Business Practices

Our Business Practices

At Terex, we are committed to creating and maintaining an ethical business culture, based on the values embodied in The Terex Way. The Terex Way defines our essence as a company and our collective commitment to what it means to be a Terex team member. It is up to each of us to put those values into action.

Terex is an organization of high integrity. We continuously strive to delight our customers, make Terex a great place to work, perform responsibly for our shareholders, and operate as good corporate citizens. We do this by basing our everyday decisions and actions of the highest ethical standards. The ethical and behavioral framework by which we operate is outlined in our Code of Ethics and Conduct: Moving Forward the Terex Way. It defines how we should conduct ourselves with integrity, both as team members and as decision-makers.

The reputation of Terex is formed by the relationships that we have with our customers, team members, shareholders, and the communities in which we work and live. Every Terex team member is a guardian of our Company’s reputation. It is up to each of us to ensure that we demonstrate uncompromising integrity and the highest ethical standards in our business conduct every day.

Integrity

There has been unending business press about corporate Integrity or the lack of Integrity among a few companies that have not been responsible stewards of shareholder and investor wealth. At Terex we believe that Integrity is critical to the success of the Company. Integrity is not just the responsibility of the CEO and the senior corporate executives alone. It is the responsibility of every employee. Every employee has a personal code of conduct in his or her life that reflects that person's individual values, society's influences and/or governmental law. We all know what acting with Integrity is all about, and must act that way.

Terex fosters a culture of Integrity. We must be a place to work where people do the right things because they are responsible and honest. Every employee is encouraged to live this value at work. With Integrity there is trust, and nothing should compromise this commitment to Integrity. Our stockholders, co-workers, customers and suppliers expect and deserve such devotion.

 

Terex Helpline

Because of our commitment to integrity and because we value your input, the Terex Helpline is available for you to confidentially report conduct that may be unethical, inappropriate, illegal, or otherwise contrary to the Terex Code of Ethics and Conduct. The Terex Helpline system is administered by EthicsPoint, which is an independent third party. Fore more information about the Terex Helpline, visit the Terex Helpline website or phone: +1-866-384-4277, +1-866-493-1856 or +1-877-584-8488. International dialing numbers are also available.

 

Code of Ethics and Conduct

Terex believes that a company's conduct and its reputation are among its most valuable assets. It sets the tone for the relationships that a company enjoys with its employees, customers, suppliers, shareholders, the communities in which it operates, the public at large and its competitors. Terex is committed to the practice of good ethics and conduct among its officers, directors and employees. This commitment has many aspects, including avoiding conflicts of interest, maintaining confidentiality of information, ensuring compliance with laws, fostering a work atmosphere of mutual respect, properly using company assets and observing accounting and control procedures to ensure accurate recording, dissemination and reporting of information.

The ethical behavior of Terex and its employees takes precedence over profits, sales or other standards of success. We believe that ethical conduct is not only right, but also will result in success for Terex.

Terex provides all of its employees with a Code of Ethics and Conduct (the Code) which applies to Terex's employees worldwide and reflects our expectation that all of our employees act at all times in a responsible, legal and ethical manner. A copy of the Code can be found under the Corporate Governance portion of the Investors section of this website. The Code represents the core of our business philosophy and values. Our commitment to the highest standards of integrity begins with ensuring that everyone across Terex understands our core values. These values define how we conduct ourselves, both as employees and as decision-makers. All officers, directors and employees of the Company are expected to carefully read and adhere to the policies set forth in the Code.

» Click here to view our Code of Ethics and Conduct

 

Conflicts Minerals Policy

Background

In 2010, Congress passed the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) requiring the Securities and Exchange Commission (SEC) to issue rules specifically relating to the use of “Conflict Minerals” within manufactured products. Conflict Minerals are defined by the US State Department as tin, tantalum, tungsten and gold (also known as the 3TGs) and related derivatives originating from the Democratic Republic of the Congo (DRC) and adjoining countries (collectively, DRC Region). The SEC rules require all SEC registrant whose commercial products contain any 3TGs to determine whether the minerals originated from the DRC Region, and, if so, are they conflict free. By enacting this provision, Congress intends to further the humanitarian goal of ending the extremely violent conflict in the DRC Region, which has been partially financed by the exploitation and trade of Conflict Minerals originating in the DRC Region.

Commitment

Terex is committed to ethical practices and compliance with applicable laws and regulations wherever it does business. Terex is guided by its core beliefs and values as stated in Terex’s Code of Ethics and Conduct. Terex believes that its commitment to integrity and citizenship extends to its worldwide supply base. As a result, Terex has designed its conflict minerals reporting efforts to align and comply with Dodd-Frank’s conflict minerals reporting rules.

