ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2021 - Yuck Boys Live
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ENVIRONMENTAL, SOCIAL AND GOVERNANCE REPORT 2021
GAS-FREE
UNMATCHED PERFORMANCE. Performance without the hassle,
maintenance, or harmful emissions of
UNRIVALED INNOVATION. Contents
traditional gas mowers
10.0Ah 2 Vice Chairman’s Message
Lithium Batteries (3) 4 About this Report
6 About our Business
5 Acres of Runtime on a single charge
8 Strategy
8 TTI’s ESG Approach and Strategic Framework
Compatibility 10 Materiality Assessment
Intuitive one-hand joystick steering for
optimum precision and control 11 Stakeholder Engagement
extends runtime with
unmatched versatility 14 Risks and Opportunities
18 Our Goals, Progress and UNSDGs
Technology LCD Display & 22 Governance
Bluetooth 30 Ethics and Integrity
5 Brushless Motors, Advanced Electronics,
Connectivity 36 Supply Chain Accountability
and Lithium Batteries deliver performance
equivalent to a 42 Horsepower gas mower monitor and optimize performance 44 Environment
52 Climate Change
60 Resources, Materials and Waste
CROSS CUT 66 Sustainable Products
Multi-Blade System
74 Social and Community
6 blades for superior cutting and 80 Empowering People
mulching performance
86 Health, Safety and Wellbeing
92 Community Investment and Engagement
100 Performance
100 Performance Metrics
118 HKEX ESG Guide Content Index
124 GRI Standards Content Index
140 SASB Content Index
80V HP BRUSHLESS 54” LITHIUM ELECTRIC ZERO TURN RIDING MOWER
MODEL: #RYRM8034
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Vice Chairman’s Message
Vice Chairman’s Message
We have made important strides throughout “At TTI, we are fully committed to doing
the year to build our sustainability values
into the culture at TTI, and we are business in a way that creates a more
progressing well on our ESG journey. just, diverse, safe, and environmentally-
We are examining how we design, source,
manufacture, distribute and recycle our responsible world.”
products to reduce our carbon footprint
Governance: In 2021, we simultaneously improved the gender • We are relentlessly focused on the quality, safety, repairability,
and ensure the long-term sustainability diversity of our board and augmented its sustainability expertise with and longevity of our products. This commitment to circular
of our governance and business model. the addition of a new Independent Non-Executive Board Director, economy principles in our design and engineering processes
Ms. Virginia Davis Wilmerding. We are also pleased to welcome is paired with a focus on end-user behaviors. These behaviors
TTI’s determination to be a leader in sustainability is not just because Ms. Caroline Christina Kracht as another Independent Non-Executive facilitate servicing, repairing, and refurbishing tools for more
it is a requirement, but because it is our responsibility and the right Director effective March 7th, 2022. The addition of these two highly sustainable product life cycles.
thing to do. Two areas we would like to highlight this year are qualified female directors to our Board will bolster the strength and
the continued improvement in our corporate governance and the diversity of our governance structure. Not only are we focused on leadership in sustainable products, but
establishment of environmental targets. Sustainability is woven into also on building out a sustainable global footprint. Our commitment
our culture from the ground level of our operations all the way up to • TTI has actively engaged in sustainability oversight at the Board to decarbonizing our manufacturing operations is exemplified by the
the Board. In doing so, we plan to continue to heavily invest in our level while at the same time investing in dedicated sustainability current construction of LEED Certified state-of-the-art manufacturing
people and clean technology. As a leader in our industry, we have set functions at the Group and business unit levels. sites in Vietnam and the USA. In addition, solar panels are being
ambitious goals for our future performance and the standard for what installed across our facilities to better manage energy consumption.
it means to be an exceptional global organization. • We continue our multi-pronged effort to further integrate
environmental, social, and governance strategies into our The sustained commitment among all levels of employees to play
Target Setting: Our team is focused more than ever on our business unit and Board level decision-making. These strategies pivotal roles in our ESG journey has been extremely encouraging.
organization’s environmental impact and potential opportunities will continue to be communicated to investors, customers, We are a leading global technology company that depends on recruiting
to reduce future emissions. As a result, we are proud to announce employees, and other stakeholders throughout 2022. the best and brightest talent worldwide. There is a direct correlation
our decarbonization plan. from our tangible measures of ESG success and our ability to attract
Sustainable Products: TTI has remained focused on clean tech and retain talent. Stakeholders of all kinds are excited to work with us
• By 2030, we plan to reduce absolute Scope 1 and 2 Greenhouse innovation as a core strategy. This is reflected in our cordless to build a more sustainable future.
Gas (GHG) emissions by 60% from our 2021 baseline, while lithium-ion battery technology and state-of-the-art acoustic
aggressively growing the business. engineering capabilities. Our commitment to developing battery At TTI, we are fully committed to doing business in a way that creates
platforms that are 100% backward and forward compatible is a more just, diverse, safe, and environmentally-responsible world. TTI’s
• Our employees across the globe have contributed to this new a prime example of our sustainable circular economy leadership. mission remains to improve the lives of homeowners and tradespeople
target through prioritizing energy efficiency initiatives, onsite around the world. I am proud of the incredible team we have established
renewable energy, offsite renewable energy procurement, and • We convert users from traditional power sources including to build a more sustainable future and am confident we will exceed our
the conversion of our fleet to hybrid and electric vehicles. corded, pneumatic, hydraulic, and petrol tools to our advanced, targets, continue to assess the financial risk associated with ESG and
demonstrably better, and technologically superior lithium cordless further establish TTI as a leader across the globe.
