We are appalled by the allegations that some individuals at the News of the World failed to uphold the values of decency and the rule of law. This led to the closure of the newspaper. Our obligation to put this right does not end there.

Full co-operation with the Police
There are no excuses and should be no place to hide. We will not tolerate wrongdoing and will act on any evidence that comes to light. That is why we voluntarily gave information to the Metropolitan Police Service in January that led to opening Operation Weeting, one of the largest ongoing Police inquiries. There have already been a number of arrests and we will continue to co-operate fully and actively with the MPS wherever their investigations lead.

Compensation for those affected
We have unreservedly apologised to people who have been affected and have already settled a number of civil cases. We have also set up a compensation scheme adjudicated by former High Court judge Sir Charles Gray to offer fair settlement to those affected.

Committed to change
Our Management & Standards Committee was created to address past problems and prevent them from happening again. This independent Committee is being directed by News Corporation, overseen by internal and external directors including two former US Assistant Attorneys General.

We have also asked Olswang, a respected law firm, to examine past failings and recommend new systems and practices to ensure we meet the highest standards. This will be done in an open and transparent way. We have welcomed cross-party calls for a broad public inquiry into press and police practices and have offered our full co-operation.

For a business that prides itself on holding the powerful to account, we failed when it came to one of our papers. Apologising for our mistakes and fixing them are only the first steps. It may take some time for us to rebuild trust and confidence, but we are determined to live up to the expectations of our readers, colleagues and partners.

We will not stop until these matters are resolved.