Honeywell 2015 Annual Report Download - page 88

March 2014 that transited through Iran en route to Uzbekistan on trucks operated by a third party transportation vendor (the
Vendor) retained by the Non-U.S. Subsidiary. The Non-U.S. Subsidiary hired the Vendor to facilitate shipment and the
Vendor further engaged a trucking company to provide surface transport. The Vendor proposed the transport route for the
shipment. The shipment of the items via Iran occurred inadvertently as a result of non-U.S. person employees approving the
transport route proposed by the Vendor. Honeywell disclosed these past transactions voluntarily to the U.S. Treasury
Department
’ s Office of Foreign Assets Control (OFAC).
The Non-U.S. Subsidiary did not pay, directly or indirectly, any duties or taxes to the Government of Iran as a result of
these shipments because the shipments were made under TIR (Transports Internationaux Routiers) Carnets, a treaty
system which allows for the transport of merchandise through contracting parties from the customs office of departure to the
customs office of destination without payment of customs duties/taxes in transiting countries. Further, the Non-
U.S.
Subsidiary made all payments for shipping services to the Vendor on a flat-fee basis at a rate of $11,800 per shipment, and
the Non- U.S. Subsidiary did not reimburse the Vendor for any fees or other expenses incurred in Iran.
Neither Honeywell nor the Non-U.S. Subsidiary derived any revenue by inadvertently shipping the items via Iran.
Item 10. Directors and Executive Officers of the Registrant
Information relating to the Directors of Honeywell, as well as information relating to compliance with Section 16(a) of the
Securities Exchange Act of 1934, will be contained in our definitive Proxy Statement involving the election of the Directors,
which will be filed with the SEC pursuant to Regulation 14A not later than 120 days after December 31, 2015, and such
information is incorporated herein by reference. Certain other information relating to the Executive Officers of Honeywell
appears in Part I of this Annual Report on Form 10-K under the heading Executive Officers of the Registrant.
The members of the Audit Committee of our Board of Directors are: George Paz (Chair), Kevin Burke, D. Scott Davis,
Linnet Deily, Judd Gregg and Robin L. Washington. The Board has determined that Mr. Paz, Mr. Davis and Ms. Washington
are audit committee financial experts as defined by applicable SEC rules and that Mr. Paz, Mr. Burke, Mr. Davis, Ms. Deily
and Ms. Washington satisfy the accounting or related financial management expertise criteria established by the NYSE. All
members of the Audit Committee are independent as that term is defined in applicable SEC rules and NYSE listing
standards.
Honeywell ’ s corporate governance policies and procedures, including the Code of Business Conduct, Corporate
Governance Guidelines and Charters of the Committees of the Board of Directors are available, free of charge, on our
website under the heading Investor Relations (see Corporate Governance), or by writing to Honeywell, 115 Tabor Road,
Morris Plains, New Jersey 07950, c/o Vice President and Corporate Secretary. Honeywell
’ s Code of Business Conduct
applies to all Honeywell directors, officers (including the Chief Executive Officer, Chief Financial Officer and Controller) and
employees. Amendments to or waivers of the Code of Business Conduct granted to any of Honeywell
’ s directors or
executive officers will be published on our website within five business days of such amendment or waiver.
Item 11. Executive Compensation
Information relating to executive compensation is contained in the Proxy Statement referred to above in Item 10.
Directors and Executive Officers of the Registrant, and such information is incorporated herein by reference.
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