Summary
Parker-Hannifin Corporation (PH) filed an 8-K on November 3, 2009, reporting on an amendment to its governance policies. The company's Board of Directors adopted a new "Code of Conduct" on October 28, 2009, which supersedes and replaces the previous "Code of Ethics." This update aims to provide clearer and more detailed guidance on expected standards of behavior for all directors, officers, and employees, both domestically and internationally. The revised code expands on several key areas including company values, manager responsibilities, workplace conduct (bullying, violence, substance abuse), compliance (import, government dealings, Political Action Committee), intellectual property, electronic communications, and mechanisms for employees to seek help and report concerns without retaliation. Notably, no waivers of the Code of Conduct were granted to the CEO, CFO, or Controller.
Key Highlights
- 1Parker-Hannifin adopted a new "Code of Conduct" replacing the prior "Code of Ethics."
- 2The change in name from "Code of Ethics" to "Code of Conduct" aims for better international translation and consistency.
- 3The new Code of Conduct provides more detailed explanations and expanded subject matter areas.
- 4Key expanded areas include company values, enhanced manager responsibilities, and specific policies on bullying, violence, and substance abuse.
- 5Compliance-related updates cover import regulations, interactions with governments, and Political Action Committee guidelines.
- 6The code also elaborates on intellectual property protection, electronic communications, and reporting mechanisms for employees.
- 7No waivers of the Code of Conduct were issued to the Chief Executive Officer, Chief Financial Officer, or Controller.