Our business management framework, Principle Based Management™, supports our Vision. Based on proven principles of human progress and a deep appreciation for the individual, the framework and the eight core Values within it are key to our long-term success.
To ensure our governance procedures align with this, we have robust compliance standards, risk management systems and targeted training program that we implement worldwide. Our global Code of Conduct also requires employees to act with integrity, proper regard for the rights of others, and compliance with all applicable laws and regulations.
It’s also expected that any concerns that do occur can be raised without fear of retaliation. We have a Koch GuideLine which enables employees, customers, suppliers and others to register a concern online or via telephone. This is staffed by an independent company 24 hours a day, seven days a week. Calls are free and can be made anonymously when permitted by local law.
As a privately held company we are not constrained by quarterly or short-term demands, such as earnings or share price targets. Instead, we are able to make decisions and take actions that focus on long-term value creation.
We have clear financial standards and controls to guide our companies and employees. Oversight is conducted through a formal and independent Compliance and Ethics Committee, which report to our Board of Managers on a routine basis. Audit and self-assessment results, incident tracking and knowledge sharing are just a few of the ways we monitor and improve performance. Our shareholder. Koch Industries, also consistently reinvests a significant portion of group earnings – a practice that funds the exploration, innovation and opportunities that help create ever-greater benefits for all.