Offset Policy summary

This Policy sets out the standards to be followed by anyone engaged in Offset activity on behalf of the Company. 

Offset arrangements are agreements made under, or in connection with, a contract between the Company and an export customer (or the Company and a contractor to an export customer) to generate work, create capability or economic value, in that customer’s country for which that customer’s Offset authority may grant Offset credits to the Company or release it from its Offset obligations. 

The underlying principles applicable to all of our Offset activities are that they:

• Are undertaken in accordance with our Code of Conduct; 
• Have clear line management ownership and oversight; 
• Are consistent with the customer’s Offset policies and proportionate to the value of related contracts; and 
• Clearly assess and mitigate any risks.

Our Policy covers the following requirements:

• Governance, approvals and due diligence of Offset activities;
• Development, maintenance and assessment of Offset plans; 
• Dedicated resources to manage Offset activities; 
• Reporting and record keeping; and
• Offset training.

 
Publication date: 20 May 2025