INTEGRITY in how we GOVERN OUR BUSINESS.
Overview
At Albany, we are committed to conducting our business with integrity and according to the highest ethical standards, in accordance with the laws and regulations to which our activities are subject. The maintenance of high governance standards is supported by the Company’s comprehensive processes and policies, communications, and training.
2021 Corporate Governance Enhancements- In the past year, we have made several changes to enhance our Governance practices, notably:
- Effectively eliminated the dual class share structure there are no shares of Class B Common Stock outstanding
- Enhanced our board oversight to explicitly include ESG governance as a role of the Governance Committee
- Enhanced our director selection criteria to explicitly consider diversity in the evaluation of board candidates
Learn more about our Corporate Governance practices
1.Business Ethics
At Albany, we embrace uncompromising honesty and behave ethically and fairly. We are unwavering in our commitment to following the laws, regulations, standards, and ethical practices everywhere we do business. Ethics and compliance play an integral part in our decision making and business operations.
Highlights:
- To communicate expectations and establish the high standard to which we hold ourselves we have adopted a broad and robust Business Ethics Policy
- We maintain a series of stated Ethics Absolutes and a Code of Ethics are signed by our Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer.
- Our ethics reporting platform, EthicsPoint Helpline, is maintained and monitored by an independent third party.
Learn more about our Business Ethics efforts
2. Data Security
At Albany, data security is a top priority. To protect our company and customer data we employ industry best practices and adhere to the CIS 20 and NIST SP 800-171 cyber security frameworks. Our Data Security strategy is overseen by the Audit Committee of our Board of Directors, regularly reviewed at the executive level, directed by our Chief Information Officer, and managed by Albany’s Enterprise Cyber Security (ECS) team.
Learn more about our approach to Data Security
3. Product Quality/Safety
At Albany, a rigorous and effective commitment to product quality is an essential component of our strategy and a business imperative. All of our production facilities are accredited to the international standards appropriate to their customer base.
Within our Albany Engineered Composites business all our production facilities must meet and maintain continuous independent certification to AS9100/EN9100 Quality Management System – Requirements of Aviation, Space and Defense Organizations. Additionally, we maintain regular, independent certification under the Nadcap Special Processes accreditation program.
Learn more about Albany Engineered Composites’ Quality Management System
In our Machine Clothing business all our facilities maintain ISO 9100 Quality Management certification, undergoing regular internal and external audits to confirm requirements, identify opportunities and verify continuous improvement of our quality system.
Learn more about Machine Clothing’s Quality Management System
4. Supply Chain Management & Materials Sourcing
At Albany, a rigorous and effective commitment to product quality is an essential component of our strategy and a business imperative. All of our production facilities are accredited to the international standards appropriate to their customer base.
Learn more about our approach to Supply Chain Management Learn more about our approach to Materials Sourcing