responsibility

At Cloyes, corporate responsibility guides all that we do - how we operate, respect each other, and care for the world we live in.

Environmental, Social, and Governance

ENVIRONMENT, SOCIAL, AND GOVERNANCE

We believe our Environmental, Social, and Governance ("ESG") considerations should be part of every business decision we make. They are essential to creating value for our shareholders and developing a more sustainable long-term strategy.

We Also Believe The Importance We Place On Diversity And Inclusion Makes Us A Better Company. It Isn't Optional. It Is Who We Are And Who We Want To Be.

ENVIRONMENTAL POLICY

Cloyes recognizes that its activities as a Company may have an impact on the environment. We will endeavor to promote environmental awareness and improve staff education and involvement around issues affecting the environment, ensure that its business is environmentally responsible, and make efforts to improve its energy efficiency.

To address key issues of environmental concern and minimize its environmental impact, Cloyes will at the Company-level endeavor to:

  • Recycle waste and seek to reduce the production of waste.

  • Raise awareness of efficiently use energy, water, manufactured products (e.g., paper) and natural resources.

  • Monitor electricity usage to identify energy waste.
  • Increase the use of videoconferencing to minimize air travel.
  • Use products that are made from sustainable sources or recycled materials or that are designed to be easy to reuse or recycle when practicable; and

  • Eliminate or reduce, where possible, the use of products made from unsustainable natural resources.

 

Responsibility

SOCIAL POLICY

Cloyes is committed to compliance with applicable national, state, and local labor laws and maintains a safe and healthy work environment in which all individuals are treated with mutual respect and dignity. We strive to maintain an environment free of discrimination based on race, color, religion, gender, national origin, ancestry, age, disability, veteran status, marital status, sexual orientation, citizenship, or any other protected category or characteristics. This equal employment opportunity policy applies to all employment practices, including but not limited to recruiting, hiring, advertising, promotion, transfer, reductions in force, social and recreational programs, training, employee development, compensation and fringe benefits, discipline, and termination.

Cloyes provides opportunities for personal development and reward and encourages positive contribution to one's community. We encourage employees to give back to their communities both financially and with their time. Some of the ways in which businesses can positively contribute to country include: generating sustainable tax revenues, creating new jobs, providing training and education, and assisting in the development of local industry through building infrastructure and utilizing local content.

 

GOVERNANCE POLICY

Cloyes is committed to incorporating ethical, responsible, and rigorous decision-making and to promoting effective board composition and structures.

Owner / Board of Directors Communication
Cloyes recognizes the importance of engaging and communicating with its owners, MidOcean Partners, and the Board of Directors. Building positive relationships with them is critical to creating long term value. In addition to the distribution of weekly and monthly reports, Cloyes holds Bi- Weekly CEO/CFO calls to engage them and help ensure that our approach to operating is informed and allows for a communication of efforts as well as a demonstration of results and progress.

Anti-fraud and Anti-corruption
Cloyes maintains a zero-tolerance policy on corruption. A project with corrupt roots, without a solid, transparent, and legitimate foundation, is likely to be short lived and hazardous, especially in the face of a new government hostile to agreements and made under prior administrations. Moreover, Cloyes believes that the eradication of bribery and corruption through improved governance and increased transparency will create a fairer business environment and will encourage more effective governance. Good governance is rooted in adherence to regulations and laws.

Executive renumeration
High level individuals are a vital component of success for any organization. Remuneration policies should allow the recruitment and retention of these individuals and provide appropriate incentive arrangements which reward returns for owners and shareholders.

In considering the pay arrangements for senior executives Cloyes is concerned with the structure of total compensation and to ensure that potential rewards are aligned with owner and shareholder interests. While in order to hire the best individuals, it's necessary for companies to pay at levels which allow them to compete in the market to recruit successful executives, unwarranted transfers of value to executives is not warranted. It follows that where individuals have failed, their continuation in the role should be reviewed, and if necessary, they should be removed.

Board composition & proper risk management
Cloyes seeks to appoint board members who are competent and have a broad range of skills, expertise, industry, and other knowledge useful to the effective oversight of the relevant portfolio company's business. Our Board will be composed of qualified directors who are sufficiently familiar with the current and emerging issues of the company's business to provide strategic guidance and effectively supervise and review the performance of management, including oversight of risk management. The board of directors should be accountable to owners and shareholders.

 

Governance

Diversity and Inclusion