Ethics & Compliance
At Standex, ethical business practices are the heart of every action we take. Compliance with all standards and laws that govern our business is our minimum commitment- we go beyond this foundation to act with integrity, transparency and honesty at all times, in all our transactions. This guides us and helps us make and keep compelling promises to our customers, shareholders, communities and each other.
Our commitment to ethics and compliance takes various forms. We believe that a network of policies and practices creates a reinforcing structure, so that each employee understands, to the fullest possible extent, the company’s expectations. Our coordinated program includes the following elements, all of which work together to support the goal of bringing our best to Standex every day, through every activity.
The Code of Conduct
This is the ‘road map’ for our business journey. It applies to every employee globally, as well as to our officers and directors. Each employee is required to provide their signature acknowledging their understanding of the Code, at the beginning of their employment relationship with Standex. The Code sets out foundational principles and guidance, including but not limited promoting a positive workplace (through, for example, strong anti-discrimination and harassment policies); maintaining financial integrity (by understanding how to prevent fraud and how to properly use Company assets); accountability (by avoiding conflicts of interest); protecting Company information and records (including avoiding cyber-risks); and dealing fairly with others (by competing fairly in the markets in which we operate).
No Retaliation Policy
Our bedrock rule, there is no retaliation for bringing forward any ethics or compliance concern. This policy is reiterated multiple ways: on the hotline posters, in the Code of Conduct, in conversations about issues as they arise, and through the guidance provided by our managers to employees. To create a culture of trust, this principle is stated and repeated so that employees feel empowered to freely communicate concerns as and when they arise.
To ensure that our employees continue to keep a focus on ethics and compliance, we require an annual certification to the principles of the Code of Conduct for all employees, and an annual certification to both the Code of Conduct and a statement that there is no conflict of interest between employees’ work for Standex and their personal pursuits, for employees at the supervisory level and above.
The Whistleblower Hotline
This communication tool, available 24/7 every day of the year, in every language spoken at each of our global locations, provides employees with a retaliation-free way to make their concerns known. While it was established in 2003 to report financial fraud or impropriety, it has become an open line for employees to raise a myriad of concerns that touch their daily working experience. We confirm annually that Hotline Posters, in the local language, are placed in prominent places where employees gather. All calls are investigated by the Corporate Governance Officer, resolved, and reported quarterly to the Audit Committee of the Board of Directors.100
Ethics & Compliance Training
We partner with an immersive on-line learning platform to provide content and training for employees who use computers as part of their work tools. For manufacturing employees, each site has programs of in-person training to ensure that compliance content is provided. The on-line learning encompasses a wide variety of topics, including but not limited to anti-harassment and discrimination; anti-bribery and anti-corruption; reinforcement of Code of Conduct guidelines; cybersecurity; diversity and inclusion considerations; prevention of fraud and financial abuse; and confidentiality of company information. These courses are provided in the main global languages spoken at Standex facilities. Standex also uses the program to assign content as needed, in response to site conditions or as part of employee disciplinary focus.100
We require our suppliers to demonstrate the same commitment to ethical conduct. For more detailed information on our responsible sourcing practices, please see Responsible Sourcing.