, director of GoodCorporation, added: “This initiative should be a blueprint for how an industry can work together to raise ethical standards. A number of sectors have tried to promote an industry-wide code of ethical conduct, but this is the first of its kind to really get off the ground. It is gaining international recognition and its principles have already been endorsed by the Bank of England, the Bank of Canada, the Reserve Bank of Australia and several others.”

Published in Ethical Performance December 2014

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