Community Relations

SDGs

We create a sense of wellbeing in the communities we work in by empowering employees to engage with local communities through development programmes or measures to reduce negative impacts. 

Our Ambition

We develop a local strategy in each country we work in to make positive contributions to local and indigenous communities through participation in local events. In 2021, our employees participated in and contributed to many community and charitable projects across the world.

ESG Steering Committee

The ESG Steering Committee provides oversight and guidance on our overall ESG strategy and initiatives.

We’re committed to operating in a more environmentally responsible and sustainable way. In particular, we’re focused on better measuring and reporting our carbon footprint, including Scope 3, and establishing appropriate CO2 (e) emissions reduction and water conservation targets.

We are also putting more robust safety procedures in place to protect our workforce, and developing initiatives to promote further diversity within our organisation. You can find more details of what the ESG Steering Committee does on page 115 of our latest Annual Report.

 

Ethics and Compliance

The Future of Ethics and Compliance at TI Fluid Systems

A key component of our sustainability strategy is ensuring that we continually reinforce our culture of ethics and compliance. While our principles of ethical standards are clearly set out in our Code of Business Conduct, we know we need to consistently communicate this to our people and those we do business with. We require all our suppliers to meet these standards, set out in our Global Supplier Requirements Manual.

Our Ethics and Compliance Function ensures that employees understand our COBC, are confident in seeking guidance and reporting concerns, and have the skills to make the right ethical business decisions. We have challenged ourselves to continue raising awareness through innovative employee education.

Kevin Withane, Group Ethics and Compliance Director, says

 

Business Ethics

Our Ambition

We aim to implement a code of ethics and compliance across the organisation so our employees are empowered to make business decisions and feel confident to raise concerns when needed.

Communication, Ethics and Compliance Awareness

We believe that establishing a culture of ethics and compliance across our company requires more than one-off training sessions – instead, we’re implementing a systematic, educational journey of continuous learning and reinforcement. Since 2020, we’ve been taking steps to improve awareness of ethics and compliance across the company, such as displaying posters, promoting our SpeakUp hotline and posting messages on our intranet homepage.

We also communicate our ethics and compliance programme at each employee meeting, and run workshops and meetings led by external speakers and experts.

Education and Development

Each year, our salaried employees undertake a mandatory certification of our Code of Business Conduct, with access to additional training to help them minimise risk across their role.

The Future of Ethics and Compliance at TI Fluid Systems

In 2022, we carried out a risk and sentiment survey and developed an externally facilitated Adequate Procedures Review process. This year, we plan to audit and benchmark our progress to better understand how we are performing, and take best practices from other organisations to enhance our own programme.

Risk Management

The Board is responsible for our risk management system and internal controls. The Audit & Risk Committee supports the Board by advising on our overall risk appetite, tolerance and strategy, current risk exposures and future risk strategy.

Working globally means we encounter a number of different risks that can impact our business performance and reputation, as well as our stakeholder outcomes. Our risk management system is in place to mitigate these risks, and give us the tools to more effectively deal with unforeseen ones.

More detail on our risk management and mitigation activities can be found on pages 57-60 of our latest Annual Report.