• We are very pleased to have recently signed our Green Energy battery products.
deal in the state of Wisconsin, supplying us with 100% green
energy in our Wisconsin sites. This is a brand-new program, and • In addition, we developed the RYOBI WHISPER SERIES of
we are one of the first companies to commit. outdoor products with our state-of-the-art acoustic engineering
capabilities. Our mission is to eliminate harmful noise pollution
• We continue to map, measure and target reductions for Scope 3 from neighborhoods, and we are excited about the application
emissions throughout our value chain and product life cycle. of our advanced acoustic R&D within our new product pipeline. Stephan Horst Pudwill
Vice Chairman
March 2, 2022
2 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 3
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE
About this Report
We are delighted to present Techtronic Industries Governance Environment Social and
Community
Company Limited’s (the “Company’s”, the “Group’s”
or “TTI’s”) Environmental, Social and Governance
(ESG) Report for the 2021 calendar year. Our
approach, initiatives and performance regarding
ESG are shared in a separate report this year,
as a testament to the growing importance of
sustainability efforts in our business operations
and across our value chain.
This Report has been prepared in accordance with
the Global Reporting Initiative (GRI) Standards: Core
option and also addresses the “comply or explain”
provisions outlined in the Environmental, Social
and Governance Reporting Guide under Appendix
27 to the Rules Governing the Listing of Securities
on The Stock Exchange of Hong Kong Limited.
In addition, this year we are reporting against the
Two Independent 60% GHG Emission Hired over
Sustainability Accounting Standards Board (SASB)
Standards. We also commenced our climate risk
Female Directors (Scope 1 & 2) 2,000 graduates*
analysis in line with the recommendations of the
Task Force on Climate-related Financial Disclosures
added to the Board Reduction Target through our
(TCFD) recommendations. A comprehensive set
of content indexes, specifying how we fulfill these
Set for 2030 Leadership
standards and recommendations is available on
p.118-147 of this report . TTI’s previous Report
Strengthened Development
was endorsed by the Board of Directors (the
“Board”) on March 3, 2021, as was this Report
Internal Undertook Formal Program
on March 2, 2022.
Sustainability Physical Climate
The data in this Report, unless otherwise stated,
covers our operations in Asia, Australia and
Functions Risk Assessment Kicked Off Quarterly
New Zealand (ANZ), Central, North and South
America (Americas), and Europe and the Middle
Global D&I Calls
East (EMEA). Environmental information and data
from TTI business units (BUs) are presented by
Joined Better Expanded
region, with data from TTI AIP Dongguan highlighted
separately to show progress from previous years.
Mining as a Tool Repair/ Habitat for
This Report contains a number of restatements,
which are explained in the Performance Metrics
Founding Member Refurbishment Humanity Global
section on p.100 . For a full list of TTI BUs
covered under each region and abbreviations
Program Partnership
used in this Report, refer to p.116 . We welcome
your feedback and questions, please contact us
through our Investor Relations Department at
ir@tti.com.hk.
* 42% of hires are female.
4 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 5
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE
About our Business
About TTI Sales by Region
TTI is a fast-growing world leader in Power Tools, Accessories, Founded in 1985 and listed on the Stock Exchange of Hong Kong
Storage, Hand Tools, Outdoor Power Equipment, and Floorcare and (“SEHK”) in 1990, TTI is included in the Hang Seng Index as one of
Cleaning for do-it-yourself (DIY), professional and industrial users in their constituent stocks. The Company maintains a powerful brand
the home improvement, repair, maintenance, construction and portfolio, global manufacturing and product development footprint,
infrastructure industries. The Company is committed to accelerating healthy financial position with record 2021 worldwide sales of
the transformation of these industries through cordless technology. US$13.2 billion and over 51,000 employees.
TTI brands like MILWAUKEE, RYOBI and HOOVER are recognized
worldwide for their deep heritage and cordless product platforms of NORTH AMERICA EUROPE ROW
77.4% 14.8% 7.8%
high quality, outstanding performance, safety, productivity and
compelling innovation.
33.7% growth in 2021 41.1% growth in 2021 31.8% growth in 2021
Power Equipment Floorcare & Cleaning
Sales by Business
90.6%
Power Equipment
US$13.2
billion 9.4%
TOTAL SALES Floorcare and Cleaning
6 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 7
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE TTI’s ESG Approach and Strategic Framework
TTI’S ESG APPROACH ENVIRONMENT
AND STRATEGIC INNOVAT
IVE
FRAMEWORK
PR
NDS O
A
DU
R
LB
CT
At TTI, sustainability is a core value in all aspects of our business.
S
RFU
ESG principles are essential to our strategy, and embedded in our
four strategic drivers, through which we strive to deliver shared
POWE
value to all our stakeholders.
UNITY
EOPLE
TTI understands the importance of continuous engagement with our execution — whether it be in decarbonizing our operations, preserving
OMM
stakeholders to monitor and address their expectations as well as natural capital, sourcing ethically and optimizing supply chain logistics,
evolving legal and industry requirements. Our mission is to shape a
LP
or managing the repairability and the end-of-life cycle of our products.
OP
better future, at the heart of which is our relentless focus on cordless
technology and products to improve living and working environments. In 2021, we continued to make progress on partnerships and initiatives
NA
ER
GO
that matter. Beyond aligning to the United Nations Sustainable
&C
IO
Our Powerful Brands represent a long legacy of developing innovative, Development Goals (UNSDGs) and continuing our membership with
AT
ON
PT
reliable and safe products, that address the evolving demands of the Global Reporting Initiative (GRI), we began reporting against the
VE
E
I
consumers. By channeling resources into creating Innovative Products, Sustainability Accounting Standards Board (SASB) Standards and
AL C
X
AL
we are leading the transition from corded, gas, manual, hydraulic and the recommendations of the Task Force on Climate-related Financial
EX E
A
RN
pneumatic-powered products to cordless battery-powered alternatives, Disclosures (TCFD), while also prioritizing our decarbonization agenda.
CEL
NC LENCE
CI
SO
removing the unfavorable impact of outdated technologies. TTI’s ongoing As a founding member of the Better Mining initiative and active member
and future success is driven by our Exceptional People. Hiring the of the Responsible Business Alliance (RBA), we have forged ahead to
right people and fostering and retaining them through our Leadership
Development Programs is at the heart of our strategy and culture. TTI
collaborate with industry partners to effect change on crucial challenges
in our supply chain. E
is committed to a multicultural, diverse and inclusive workplace where
our employees at every level can flourish while building a better future For each of our focus areas of Governance, Environment, Social and
for our business, our customers and the communities where we operate. Community, we outline how we have managed the key sustainability
Through our Operational Excellence we uphold high standards of issues that are material to our business in 2021, along with the goals
integrity across our value chain. We ensure responsible and disciplined and initiatives that bring us closer to achieving long-term resilience.
