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Fluor (A Sponsored Section from the January/February 2006 Issue)

Corruption is one of the greatest obstacles to economic growth!

Fluor has partnered with Foreign Affairs magazine to promote our commitment to the global campaign against public corruption and developing a disciplined approach to risk management at the annual meeting of the World Economic Forum in Davos, Switzerland in January 2006.

At the 2003 meeting of the World Economic Forum (WEF), Fluor CEO and Chairman, Alan Boeckmann was asked to lead the Engineering and Construction (E&C) industry in attacking the problem of global bribery and corruption. Working with Transparency International and the Basel Institute on Corporate Governance, a task force of E&C firms from Europe, Asia, the Middle East, and North and South America developed a set of much needed anti-corruption principles. To date, more than 80 companies from the engineering & construction, energy and mining & metals industries have agreed to develop and implement a zero-tolerance policy toward bribery and corruption and a broad-based program to guide the behavior of their employees. In addition, the World Bank now requires any bidder of a bank funded project to certify that it has an anti-corruption program in place and will not pay bribes.

Fluor, along with other world leaders, is also addressing the challenge for organizations in balancing risk and reward in an increasingly uncertain global business environment. Whether the risk results from unexpected financial results, natural disaster, terrorism, the erosion of brand value, or some other cause, all companies need a disciplined approach to risk management. Thus, the Engineering and Construction (E&C) Governors of the WEF are investigating and evaluating ways to mitigate risk on large capital projects. Under the leadership of Skanska's CEO, 18 global companies have agreed to fund a Risk Management Institute to study the risk issue and recommend how to manage it more effectively.

There is great value in having a strong E&C industry that works in a world free from bribery and corruption and that understands how to manage and mitigate project risks. Based on progress to date, we are encouraged and hopeful about the future. We also recognize that long-term results will depend upon visionary leaders. Leaders who are committed to changing the status quo. Leaders who do not discourage easily. Leaders with an unwavering resolve.

Expanding the Fight Against Corruption

Signatories implemented a zero-tolerance policy toward bribery and corruption, and a broad-based program to guide the behavior of their employees.

Expanding the Fight Against Corruption
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The World Economic Forum is an independent international organization committed to improving the state of the world by providing a collaborate framework for the world's leaders to address global issues. For more information, click www.weforum.org.

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For more information on Fluor's work addressing tough macroeconomic issues click here.