Our Principles
Across ITT, our people are united by a collective commitment to our principles, which are embedded in our processes and integrated into our daily practices. By embracing these principles, we are better able to achieve our day-to-day business demands while fostering the actions and behaviors that support our higher-performing culture.
Code of Conduct
ITT is committed to ethical business conduct everywhere we operate and our
Code of Conduct serves as our guide. It sets forth the behaviors expected of employees, helps foster ethical decisions and demonstrates how to identify potential misconduct. It does not address every situation but is meant to provide our employees with the tools they need to make the right decision and will point ITTers to relevent resources and policies when the right decision might not be clear. In the event that employees encounter misconduct, the Code clearly addresses how to resolve questions and concerns.
Reporting a Concern
At ITT, employees are encouraged to raise concerns and report suspected wrongdoing. We nurture an environment where all team members feel free to speak up, and we provide a number of supporting internal resources to employees as well as the
ITT Ethics Helpline, which is a third-party provider offering 24/7 Web and telephone reporting channels in local languages. All concerns raised are appropriately reviewed in compliance with ITT policy.
Ethics Champion Network
Ethics Champions are a network of ITT team members appointed to be the eyes and ears of the Ethics & Compliance department at the local level. Each ITT location has at least one Ethics Champion who is available to listen to compliance concerns, provide guidance on the Code of Conduct or ITT policies and support Ethics & Compliance training initiatives. Ethics Champions are selected based on their commitment to integrity, reputation at the workplace and ability to be impartial and fair.
Transparent Communications
ITT is committed to clear and transparent communication, and we provide our stakeholders a steady flow of communications about the company's direction, decisions and priorities.
Our
Annual Report
and other financial filings and presentations are publicly accessible on our website, as is our
Code of Conduct. Our employees are also kept informed through ongoing communications from managers, live "town hall" events and team meetings, our intranet portal, and electronic newsletters and memos.
Governance Principles
ITT is dedicated to the highest standards of corporate governance and our practices reflect this commitment. The company maintains and makes publicly available its
corporate governance principles and charters for the Board of Directors' standing committees.
Board of Directors
ITT's commitment to its purpose and principles starts with our
Board of Directors, who ensure effective organizational planning, focusing on the areas of strategy and risk management.
The
Board of Directors, which represents a diverse group of perspectives and experience, is elected by company shareholders to oversee the actions and results of management, and to act in the best interests of the company and its shareholders.
Board independence is vital.
ITT CEO and President Luca Savi
is the only member of company management on the Board, and the
Chairman of the Board is an independent director.
Financial, Legal and Regulatory Risk Assessments
ITT performs rigorous risk assessments of internal controls and has established an Enterprise Risk Management (ERM) program to identify, assess, monitor and communicate ITT’s strategic, operational, financial, compliance, legal and reputational risks. The ERM program provides an enterprise-wide insight into individual risks and the net-risk ITT faces and synthesizes this input to create a dynamic register of risks.
Trade Compliance
At ITT we conduct business around the world and follow all international trade laws that regulate the import and export of our products, services and technology. As a U.S.-based company, we comply with all trade and economic sanctions imposed by the U.S. government and other international governments, as applicable. To this end, ITT is dedicated to providing employees with the education, guidance, support and resources necessary to comply with ITT's policies and applicable laws and regulations.
Human Rights Policy
ITT fully supports and adheres to the principles of both the
Universal Declaration of Human Rights
and the
United Nations Global Compact
wherever we operate. The
ITT Human Rights Policy
is posted on our website and on the internal intranet portal accessible by employees. The
ITT Code of Conduct also restates our commitment.
As stated in the Code of Conduct, ITT seeks business partners who share these commitments and we have established a
Supplier Code of Conduct which sets out the standards we expect from our suppliers.
Fair Labor Practices
At ITT, we strive to treat all employees equitably, with the respect and dignity we all deserve. We adhere to the International Labour Organization (ILO) Declaration of Fundamental Principles and Rights at Work.
- ITT has always respected employees' right to bargain collectively within the requirements of the law, and we are partnering more closely than ever with union leaders to address labor issues at our sites.
- ITT pays its employees fair and competitive rates everywhere in the world. We provide competitive benefits packages that meet the diverse needs of our employees throughout their working careers, and at various stages of life.
- In the area of human rights, we adhere to the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work, which calls on countries and companies to abolish child labor. Our company has never — and will never — employ slave or child labor, and we work diligently to maintain fair labor practices around the globe.