8 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 9
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE
Materiality Assessment Stakeholder Engagement
A key focus is to align our strategy with our stakeholders’ sustainability This year we have chosen to re-evaluate how we group our material We regularly interact with our key stakeholders*, comprising our The main issues of concern raised by our stakeholders, how we
concerns and those most material to our business. The issues topics to enhance our reporting. As such, the previous 13 material employees, customers, end-users, suppliers, investors, shareholders, engage with them, and the frequency of interaction are summarized
identified through the materiality assessment conducted in 2020 topics are now combined and presented as eight topics. Data regulatory bodies, industry groups, non-governmental organizations below. These priority concerns of our stakeholders help to inform our
continue to define our priorities and inform our material topics. Protection and Privacy is covered under Ethics and Integrity; (NGOs) and the broader community to understand their concerns. approach to sustainability and are reflected in the materials topics
For each of these topics, we track our performance and identify Chemicals and Waste, Water and Biodiversity are covered under covered in this Report.
risks and opportunities, which enables us to evaluate the impacts Resources, Materials and Waste; Product Safety is covered under
along our value chain. Safety, Health and Wellbeing; Diversity and Inclusion, Talent Attraction
and Engagement and Human Trafficking and Modern Slavery are GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY
covered under Empowering People and Responsible Sourcing has
been renamed Supply Chain Accountability. This re-alignment 1 Ethics and Integrity 3 Climate Change 6 Empowering People
optimizes the communication of our approach to sustainability.
2 Supply Chain Accountability 4 Resources, Materials and Waste 7 Health, Safety and Wellbeing
GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY
5 Sustainable Products 8 Community Investment
and Engagement
Influence on Stakeholders’ Assessments & Decisions
Climate Change
Ethics and Governance
Investors and Shareholders RELATED MATERIAL TOPICS 1 2 3 5 6 7 8
Data Protection and Cybersecurity
ENGAGEMENT CHANNELS AND FREQUENCY † KEY CONCERNS
Health, Safety and Wellbeing Product Safety
Sustainable Products • Dedicated meetings to discuss ESG expectations • Independence, diversity and engagement of Board members
Talent Attraction
Diversity and Inclusion and Engagement Responsible Sourcing • Ethics and governance
• Collection of feedback on TTI’s 2020 ESG Report
• Bi-annual roadshows • Responsible sourcing with focus on sustainable supply chain,
Community Investment and Engagement human rights, conflict minerals and cobalt
• Annual General Meeting
• Environmental risk management
Resources, Chemicals and Waste • Forward-looking financial risk assessment linked to ESG (TCFD)
• Climate change strategy, risk and opportunity mapping
• Greenhouse gas (GHG) emission reduction, targets
and milestones
• Sustainable design, recyclability (batteries and tools),
circular economy
Water
• Diversity and inclusion
• Community engagement
Biodiversity
* Our identification of key stakeholder groups is guided by the AA1000 Stakeholder Engagement Standard (2015).
Significance of Economic, Environmental & Social Impact on our Business †
Unless stated, engagement is ongoing or periodic.
10 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 11
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Stakeholder Engagement
Employees RELATED MATERIAL TOPICS 3 6 7 8 Suppliers RELATED MATERIAL TOPICS 1 2 3 4 5
ENGAGEMENT CHANNELS AND FREQUENCY † KEY CONCERNS ENGAGEMENT CHANNELS AND FREQUENCY † KEY CONCERNS
• Surveys • Climate change actions • Compliance hotline and online platform • Governance
• Diversity and Inclusion committees • Working conditions and benefits • Onsite interaction with employees in charge of quality control • Anti-corruption
• ESG sub-committees • Training and development and SER • Climate change and extreme weather events
• Roundtables • Equal opportunities, diversity and inclusion • Regular audits and meetings • Resource scarcity
• TTI Group Intranet • Health, safety and wellness • Training • Pollution and waste
• Training (online and face-to-face) • Community engagement • Annual product presentation conferences • Social and environmental responsibility
• Performance reviews • Supplier engagement conferences
• Engagement with NGOs
• Social media
• Compliance hotline
Communities RELATED MATERIAL TOPICS 2 3 4 6 7 8
ENGAGEMENT CHANNELS AND FREQUENCY † KEY CONCERNS
Customers and Product End-Users RELATED MATERIAL TOPICS 1 2 3 4 5 7
• Local and international community engagement with NGOs • Climate change actions
• School fairs and programs with universities • Water preservation
ENGAGEMENT CHANNELS AND FREQUENCY † KEY CONCERNS
• Mentoring and internship programs • Biodiversity preservation
• Communication on policies and codes • Data privacy protection • Partnerships and collaboration • Training and development
• Factory audits, Social Environmental Responsible (SER) audits • Conflict minerals • Health and safety
and trainings • Climate change actions and risks • Equal opportunities, inclusion and diversity
• Communication on conflict minerals, due diligence • Packaging materials reduction • Safety of products
and progress • Poverty eradication
• Chemical substances in products
• Sustainability programs on decarbonization and GHG • Social and environmental responsibility
• Circular economy
emission reduction
• Transport, storage, recycling, end-of-life of products and batteries
• Focus groups on product development
• Quality of products, including safety and environmental impact
• Annual product presentation conferences
• Social and environmental responsibility
• Ongoing conferences and meetings
• Modern slavery (forced and child labor and vulnerable
• Social media
migrant workers)
• Compliance hotline
• Customer service communication channels * Our identification of key stakeholder groups is guided by the AA1000 Stakeholder Engagement Standard (2015).
†
Unless stated, engagement is ongoing or periodic.
