Governance

We have a mature governance environment with exacting standards, robust diligence processes and a proactive management approach. And we seek to work with partners who support our Values to minimise risk and maximise our positive social and environmental impact.

Good quality, ethical and effective decision-making builds sustainable businesses and enables them to create long-term value for all stakeholders.

Code of Business Ethics

Our Code of Business Ethics guides Smiths colleagues to recognise and deal appropriately with legal and ethical issues that they may encounter in the course of their work. This is supplemented by a suite of policies and procedures relating to specific ethics and compliance matters.

Reports and Policies

Speaking Out

Our colleagues and business partners are expected to report any activity – whether in our business or those of our partners – that they consider may be in breach of our ethics codes and policies. Both our colleagues and partners have access to our confidential ‘Speak Out’ reporting hotline, which is accessible 24 hours a day, seven days a week. We use colleague feedback from our engagement survey and ethics pulse surveys to build understanding of how we are doing, and to target our communication activities effectively.

Human Rights

We consider violations of human rights to be appalling crimes. Conduct that exploits workers or denies them the rights and benefits to which they are legally entitled is wholly inconsistent with our Values and policies and is not tolerated. We expect those with whom we have a business to share our commitment to human rights.

We recognise that human rights, including modern slavery and human trafficking risks, are not static and that, with a large and global operations and supplier base, we need to be constantly vigilant, with an evolving approach.

Anti-Modern Slavery and Transparency Approach

Trade Compliance

We operate a global trade compliance policy that covers export controls, import law, financial and trade sanctions, and anti-boycott law compliance, which is overseen by a central International Trade Compliance (ITC) team. The policy sets out a specific prior-review process for authorised transactions that involve certain sanctioned countries, which provides corporate oversight of such transactions.

Risk Management

Our divisional and functional teams are responsible for day-to-day management and reporting of risks. They identify new and emerging risks, escalate where appropriate, and take action to ensure risks are managed as required. Our divisions also conduct annual assessments of the risks they face. For more information on risk management see the Smiths Annual Report.

Annual Report