The Council on Ethics recommends that observation of Leonardo SpA (Leonardo) be discontinued, as the Council considers that the risk of gross corruption in the company’s operations no longer is unacceptable.

Leonardo produces and sells equipment to the aviation, defence and security sectors. In May 2017, the company was placed under observation based on allegations of corruption which linked the company to bribery of public officials, via intermediaries, in India, South Korea, Algeria and Panama in the period 2009 to 2014. The Council considered that the company had not adequately substantiated that it had implemented targeted internal anti-corruption procedures which had been carried out effectively throughout the business.

Throughout the observation period, the Council has had the impression that Leonardo’s efforts to prevent, detect and deal with corruption have steadily improved. The Council’s assessment now is that the company seems to have put in place an anti-corruption system that, in most areas, aligns with internationally recognised recommendations.

On 15 December 2022, Norges Bank announced its decision to discontinue the observation of Leonardo.

Please find the Council’s recommendation here.