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Compliance, Integrity & Risk Management
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At Wabtec, we have a proud history of excellence and high ethical standards.
We act with integrity and treat every employee, customer and vendor with trust and respect. We have always believed that we are not only responsible for doing things right, but that we also have an obligation to do the right things.
Our Policies
Responsible Business Practices
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Code of Business Conduct & Ethics
Our Code of Conduct is the cornerstone of how we do business. We encourage employees to report any compliance or integrity concerns immediately if they see or suspect unethical, illegal or unsafe conduct of any kind – or behavior that just doesn’t seem right. Employees are encouraged to raise concerns to their manager or supervisor, human resources, legal, compliance or internal audit. For anyone who is uncomfortable or wishes to remain anonymous, they may report anonymously by phone or electronically through Wabtec’s Speak Up Integrity Hotline. Regardless of reporting channel, all reported concerns are taken seriously and thoroughly investigated. We do not tolerate retaliation against any employee who reports wrongdoing.
Supplier Code of Conduct
The foundation of our approach to sustainable procurement is our Supplier Code of Conduct. Wabtec business units utilize standard terms and conditions for suppliers that incorporate Wabtec’s Supplier Code of Conduct and set specific expectations regarding suppliers’ compliance with laws and regulations related to environmental, health, safety, labor, human rights, security, and privacy. Wabtec uses a variety of assessment tools to evaluate supplier risk, based on several factors including geography and alignment with international standards for human rights, the environment, health, and safety.
Responsible Minerals Policy
Wabtec’s Responsible Minerals Policy outlines our commitment to avoiding and eliminating the use of minerals that directly or indirectly finance or benefit armed groups in the Democratic Republic of the Congo or adjoining countries. The Responsible Minerals Policy and accompanying set of guidelines, support the due diligence process related to eliminating the use of conflict minerals in our products and ongoing engagement with suppliers on this topic
Modern Slavery/Human Rights
Wabtec’s Human Rights Policy, issued in 2020, outlines our commitment to respecting human rights wherever we operate. The Human Rights Policy prohibits any form of forced, involuntary, or child labor in our operations. The Policy includes specific commitments to undertake ongoing due diligence to identify, prevent and mitigate any adverse impacts of our activities and provide access to remedies through effective reporting mechanisms.
Corporate Oversight
Governing Sustainability
Our strong governance framework creates long-term value for our shareholders and guides decision making around how we operate, innovate, and drive growth. This governance framework starts with Wabtec’s Board of Directors and its committees who oversee the execution of the company’s environmental, social, and governance (ESG) strategy as part of their oversight of Wabtec’s overall business, and extends to Wabtec’s Sustainability Task Force — a dedicated team with overall responsibility for the company’s sustainability strategy.
Wabtec regularly identifies and monitors business risks
Enterprise Risk Management
While risk is an inherent part of conducting global business, 2021 saw a predominance of factors ranging from economic and geopolitical instability, price inflation, supply chain issues, and the ongoing COVID-19 pandemic.
At Wabtec, however, our position as the leading global provider of equipment, systems, digital solutions, and value-added services for the freight and transit rail sectors means that preparation and resilience is critical to how we do business and confront these events when they arise.
Our Board of Directors, primarily led by the Audit Committee, is responsible for overseeing and monitoring the material risks facing the Company. At the heart of these risk management efforts is our Enterprise Risk Management (ERM) process, which is our primary vehicle for assessing and managing operational, strategic, financial, and compliance risk. Guarding against ESG risks is a critical risk area evaluated as part of this process. Following a comprehensive and rigorous risk review across Wabtec’s business units, our management teams review this information, and identifies the controls needed to respond to and mitigate those risks through an annual ERM report. This report and the status of the mitigation measures therein are reviewed with the full Board of Directors twice a year.
Climate Risks
Climate change is an undeniable reality, and the reduction of GHG emissions is an urgent short and long-term priority. That’s why Wabtec is taking meaningful and deliberate steps to reduce its environmental footprint and help others reduce their impact on the environment. Through the ERM process outlined above, we also realize that the physical impacts of climate change can impact our operations and the global rail network, in turn impacting Wabtec's business. In addition, the transition to a low carbon energy economy presents both risks and opportunities for Wabtec's business, due to such factors as potential climate change legislation covering the rail industry.