Whirlpool 2005 Annual Report Download - page 24

20 Whirlpool Corporation
Business with Integrity
We had a mature, thoughtful financial control process in place
long before Sarbanes-Oxley (SOX) came along. At Whirlpool,
SOX isn’t about completing a separate series of steps to comply
with the law; it’s about embedding our effective business controls
in everything we do, day in and day out. — Roy W. Templin
Long before the world began focusing on corporate
governance and social responsibility as important parts of
business and society, Whirlpool Corporation was conducting
business with integrity and extending a helping hand to
people in times of need. Why? Because for us, this approach
has always been the right thing to do.
Throughout the years, Whirlpool has built a culture
based on living up to our commitments to stakeholders and
quietly working behind the scenes to strengthen the economic
and social fabric of the communities in which we operate.
Our goal is to be known, trusted and respected as
one of the world’s top corporate citizens. To do that requires
strong financial and ethical performance based firmly on the
principle that “there’s no right way to do a wrong thing.”
In 2005, as in the prior year, we achieved
compliance under Section 404 of the Sarbanes-Oxley (SOX)
Act and had no material weaknesses. That’s because we
had a mature, thoughtful financial control process in place
long before SOX came along. At Whirlpool, SOX isn’t about
completing a separate series of steps to comply with the
law; it’s about embedding our effective business controls in
everything we do, day in and day out.
Since we began business in 1911, our heritage
has been based upon sound internal controls and accurate
financial reporting, and they will remain highly valued and
critical to the company’s ongoing success. Through our
established accounting control standards and procedures, we
seek to ensure all corporate assets are protected and properly
used, and financial records are accurate and reliable. In
addition, we have well-established policies governing the
receipt of money and processing of payments to comply
with money-laundering prevention laws. Our employees
share the responsibility for maintaining and complying with
required internal controls and ensuring that our assets are
not misused.
Our code of ethics requires every employee to act
responsibly and maintain the highest levels of personal,
business and legal conduct. That means walking away
from a business agreement rather than compromising
our standards. Our long-standing reputation for quality,
excellence and integrity demands that we make the correct
choice in all cases.
Ethical conduct has no boundaries and applies to
all Whirlpool employees worldwide. Since 1993, Whirlpool
has provided employees with a confidential “hotline” to
report ethical issues outside normal business channels and
relationships. If an employee becomes aware of an ethical
issue, he or she has a responsibility to report it.
Our high levels of financial accountability and
business ethics were recognized this year by several third-
party organizations. In January 2005, Global Finance
Magazine included Whirlpool on its list of the World’s
Most Socially Responsible companies.
The Society of Financial Service
Professionals awarded us its 2005
American Business Ethics Award,
and Business Ethics Magazine named
us to its list of best corporate
citizens, as it has every year since
1999, ranking the company 18th
out of the 100 companies included
in the list.
Worldwide Operations
Roy W. Templin, Chief Financial Officer
Whirlpool Corporation