Tuesday, February 12, 2013

Chapter 3. Ethics and Social Responsibility

Like any other company, Tiffany & Co. is responsible for creating an ethically healthy environment and it believes that its moral obligation to preserve the natural beauty which is so inspirational to the company.
The Tiffany & Co. Internal Audit Department ensures that the company runs in agreement with laws, regulations and company policies. The company Code of Business supplies principles which are expected to be followed and performed in the corporate duties.

Certain expectations are set for employees by the company Business Conduct Policy. The policy restricts an acceptance of any kind of payments such as bribes or gifts. If any ethical issue occurs, an employee can report it anonymously.

The Board of Directors, which is elected by the company stockholders, is in charge for delinquency of the company's strategy and operations.

Corporate Social Responsibility

In 2009, a Corporate Social Responsibility Committee was founded by the Boards of Directors to review and evaluate Management's goals and practices for social responsibilities.

Alaska's Bristol Bay
Tiffany & Co. has promoted a number of significant policy decisions. As an example, the company stands for the environmentally responsible mining standards. It works with nongovernmental organizations (Earthworks and Human Rights Watch) to strengthen responsible mining practices. It was the first jeweler to grasp the goals of Earthworks No Dirty Gold Campaign in 2005 which set up ambitious social, human rights and environmental standards of the extraction of gold that retail jewelers can use when they seek responsible mining sources.
In 2009, Tiffany & Co. put an advertisement in National Jeweler magazine to bring attention in the jewelry industry about Pebble Mine in Bristol Bay, Alaska, which is home of the world's most productive salmon fishery. Plus, same year  the company devoted its store windows to an "Under the Sea" theme to show its concern for coral conservation. The company stopped selling coral products to preserve a vital element of our ecosystem.

Supplier Responsibility

The Tiffany & Co. Social Accountability Program protects basic human rights by scanning its suppliers' performance which includes hours of work, wages and benefits, health and safety, harassment or abuse, disciplinary practices, discrimination and environmental protection.

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