12 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 13
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Risks and Opportunities
Risks and Opportunities
A thorough assessment of the risks associated with our eight material opportunities and TTI’s response to addressing these in order to meet Climate Change Resources, Material and Waste
topics and the opportunities inherent in these risks informs our stakeholder expectations and maintain business continuity.
sustainability strategy. The table below outlines these risks,
RISK • Risk of not achieving environmental RISK • Risk of resource scarcity leading
targets and the resulting financial, to high commodity pricing and
reputational and market access impacts sourcing difficulties
Ethics and Integrity Supply Chain Accountability • Risk of non-compliance with
environmental frameworks OPPORTUNITIES • Adopt measures to reduce the use of
and regulations scarce resources and apply circular
RISK • Risk to business from geopolitical RISK • Risk to reputation and environment of business models focused on recycling
tensions and change in trade regulations not collaborating with partners to tackle • Risk of failure in the transition to materials, and parts harvesting and
the issue of responsible sourcing electrification of energy end-uses refurbishment
OPPORTUNITIES • Diversify operations and supply chains,
promote sustainable practices across OPPORTUNITIES • Establish partnerships to effect OPPORTUNITIES • Reduce absolute GHG emissions, RESPONSE • Water reduction target for TTI AIP,
the value chain and further positive change across the industry implement energy efficiency programs, and reuse initiatives and audit
community development and supply chain transition to renewable energy and
electric vehicles • Recycling partnerships: Call2Recycle®,
Envirostream and others
RESPONSE • Ongoing efforts to source and produce RESPONSE • Membership to Responsible Business
goods closer to markets Alliance and other organizations RESPONSE • Energy assessment conducted at all • Responsible raw materials procurement
(i.e. Responsible Mineral Initiative, manufacturing sites in China and other initiatives and partnerships
• Reduced dependency on single
Responsible Labor Initiative, the Better locations in 2021 with an established
suppliers within essential categories
Mining initiative, The Mekong Club) energy reduction action plan up to 2030
• Scope 1 and 2 target setting RISK • Risk of pollution and subsequent
• Developing plans to mitigate physical reputational damage from
RISK • Risk of non-compliance with international
RISK • Risk of human rights violations and and transitional climate risks mismanagement of waste
and local laws
environmental non-compliance within and resources
OPPORTUNITIES • Foster a culture of ethical behavior the supply chain
OPPORTUNITIES • Adopt a circular approach to
and good governance across the RISK • Risk of non-compliance with climate-
OPPORTUNITIES • Build capacity and align our supply resources and waste through
value chain to enhance accountability related frameworks and regulations
chain on human rights and technological advances
and transparency
environmental protection OPPORTUNITIES • Align climate action and disclosure RESPONSE • Waste management initiatives and
RESPONSE • Robust policies, training and with climate-related frameworks
RESPONSE • Investigations, compliance monitoring on training across the value chain
compliance programs on ethics and and regulations
anti-corruption ethics and human rights and participation • Expansion of our repair and
in the Better Mining initiative RESPONSE • Climate action and disclosure training refurbishment program
• Internal audit investigations and
compliance hotline • Conflict minerals and cobalt for relevant colleagues
procurement initiatives • Reporting metrics for climate
action and compliance with RISK • Risk of environmental and ecological
related frameworks impact, including ecosystem
RISK • Risk of breaches of data privacy and
RISK • Risk of not reducing Scope 3 degradation and species loss from
intellectual property, data loss
GHG emissions in our supply chain processes in the value chain
and cyberthreats
• Risk of disruptions in the supply RISK • Risk of physical damage to assets from OPPORTUNITIES • Contribute to biodiversity restoration
OPPORTUNITIES • Protect TTI and customer information chain due to increasing climate change- climatic events that could lead to through partnerships with NGOs
data, enhance TTI’s systems and related risk (i.e. extreme weather events, business disruption
operational integrity and maintain impact on labor from increased heat RESPONSE • Monitoring of biodiversity impacts
stakeholder trust and disease) OPPORTUNITIES • Develop adaptation strategy to future-
proof the business for operational and • Partnerships with environmental NGOs
RESPONSE • Data privacy and cybersecurity policies • Implement responsible production and such as African Parks
OPPORTUNITIES supply chain resilience to boost TTl’s
• Robust training to all colleagues consumption measures in the supply competitive advantage
chain to reduce GHG emissions and
• Global cybersecurity initiatives
build resilience to mitigate and adapt to RESPONSE • Climate resilience strategy development
• IP protection and enforcement process climate change-related challenges • Industry and NGO partnerships that
address climate impacts
RESPONSE • Capacity building to enable suppliers to
measure and reduce GHG emissions
• Renewable energy and recycling
initiatives within the supply chain
14 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 15
STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Risks and Opportunities
Sustainable Products Empowering People Health, Safety and Wellbeing Community Investment and Engagement
RISK • Risk of not making true progress in RISK • Risk of human and labor rights violations RISK • Risk of safety hazards for employees at RISK • Risk to reputation of not being engaged
managing environmental impacts and non-compliance with international manufacturing sites resulting in injury in industry initiatives or from not
of products and local labor laws or fatality supporting local community needs
• Reputational damage from OPPORTUNITIES • Maintain respectful workplaces for OPPORTUNITIES • Further develop fair, safe and healthy OPPORTUNITIES • Make a positive impact on the
wasting resources people to thrive workplace practices at TTI and along community through volunteering
