Lord Woolf, the former lord chief justice, will be paid up to £468,000 to head a committee to investigate BAE Systems' ethical conduct and its compliance with anti-corruption rules. The committee is to probe BAE's current behaviour, but not any of the corruption allegations made about the company's dealings in seven countries in four continents.

At a press conference yesterday, Lord Woolf admitted to initial concerns about his assignment but said he had become convinced of its worth. "I believe it's of importance to BAE and indeed the safety and prosperity of this country that the company's ethical standards are irreproachable," he said.