Financial Year 2017
This statement (“Statement”) is made pursuant to s.54 of the Modern Slavery Act 2015 and sets out the steps that Terex Corporation (“Terex”), on behalf of itself and its subsidiaries, has taken and is continuing to take to ensure that modern slavery or human trafficking is not taking place within our business or supply chain.
Modern slavery encompasses slavery, servitude, human trafficking and forced labor. Terex has a zero tolerance approach to any form of modern slavery and does not knowingly do business with any supplier who engages in such practice. We are committed to acting ethically and with integrity and transparency in all business dealings and to putting effective systems and controls in place to safeguard against any form of modern slavery taking place within the business or our supply chain.
Terex is a global manufacturer of lifting and material processing products and services delivering lifecycle solutions that maximize customer return on investment. Major Terex brands include Terex, Genie, Powerscreen and Demag. Terex delivers lifecycle solutions to a broad range of industries, including construction, infrastructure, manufacturing, shipping, transportation, refining, energy, utilities, quarrying and mining. Our business is international in scope, with our products manufactured in North and South America, Europe, Australia and Asia and sold worldwide.
We have a number of internal values, policies, procedures and tools in place to ensure that we are conducting business in a legal, ethical and transparent manner. These include, but are not limited to, the following:
- Terex Way Values of Citizenship, Integrity and Respect. Part of our keystone Terex Way Values are Citizenship, Integrity and Respect. We never sacrifice integrity for profit. We are transparent in all our business dealings. We provide a safe and healthy environment for our team members and treat all people with dignity and respect. Slavery defies these core values.
- The Terex Code of Ethics and Conduct (the “Code”). The Code, which applies to all Terex team members, states the commitment of Terex to comply with all applicable laws, regulations and industry codes in every country where it does business. This Code specifically prohibits the use of child and forced labor. Terex team members receive training on the Code and failure to comply may result in disciplinary action up to and including termination of employment, in accordance with applicable local laws.
- Helpline. Terex has an established, confidential Helpline, administered by a third party. The Helpline is staffed with trained specialists who are available 24 hours a day, seven days a week. It is accessible by phone or on-line. Any Terex team member, supplier or concerned individual can confidentially or anonymously report violations of law or any concerns, including concerns related to any form of modern slavery, through the Terex Helpline at www.ethicspoint.com, +1-866-493-1856.
- Business Practice Advocates. Terex has Business Practice Advocates (“BPAs”) worldwide who are Terex team members that serve as advocates, resources and facilitators for other team members. BPAs work directly with local leadership to identify opportunities to deepen the culture of responsible business conduct. Terex relies on a BPA’s business experience and cultural insight to ensure that local business practices are responsible. Terex team members can turn to their local BPA with any question or concern they may have concerning slavery.
- Retaliation is Strictly Prohibited. Terex will not tolerate any retaliation, as stated in the Code. Our strict “no retaliation” policy allows team members to know that they can raise concerns about slavery or other practices within our business or supply chain, without fear of reprisals.
As part of our initiative to identify and mitigate risk we, where possible, build long standing relationships with our suppliers and subcontractors and make clear our expectations of business behavior. The Terex strategic sourcing organization has standard Terex-wide strategic sourcing processes that include screening suppliers and ensuring our suppliers meet our business conduct expectations.
We currently require our suppliers, either through a written Preferred Supplier Agreement and/or the Purchase Order terms and conditions, to comply with all applicable laws, rules, regulations, orders and standards, which would include those prohibiting slavery. In addition, both our Preferred Supplier Agreement and Purchase Order forms contain an anti-slavery clause that requires the supplier to represent that neither it nor any of its subcontractors will 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 appropriate resources.
Terex has zero tolerance of any form of slavery and will not continue to do business with any supplier found to be engaged in such behavior.
This Statement constitutes Terex’s Statement for the financial year ending December 31, 2017, and was approved by the Board of Directors of Terex Corporation on March 8, 2018.
By: Stacey Babson-Smith
Title: Vice President, Chief Ethics and Compliance Officer
Date: March 16, 2018