Our conduct, our responsibility
We have spent the last 140 years building our reputation as a partner that all of our many stakeholders can trust. And that reputation and their trust means everything to us. To ensure that never changes, we have a comprehensive compliance management system in place to govern our ethical business practices based on the following process: Prevent, Detect, Respond, Correct. In this process, both our Whistleblower Hotline and our Code of Conduct play a central role.
Whistleblower Protection: ensuring our compliance
Maintaining our ethical approach to business is something we take very seriously. This is why we have established an independent and secure Whistleblower Hotline where our people and external partners can report any issues of concern. To ensure absolute confidentiality and anonymity, we employ an external ombudsperson to investigate each and every report.Anonymous Whistleblower Hotline
Our Code of Conduct: setting the tone for best practices
We have built our reputation as a trusted partner on always being honest and open in our business relationships. This is why we follow a Code of Conduct that sets clear standards for ethical behavior in everything we do – and ensures we always remain the trusted business partner we are proud to be. Moreover, all of our suppliers must comply with our Supplier Code of Conduct.Our Code of Conduct & Supplier Code of Conduct
“For Schenck Process, compliance does not only mean to adhere to all applicable laws, rules and regulations, policies and procedures. It also means integrity, fairness, transparency, and reliability in our day-to-day work.”
Keith Cochrane, CEO
Compliance Management Procedure
Schenck Process distinguishes four phases within the compliance management procedure: Prevent, detect, respond and correct. By following these four phases, compliance violations will be prevented, misconduct will be detected as well as stopped and, if necessary, respective sanctions will be imposed as well as system alignments effected. Schenck Process maintains a "Zero Tolerance Policy", i.e. any detected violations are promptly sanctioned applying appropriate measures while required procedures are implemented or corrected to prevent any further compliance violations.
- Implementing and regulary updating a robust compliance-related set of rules based on specific risk analyses,
Training of all employees using a combination of in-person and e-learning courses,
Designing and implementing measures, processes, controls and reporting to prevent systematic and individual misconduct and to avert compliance risks,
- Monitoring the effectiveness of the Compliance Management System,
Planning and coordination of ongoing risk analyses in view of compliance requirements,
Advising all employees of the specialist and regions on compliance issues and decision-making scenarios, and
Releasing internal group newsletters, in which company-relevant compliance queries and proposals are highlighted.
Monitoring and early detection of misconduct,
Performing compliance audits and investigations,
Setting up an internal and external whistleblowing system to report compliance incidents, and
Investigating and reporting on non-compliance.
"Zero Tolerance Policy", i.e. appropriate and prompt responses and consequences for identified compliance violators, and
Systematic and a consistent approach when dealing with compliance offences.
Analysis and elimination of deficiencies in organizational and procedural operations, and
Implementing measures, processes, checks, and reporting to achieve continuous progress and prevent compliance-related risk.
“Together, we commit ourselves to compliant and ethical behavior by doing the right thing in the right way while conducting business responsibly.”
Thomas Spitzenpfeil, CFO
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SPG with very limited business exposure to Russia, Ukraine and Belarus.
Given the tragic situation in the Ukraine we want to inform our investors about SPG’s business in the conflict region:
- SPG has legal entities in Russia (PRU) and Ukraine (PUA), currently employing 10 and 11 people accordingly. Focus of these entities is largely on customer service.
- 2021 sales in Russia and Ukraine contributed around 1% to the Group’s revenue
- SPG Management board has decided to currently not accept any new orders from Russia and Belarus and to pause the execution of our current order book of ~5m€ in that region.
- We remain in close contact with our Ukrainian colleagues and are working together to offer any support and to ensure the safety and well-being of them and their families. Currently, all our local employees are in places they consider more or less safe.
- We currently do not expect significant ripple effects of the ongoing conflict to our global business.
We are continuing to monitor the situation very closely. Any further adjustments or changes will be advised separately.
Schenck Process Group