More than window-dressing but not enough to draw a line under sustained criticism: Lord Woolf’s report on ethical business conduct at BAE Systems contains 23 specific recommendations to bring about and underpin a serious change of culture at Europe’s largest defence contractor. Yet the Woolf committee’s authority is inevitably diminished by a remit that meant it could not address past corruption allegations, notably in Saudi Arabia.

The report has several practical ideas about how to make ethical behaviour a priority at BAE. It sets new terms for the use of advisers and seeks to end facilitation payments. It gives the board an explicit role in assessing ethical and reputational risk. It demands that BAE commission and publish an independent audit of its conduct within three years. If fully implemented, the report would make BAE a benchmark of best practice in a sector not known for openness.