OPPORTUNITIES • Share credible information with consumers the supply chain and donations
RESPONSE • Compliance hotline
to encourage demand for sustainable RESPONSE • Occupational health and RESPONSE • Programs focused on pandemic and
• Human rights policies and training on
products and end-of-life management safety (OHS) training poverty relief, eradicating modern
modern slavery and human trafficking
RESPONSE • Partnerships for refurbishing • Monitoring of OHS programs by slavery, home-building, environmental
• Engagement in initiatives to promote
power tools Health & Safety (H&S) committees and disaster relief
human rights
• Checklists to provide guidance on
the principles of sustainability and
RISK • Risk of physical and mental RISK • Risk of not meeting expectations of
circular economy RISK • Risk of not having sufficient skilled and
health issues for employees and customers and employees
experienced human capital to support
current business growth the community OPPORTUNITIES • Support work of NGOs and
RISK • Risk of not meeting consumer demand OPPORTUNITIES • Enhance and support physical and establish partnerships
OPPORTUNITIES • Retain the best talent for the long-term
for sustainable products mental wellness of employees RESPONSE • Partnerships with NGOs that benefit
• Risk of non-compliance with mandatory RESPONSE • Professional development opportunities
RESPONSE • Expansion of wellbeing programs local communities (e.g. Habitat
energy efficiency labeling schemes and competitive compensation and
including mental health initiatives for Humanity)
benefits packages
OPPORTUNITIES • Research and development of new
• Youth development programs
technologies, recyclable and
and internships RISK • Risk of underdevelopment and
biodegradable materials and eco RISK • Risk of unsafe products impacting users
design products and potential consequences, such as stagnation in communities impacting
litigation, fines from product claims or business continuity
• Enhance responsible sourcing in the RISK • Risk of reputational damage for
whole supply chain recalls, reputational damage and OPPORTUNITIES • Engage employee and customers
not being a diverse and inclusive
commercial risk across our global network in
RESPONSE • Investment in clean employer, impacting productivity
and business success OPPORTUNITIES • Innovate product design to enhance community building
technology products
user experience with improved RESPONSE • Asian University for Women Internship
• Development of new business model OPPORTUNITIES • Benefit from diverse thinking, methods,
safety attributes Program, educational initiatives for
through Factory Outlets values and perspectives
• Improve quality and young people
• Partnerships for responsible sourcing
RESPONSE • Diversity & Inclusion (D&I) and equal customer satisfaction • Community programs across markets
opportunity training
RESPONSE • Product safety prioritization
RISK • Risk of pollution (noise, water, air • D&I committees to champion initiatives and training
and chemical) impacting health
• Product safety policies and committees
and environmental quality
OPPORTUNITIES • Reduce environmental impact and
pollution through innovation and
sustainable design
RESPONSE • Development of products that
utilize less energy and resources,
produce less waste, emissions
and noise while in use
16 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 17STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Our Goals, Progress and UNSDGs
Our Goals, Progress and UNSDGs
We manage the issues that are material to our business by setting communities and suppliers. To ensure our sustainability strategy
goals to meet our sustainability objectives. The table below outlines aligns with greater global concerns, we are working towards aligning Value Chain SUPPLIERS OPERATIONS CUSTOMERS COMMUNITY
these goals and the progress we have made on our related targets. our initiatives with 14 of the 17 United Nations Sustainable
It also shows how our material topics impact various parts of our Development Goals (UNSDGs) that are most relevant to
complex, global value chain, comprising our operations, customers, our operations.
Ethics and Integrity Climate Change P.52
P.30
Reducing GHG emissions, GOALS
Championing initiatives GOALS
reducing our energy consumption,
within our own operations • Become a net zero organization
• Zero cases of non-compliance with international and local laws on corruption and anti-trust decarbonizing and working with
and engaging in global multi- within TTl’s group operations and supply chain
• Ensure full compliance with climate-related frameworks and regulations
global partners to strengthen our • Implement a climate adaptation and resilience strategy
stakeholder partnerships to • Maintain business continuity and sustainable growth capacity to mitigate and
eliminate ethical violations • Minimize the risk of business disruption through cyberattacks by pursuing zero breaches
adapt to climate change and TARGETS
across our value chain. or incidents
climate-related impacts.
• Ensure full compliance with data privacy regulations: PIPL for mainland China, GDPR,
California Consumer Privacy Act and others STARTED Reduce Scope 1 and 2 GHG emissions by 60% by 2030
STARTED Set energy consumption reduction targets
TARGETS
ON TRACK Full disclosure on climate action performance and plan
AHEAD All relevant staff trained on Code of Ethics and Business Conduct (CoC) and other ON TRACK Conduct a climate risk assessment of both physical and transition risks on all
relevant policies key sites
AHEAD Increase diversification and localization of manufacturing, warehousing and the
supply chain across the globe
ON TRACK Zero cases of leaks, theft or loss of customer and personal data
ON TRACK All relevant colleagues trained on Intellectual Property and cybersecurity
Resources, Materials and Waste P.60
Supply Chain Accountability P.36
Responsibly managing resources, GOALS
Building capacity and GOALS
materials and waste, and adopting
aligning our supply • Ensure the responsible consumption of resources across our business
• Promote human and labor rights, gender equality and environmental protection in the supply chain circular economy models, to further • Improve waste treatment and efficient waste management
chain on decarbonization, • Expand and enhance partnership opportunities to effect change responsible consumption • Implement programs for biodiversity protection and restoration
safeguarding human and • Promote climate action and production.