Expectations of Suppliers

Terex expects its suppliers to partner with it to comply with Dodd-Frank’s conflict minerals reporting rules. Terex expects its suppliers to:

(i) Complete Terex’s Conflict Minerals survey, identifying 3TG product they sell to Terex and the smelter that provided the original 3TG material (Terex’s direct suppliers may have to require successive upstream suppliers to complete Terex’s Conflict Minerals survey until the smelter is identified);

(ii) agree to cooperate with Terex in connection with any due diligence that Terex chooses to perform with respect to its country of origin inquiries; and

(iii) when Terex deems it necessary, to provide reasonable proof of the due diligence performed by the supplier to support the country of origin certification provided by the supplier to Terex.

 

California Transparency in Supply Chains Act Disclosure

The following disclosure is made pursuant to the  California Transparency in Supply Chains Act of 2010, by Terex Corporation (“Terex”) on behalf of itself and subsidiaries:
Terex is committed to operating with the highest level of ethical behavior and to complying with all applicable laws, regulations and industry codes in every country where it does business.  Terex does not condone the use of slavery or human trafficking and does not knowingly do business with any supplier who engages in such practice. 
Terex’s template terms and conditions of purchase and supply agreements require suppliers to comply with all applicable laws, and represent  that they will not engage in or utilize human trafficking, child, slave, prisoner or any other form of forced or involuntary labor.  

Supplier verification and audits are conducted on an as needed basis, with notice using internal resources. Verification and audits have not historically focused on human trafficking and slavery. 
Terex’s Code of Ethics and Conduct, which is issued to Terex employees, states the commitment of all Terex employees to comply with all applicable laws and regulations.  This Code specifically prohibits the use of  child and forced labor.  Terex employees receive training on Terex’s Code of Ethics and Conduct.  This includes training on Terex’s commitment to complying with all applicable laws, regulations and industry codes in every country where it does business.  Failure to comply with Terex’s Code of Ethics and Conduct may result in disciplinary action and/or termination of employment. 
Any Terex employee, supplier or concerned individual can confidentially report violations of law or any concerns, including human trafficking by a Terex supplier, through the Terex  Helpline at www.ethicspoint.com, +1-866-384-4277, +1-866-493-1856 or +1-877-584-8488. 

 

California Proposition 65

WARNING: Terex sells machines and service parts that contain or emit chemicals known to the State of California to cause cancer, birth defects, or other reproductive harm. Engine exhaust, many parts and systems, fluids, and some component wear by-products contain or emit these chemicals.

 

European Union REACH Regulation

Regulation (EC) No 1907/2006 of the European Parliament and of the Council of 18 December 2006 concerning the Registration, Evaluation, Authorization and Restriction of Chemicals (REACH) is aimed to protect human health and the environment from the risks that can be posed by chemical substances.

The European Union (EU) REACH Regulation requires that all chemical substances produced in or imported into the EU in quantities greater than one (1) metric ton per year be registered with the European Chemicals Agency.

Terex Corporation (Terex) manufactures a broad range of lifting and material handling equipment used in various industries, including the construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utility, quarrying and mining industries. Our products are considered “articles” within the EU REACH Regulation. Under certain conditions, REACH requires the registration of substances when present in articles. An article may be a final product, an assembly or a part. The registration of substances in articles is required when the chemical is intended to be released from articles during normal or reasonably foreseeable conditions of use if the substance is present in those articles in quantities greater than one (1) metric ton/year per Manufacturer/Importer per article type. At this time, Terex has not identified that our final products, assemblies or parts require registration under the REACH Regulation.

Article 33(1) of REACH requires manufacturers, importers and suppliers of an article containing more than 0.1% weight by weight of a Candidate List of Substances of Very High Concern (SVHCs) for Authorization to provide the recipient with information to allow safe use of that article. As a minimum, this should include the substance name. This obligation falls upon the importer into European Economic Area (EEA) or the manufacturer of the article in the EEA.

In accordance with the above provision, Terex hereby informs its customers that we have been notified by suppliers of the Terex Aerial Work Platforms segment that certain articles contain substances within the Candidate List of SVHCs at a concentration above 0.1% weight by weight.

» Click here to view the table of articles containing SVHCs.

Terex continues to receive information from suppliers regarding the presence of SVHCs within their products. Terex will continue to assess our manufacturing processes, supply chain and articles to determine compliance with the REACH Regulation.

Further information on the REACH Regulation may be obtained from ECHA’s website at http://echa.europa.eu/regulations/reach.

For REACH technical inquiries or questions, please contact Terex by email at REACH@terex.com.