Governance & Ethics
Corporate Governance
Introduction
At ITT, we are firmly committed to doing the right thing always. We accomplish this through transparency in governance, a dedication to creating value with the right values, and fair competition in the marketplace. Grounded in our values of respect, responsibility and integrity, we expect our people, processes, policies and systems to be fair and accountable.
Status
Commitments
- To instill confidence in ITT by promoting ideals of corporate fairness, transparency and accountability.
- To be a trusted partner to employees, customers, investors, regulators, suppliers and the people who live in communities where we operate.
Principal Strategies
- Adhere to ITT Governance Principles, which state that the Board of Directors will act in the best interests of ITT and its shareholders and may consider other pertinent factors, including the effect of its actions on the employees, customers, suppliers and communities in which the company operates.
- Perform a thorough risk assessment process on an annual basis, and monitor the results of that process throughout the year to ensure relevance. For each defined significant risk area, assign responsibility to key leaders in the organization.
- Audit recent acquisitions to ensure necessary controls and processes are in place and that operations are in line with generally accepted accounting principles and ITT policies.
- Expand testing and auditing in facilities located in emerging countries.
Recent Progress
- Recently achieved an ISS Governance Quotient better than 70.1% of S&P 500 companies and 96.2% of Capital Goods companies. Established a recoupment policy for recovering senior executive performance-based compensation if the senior executive's fraud or misrepresentation causes a material restatement of ITT's financial results.
2009-2010 Priorities
- Develop and implement an integrated, sustainable approach to risk management across the enterprise.
- Review ITT's pandemic planning and enhance business continuity preparations.
Challenge
Challenge: Maintain and improve the safety culture at new facilities and with new employees by defining individual safety responsibilities as activities that will be measured and recognized for accountability.