labor rights and forging strong TARGETS
partnerships to affect change TARGETS
across the industry. ON TRACK Achieve a water consumption reduction target of 6% per year at our
ON TRACK 100% of suppliers trained on Business Partner Code of Conduct (BPCoC) and human
main People’s Republic of China (PRC) factory site
rights policies
ON TRACK Set a Group waste and water reduction target by 2023
ON TRACK Map and reduce human rights risk in the supply chain
ON TRACK Increase the number of material management programs and facility
STARTED Increase the number of effective engagements with NGOs in major countries of
development plans that consider biodiversity impacts
operation and in particular where there is a greater risk of human rights violations
within the supply chain
STARTED Map and reduce Scope 3 emissions in the supply chain and build resilience for climate
change-related risk
18 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 19STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Our Goals, Progress and UNSDGs
Sustainable Products P.66 Health, Safety and Wellbeing P.86
Promoting product innovation, GOALS GOALS
Maintaining fair and safe working
which furthers responsible environments and producing safe
• Promote circular business models by increasing service, repair, • Maintain healthy and safe workplaces
consumption and production. maintenance and refurbishment services and durable products in a • Promote a positive and healthy lifestyle among employees
• Increase investment in clean technologies responsible manner. • Design products that enhance user experience with improved quality, safety,
• Develop products that improve living and working environments environmental and health benefits
TARGETS TARGETS
ON TRACK Increase the number of tools being remanufactured, repaired and/ STARTED Zero fatal accidents in our workplaces
or refurbished
ON TRACK Reduce the number of work injuries year on year to achieve zero work injuries
ON TRACK Increase the number of tools and batteries recycled
ON TRACK Increase the number of physical and mental wellness programs for employees
AHEAD Increase product efficiency
STARTED Zero product recalls
AHEAD Increase the number of products that reduce noise pollution
ON TRACK Increase customer satisfaction ratings
AHEAD Reduce/eradicate outdated technologies (petrol, pneumatic,
hydraulic-powered products)
Community Investment and Engagement P.92
Empowering People P.80
Contributing to economic wellbeing, GOALS
GOALS
access to education, good health
Motivating and engaging our • Support community livelihoods through investment and engagement activities
and greater equality, as well as safe • Establish strategic partnerships with industry partners and NGOs
people, while strengthening and sustainable living conditions, in
• Safeguard human and labor rights • Enhance talent and customer attraction through community engagement
gender equality and promoting • Attract and retain the best talent the communities where we operate
inclusion for all. • Promote respect, diversity and inclusion in the workplace and TARGETS
surrounding communities
ON TRACK Increase our donation in cash and in kind to charities year over year
TARGETS
AHEAD Increase the number of employees and hours spent volunteering
ON TRACK 100% completion of human rights/modern slavery training ON TRACK Increase the number of community partnerships
for employees
ON TRACK Zero cases of human rights violations
AHEAD Increase the percentage of employees going through training and
development programs
STARTED Increase employee retention
AHEAD 100% of employees trained in D&I
AHEAD Increase the number of D&I initiatives
ON TRACK Increase the percentage of female employees and other diversity
categories in management roles
20 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 21STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE
GOVERNANCE
ELEVATING ESG
CONSIDERATIONS AND
DELIVERING OPERATIONAL
EXCELLENCE THROUGH
POWERFUL BRANDS Two Independent
AND INTEGRITY Female Directors
added to the Board
Strengthened Internal
Sustainability Functions
Joined Better Mining
as a Founding Member
22 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 23STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Management Approach
Governance
ESG POLICY MATERIAL TOPICS
MILESTONES
Ethics and Integrity P.30
Our governance practices Supply Chain Accountability P.36
have grown more robust 2020
as we have adopted codes • Global Trade Sanctions
and policies that reinforce Compliance Policy
2019
accountability within our • Cobalt Procurement Policy and
Due Diligence
operations and across our • Anti-Corruption Policy
supply chain. • Anti-Trust Policy
• Product Safety and Consumer Product
2017 Regulatory Compliance Policy
TTI’s governance practices align with global sustainability goals
• Policy Against Modern Slavery and
and standards, including the UNSDGs, GRI Standards and other
Human Trafficking (updated, 2019)
2016 key multi-stakeholder forums, to ensure we follow best practice.
• Business Partner Code of Conduct
(updated, 2020)
• Code of Ethics and Business Conduct
Corporate Governance
2015
The Company is committed to a high standard of corporate governance to retirement by rotation and re-election in accordance with the Articles
(updated, 2019)
to enhance shareholders’ interests and promote sustainable development. of Association of the Company. Under Article 107(A) of the Articles
A quality board of directors (the “Board”) with balanced skills, experience of Association of the Company, one-third of the Board must retire by
• Invention Reward Policy
2013
and diversity of perspectives is vital to the Company for effective risk rotation at each annual general meeting of the Company, and if eligible,
• Conflict Minerals Policy
management, internal controls and leadership, as well as transparency offer themselves for re-election. The Company has also voluntarily
and accountability to all shareholders. The Board reviewed codes of complied with a number of the recommended best practices set out
• Conflict Minerals Declaration and
conduct, policies and practices and our corporate governance framework in the Corporate Governance Code, aimed at further enhancement of
Due Diligence
2012
from time to time, to improve the Company’s corporate governance the Company’s corporate governance standard as well as promotion
• Data Protection Policy
practices in respect of the latest developments on all applicable laws, of the best interests of the Company and shareholders as a whole.
rules and regulations.
• Supplier Code of Conduct (renamed to
Business Partner Code of
Corporate Governance Policy
Compliance with the Corporate Governance Code Corporate governance plays an important role in maintaining
Conduct in 2016)
2010 The Board has reviewed the Company’s corporate governance practices
and is satisfied that the Company has complied with all the code
sustainability. The Board continuously monitors, reviews and
develops the policies and practices of corporate governance
• Complaint Resolution Policy
2009
provisions of the Corporate Governance Code set out in Appendix 14 to ensure the compliance of the laws, rules and regulatory
• Environment manual (updated, 2021)
of the Rules Governing the Listing of Securities on the Stock Exchange requirements governing the Group as well as the Company’s
of Hong Kong Limited (the “Listing Rules”) (the “Corporate Governance Articles of Association.
