Trane Technologies is a publicly held company that operates in a complex, competitive, and regulated global environment. To protect and maintain an enterprise-wide ethical trajectory across our business operations, a governance structure has been implemented and includes:
A. The Audit Committee
The Audit Committee is appointed by the Board of Directors to assist the Board in fulfilling its responsibilities to the shareholders and the investment community with respect to its oversight of the integrity of the Company’s financial statements, including its accounting policies, financial reporting, disclosure practices and the statutory audit; the adequacy of the system of internal controls within the Company to support the financial and business environment; Company processes to assure its compliance with all applicable laws, regulations and corporate policy; the qualification and independence of the Company’s independent auditors; and, the performance of the Company’s internal audit function and independent auditors.
B. The Global Business Integrity Council (GBIC)
The GBIC brings executive focus and expertise to drive consistent implementation of risk-based compliance solutions to prevent, detect, and remediate misconduct and promote an ethical culture. The GBIC is chaired by the CEO and co-owned by the General Counsel and the Vice President – Compliance, who acts as the company’s chief compliance officer. Other members of the Council include the President and Chief Operating Officer, Chief Financial Officer, Executive Vice President, Human Resources, and the Vice President, Audit Services. As defined in its charter, the Council executes the company’s global ethics and compliance program and supervises subordinate regional compliance committees.
As Trane Technology employees, we follow the laws and regulations of each location in which we operate. But we aspire to more than that. We are committed to demonstrating behaviors that enhance our reputation for transparency, ethics and integrity in all we do. Our Code of Conduct is our guide for doing the right thing.
The Code applies to all employees and is available in numerous languages. Our salaried employees participate in an annual Code of Conduct training program and complete a certification agreeing to compliance. Trane Technologies has a 100 percent response rate target for salaried employees completing the annual training program.
Trane Technologies is committed to winning business on the value proposition of our brands and the superiority of our product and service offerings. Therefore, and consistent with global anti-corruption laws, we require our employees around the world to comply with our Global Anti-Bribery and Corruption Policy, which also supports our Code of Conduct. Our Board of Directors has oversight responsibilities for this policy which, in essence, prohibits the receiving, soliciting, giving, promising, offering, or authorizing of anything of value in exchange for a commercial or governmental business advantage. We expect our business partners, inlcluding suppliers, subcontractors, agents and distributors, to act with the same level of integrity and to follow our Business Code of Conduct.
The Global Anti-Bribery and Corruption Policy underscores our commitment to compliance with the anti-corruption laws of all countries in which Trane Technologies and our affiliates do business.
Our global Ethics HelpLine is a mechanism through which employees and external stakeholders, including our business partners, may report any known or suspected violation of the Code of Conduct as well as laws or regulations.
Employees may telephone or access the Ethics HelpLine through a secure website and country-specific, toll-free telephone numbers anytime and can remain anonymous, unless restricted by local privacy laws. The availability of the Ethics HelpLine and instructions for its use are covered in detail in the Code of Conduct. We take allegations of violations of the Code of Conduct seriously. All reports to the Ethics HelpLine are reviewed and where appropriate, remedial actions are taken to ensure compliance as well as to safeguard the company’s reputation for ethics. The company prohibits retaliation against another employee or third party for reporting a policy or Code violation in good faith or for cooperating with a company review.