NBAA publishes new guidance on ethical transactions

Best practices for ethical transactions between buyers and sellers of business aircraft products and services are outlined in a new guidance statement from the National Business Aviation Association.

The NBAA has published “Ethical Business Aviation Transactions” to identify the key elements of business aviation transactions, including complying with federal, state and local laws, properly maintaining company policies and business records relating to transactions, and avoiding conflicts of interest.

The statement was jointly developed by industry leaders and members of the NBAA’s business aviation management committee. It was signed by NBAA president and CEO Ed Bolen, NBAA board chairman Lloyd “Fig” Newton, and BAMC chairman Jad Donaldson last week.

Bolen said: “Business aviation has always had a strong ethical culture, with regard to transactions and a host of other matters. This statement underscores our industry’s emphasis on this priority, while also providing basic, practical considerations when it comes to business aviation transactions, which can be as complicated as ever.”