• Security and Social Responsibility
Code”) throughout the year ended December 31, 2021, save that none
Policy (includes Environmental
1999
of the Directors are appointed for a specific term since they are subject
Management Policies)
Other corporate governance policies are • Harassment and Discrimination Policy
available on our website . • Health and Safety Policy
24 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 25STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Management Approach
d of Directors
Governance Structure The principal duties of the Board include but are not limited to: Boar
• Reviewing and monitoring risks and changes in local and
The Board of Directors
x ecutive Co mm
international business communities
E itt e
At the date of this Report, the Board comprises five Group Executive • Reviewing and developing overall mid- and long-term strategies,
E SG e
Directors, two Non-executive Directors and five Independent Non- objectives and directions of the Company
ing Co mm
executive Directors. Details about the background and professional • Developing and monitoring the corporate governance policies
G Work itt e
experience of Board members is as follows: and practices of the Company
E S e
• Overseeing the Company’s performance and operations
ss Leade
sine r
B ability Fun s
Group Executive Directors • Overseeing the ESG strategy and performance of the Company u
• Mr Horst Julius Pudwill (Chairman) • Considering matters covering the appointment of Directors,
in c tio
• Mr Stephan Horst Pudwill (Vice Chairman) senior management and external auditors, major acquisitions sta n
Su
• Mr Joseph Galli Jr (Chief Executive Officer) and disposals, as well as other significant operational matters
s
• Mr Kin Wah Chan (Operations Director)
• Mr Chi Chung Chan (Group Chief Financial Officer) The Board delegates responsibilities to three committees described
below. This ensures the independence of views and opinions
Non-executive Directors expressed by the Directors at the respective committee meetings. OVERSIGHT OF
• Prof Roy Chi Ping Chung GBS BBS JP The committees report back to the Board on their activities and SUSTAINABILITY
• Mr Camille Jojo recommendations.
Independent Non-executive Directors Audit Committee
• Mr Peter David Sullivan The Audit Committee aims to ensure compliance with the Group’s
• Mr Johannes-Gerhard Hesse obligations under the Listing Rules, and other applicable laws
• Mr Robert Hinman Getz and regulations, as well as monitor the effectiveness of the risk
• Ms Virginia Davis Wilmerding management and internal control systems.
• Ms Caroline Christina Kracht (appointed on March 7, 2022)
Remuneration Committee the sustainability agenda of the Group and reports to the Board every
The Remuneration Committee develops and administers a fair and quarter. In 2021, the ESG Executive Committee finalized the Group’s
Our Board of Directors (as of December 31, 2021) transparent procedure for setting policy on the overall human resources GHG emission Scope 1 and 2 reduction target which was then
strategy of the Group, alongside the remuneration of Directors and approved by the Board.
Gender senior management of the Group.
Accounting
The ESG Working Committee and Business Units
Male Female Business
Nomination Committee The ESG Working Committee is tasked with implementing the strategy
Designation Educational Engineering The Nomination Committee ensures a fair and transparent process of set by the Board and Executive Committee. This Committee includes
Background Legal Board appointments. It assists the Board in identifying suitably qualified executives from different functions — finance and operations, human
ED NED INED Others candidates by making recommendations for the Board and shareholders resources, environment, health and safety, product safety, corporate
Ethnicity Science to consider. Key criteria when evaluating candidates include their ability communications, legal, compliance and sustainability. The Committee
to further the optimal performance of the Board and enhance diversity. is responsible for refining policies, tracking performance, providing
Chinese Non-Chinese communication, collecting and reporting data and setting targets to meet
Age Group Oversight of Sustainability objectives. The ESG Working Committee met virtually, twice in 2021.
Finance & Accounting
The Board is collectively responsible for overseeing the purpose, values In this reporting period, the ESG Working Committee and business
44–59 60–69 70–79 Banking and sustainability strategy of the Group to achieve long-term success units (BUs) developed our decarbonization plan and measures to be
Attendance Rate at Board and Board Committee Meetings Consumer Products for the Company. It is helped in this area by the ESG Executive Committee implemented by 2030.
Industrial and the ESG Working Committee.
99% Professional
Legal 2021 was a pivotal year as the Company established sustainability
Experience
Length of Service (Years) Consultancy The ESG Executive Committee functions at the corporate, regional and BU levels. To maintain
Technology/Telecom
Comprised of Board members and executives from various functional accountability, leaders of the Company and regional BU leaders
0–10 11–20 21–30 31–40 and geographic areas of the business, the ESG Executive Committee also reported their ESG performance and challenges to the CEO
Metals & Mining
is led by the CEO and the Vice Chairman. The Committee helps drive on a quarterly basis.
0 1 2 3 4 5 6 7 8 9 10 11
Number of Directors
26 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 27STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Management Approach
Key Sustainability Policies Risk Management
Our governance strategy is predicated on A key objective of our governance practice is to effectively manage the At TTI, we understand the significance of climate change in influencing
codes and policies that reinforce openness 2021 Initiatives risks present in our operations and across our value chain, and act on business decisions and operations. To better position ourselves in
and accountability within our operations and In 2021 the company made some important strides to further the potential opportunities. While local BUs are predominantly responsible cordless leadership and manage associated risks and opportunities,
across our supply chain. A list of key policies integration of sustainability best practices. for risk management, our independent internal audit team, which reports we have engaged our internal and external stakeholders in formulating
that outline our commitments, responsibilities, to the Audit Committee, coordinates global efforts across functions and climate change policies. Accordingly, our overarching risk mitigation
resources, evaluation procedures and grievance • The first female was appointed to the Board as an Independent follows a comprehensive risk assessment process for all BUs and levels process has been refined this year to include the management of
mechanisms by focus area are included below. Non-executive Director. of the Company. Our global internal audit function is responsible for climate risk across our operations. In addition, we have employed
• The Group finalized its Scope 1 and 2 GHG emission reduction performing audits that consider the following risks among others: strategic, external consultants to begin analysis on the financial consequences
targets with a clear implementation plan towards 2030. operational, financial and fraud-related (including, but not limited to of climate change. This includes physical risk assessment of key
• TTI started the assessment of climate risk, to more effectively anti-corruption and ethical standards). The scope and frequency of assets in our global portfolio, and a transition risk and opportunities
determine and implement mitigation and adaptation measures. audits vary, depending on our assessment of risk, management analysis, in line with TCFD methodology guidance for our sector.
• Employees were engaged in sustainability through various activities considerations and overall strategy. Internal audit also performs Once completed in 2022, the results of this assessment will allow us
such as surveys, committees, workshops and training programs. audits on ESG data collection, calculation and reporting processes. to develop a comprehensive strategy for climate change mitigation,
adaptation and resilience.
A summary of our approach to specific sustainability risks — including
climate risks, opportunities and related mitigation as well as adaptation
measures across all focus areas, can be found on p.14.
TTI’s Key Policies and Codes GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY
Code of Ethics and Business Conduct : states the actions and ethical behavior expected of our employees
Complaint Resolution Policy and Procedure : encourages any person to report any action, situation or Group Risk Mitigation Process
circumstance that appears to be in violation of the Code of Conduct or any laws, regulations or our other
internal policies (including internal policies and codes of conduct of TTI’s subsidiary companies) Providing independent assurance of
the existence and effectiveness of risk Conducting various activities, Maintaining a regular
Business Partner Code of Conduct : outlines TTI’s requirements and expectations for all suppliers
management activities and controls in including process, financial and dialogue internally and
and partners
our operations worldwide. compliance audits and investigations. with TTI’s external auditor.
Anti-Corruption Policy
Anti-Trust Policy
Trade Compliance
Data Privacy, Data Security and Incident Reporting Policies
Audit Engagement Risk
Conflict Minerals Policy : outlines expectations and guidelines in the sourcing of tin, tungsten, tantalum Assurance Communications
and gold (“3TG”) Planning Activities Management
Cobalt Procurement Policy : provides guidelines in cobalt sourcing
Social & Environmental Responsibility (SER) Compliance Program: comprehensive scorecard to track
compliance with ESG policies in the supply chain
Environmental Management Policies
Developing an annual audit Assessing TTI’s risk management and internal
Environmental, Health & Safety (EHS) and Occupational Hazard Management Policies plan to identify the highest control systems by formulating an impartial opinion
risks to our business. and reporting findings to the Audit Committee and
Product Safety and Consumer Product Regulatory Compliance Policy
senior managers concerned.
Policy Against Modern Slavery and Human Trafficking : states TTI’s expectations in relation to human
rights and the eradication of modern slavery and consequences of non-compliance
28 Techtronic Industries Environmental, Social and Governance Report 2021 Techtronic Industries Environmental, Social and Governance Report 2021 29STRATEGY GOVERNANCE ENVIRONMENT SOCIAL AND COMMUNITY PERFORMANCE Ethics and Integrity
MATERIAL TOPIC
Ethics and Integrity
Maintains accountability and transparency in all aspects of our GOALS TARGETS
operations, both on and offline, safeguards our stakeholders
• Zero cases of non-compliance with international • All relevant staff trained on Code of Ethics and
and retains trust in our business. and local laws on corruption and anti-trust within Business Conduct (CoC)
TTl’s group operations and supply chain
• Maintain business continuity and sustainable growth • Increase diversification and localization of
manufacturing, warehousing and the supply chain
across the globe
• Minimize the risk of business disruption through • Zero cases of leaks, theft or loss of customer
cyberattacks by pursuing zero breaches or incidents and personal data
• Ensure full compliance with data privacy regulations: • All relevant colleagues trained on Intellectual
PIPL for mainland China, GDPR, California Consumer Property and cybersecurity
Privacy Act and others
How We are Managing It (BPCoC) . More details can be found in many TTI operations by screening potential penalties for non-compliance. The Policy and
High ethical standards are core to TTI’s culture the Supply Chain Accountability section on business partners to ensure they are not the accompanying 30-minute online training
and serve as the foundation for embedding p.36 of this Report. A full list of TTI’s denied, debarred or otherwise proscribed module provides guidelines on managing all
sustainability in all aspects of our business. policies and standards can be found on or embargoed by any relevant government. aspects of business, receipt of gifts, meals
These standards are articulated in our Code p.28 and are also accessible on our Global Trade Compliance also aids in mitigating and entertainment, Company-sponsored
of Ethics and Business Conduct (CoC) . corporate website . All policies are risk by reviewing the procurement process of travel, political and charitable contributions,
The CoC serves as a guide for conducting regularly reviewed to ensure compliance raw materials, to ensure they are not conflict and ways of engaging business partners to
business with openness in accordance with with laws and regulations. minerals, and helping to identify regions known minimize risk. TTI’s internal controls for
all legal requirements while stipulating how for forced labor and/or corruption. Our Global managing corruption include accurate
to manage conflicts of interest and insider Compliance Trade Compliance Policy explains the accounting and recordkeeping. These help
information. This Code also provides guidelines The compliance function at TTI plays an export/import control laws, regulations and us to regularly monitor the effectiveness of
on the protection of human rights, and is essential role in setting our policies, training economic sanctions that TTI and its suppliers actions in place to support our anti-corruption
communicated to all employees at all our and interpretation of regulations. We have must abide by. It also provides guidelines for and anti-bribery efforts. TTI does not make
subsidiaries in 22 languages. Apart from the a robust program in place, monitored by establishing procedures and actions, including any political contribution in any markets.
CoC, our operations are guided by several management, internal audit and other risk internal controls and training for maintaining
other policies that outline governance practices management groups within the organization. compliance. More details can be found in Periodic audits of these controls, completed
and expectations. These are included in Our Group Vice President General Counsel the Supply Chain Accountability section on either by an internal audit team or through
our Employee Handbook and shared and Chief Compliance Officer heads p.36 . an external third party, provide assurance
with employees globally, either through compliance globally and reports to the CEO that robust processes are being adhered to.
our e-learning platform or face to face. and the Audit Committee of the Board of Anti-Corruption Programs to verify compliance with anti-
We ensure that information about our policies Directors, with local legal, finance and Our commitment to ethics and integrity is corruption practices extend from our operations
and details on how to report violations are compliance departments assisting at the evident in our priority to embed anti-corruption to our supply chain. TTI follows a robust due
also available in local languages at all work regional level. and anti-money laundering practices across diligence process to review potential business
sites for those without computer access. all our subsidiaries. The TTI Anti-corruption partners and monitor existing partners. More
An invaluable part of our compliance program Policy covers how we manage bribery details can be found in the Supply Chain
The principles outlined in many of our policies is the Global Trade Compliance function, which prevention internally and externally, while Accountability section on p.36 .
also apply to our business partners as set out is recognized by TTI’s management team as also describing the procedures for evaluating
in our Business Partner Code of Conduct vital to our success. This function supports our business for corruption risk and the
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