Our Commitment to Sustainability – Joint Letter from our CEO and Chairman
At Intricon, we believe that we help improve, extend and save lives everyday through our commitment to integrity and innovation. As a joint development manufacturer (JDM) in micromedical technology, we partner with industry-leading medical device companies from around the globe to build world-class
products that make the lives of patients better. We invite you to learn more about our business and capabilities by visiting our website.
Our legacy of integrity and innovation extends beyond our customers to the communities and environments in which we live and work. Last year, Intricon recycled over 350,000 lbs. of plastic in an effort to reduce waste and reduce our impact on the environment. Over the past several years, we donated over $500,000 to our local communities and organizations focused on health initiatives such as Juvenile Diabetes Research Foundation (JDRF) to support innovations in reducing Type 1 diabetes. Intricon has a long history as a good corporate citizen and we want to build on that history.
We have established policies and practices that promote the well-being of our employees and focus on creating a culture where people can grow and develop their talents, feel safe and respected, and be part of an inclusive team. Intricon is committed to developing a more diverse organization where all talented and qualified people are welcome regardless of race or ethnicity, sex, sexual orientation or gender identity, religion or disability. We embrace difference and believe that great innovation comes from diverse perspectives.
Intricon’s Board of Directors and Executive Team are committed to strong corporate governance and sustainability. We believe that strong, diverse leadership that champions good governance and environmental and social practices will lead to exceptional results for all our stakeholders including our shareholders, customers, suppliers, employees and the communities in which we work.
We are committed to continuously improving the structure, transparency and accountability in our approach to environmental, social and governance sustainability.
If you have any questions about Intricon’s governance standards, environmental and safety practices or employee and community development activities, please reach out to us. You can inquire through our Investor Relations partner, Leigh Salvo of The Gilmartin Group (email@example.com or 415-937-5404) or by contacting our directors individually or as a group by sending a letter c/o Corporate Secretary, Intricon Corporation, 1260 Red Fox Road, Arden Hills, Minnesota, 55112.
Philip I. Smith
Chair, Board of Directors
President & CEO
Environmental, Social and Governance (ESG) Sustainability at Intricon
As a joint development manufacturer in micromedical technology, we approach medical device programs with an all-in commitment. Specifically, we work with our customers every step of the way from the earliest idea stages to ongoing production, sharing goals and taking risks in order to advance program performance and deliver results. We partner with our customers to get to market on time and on budget with Intricon’s unique combination of technical capabilities. With our focus on key device platforms, Intricon helps customers advance clinical outcomes by always looking ahead with proactive support and resources.
What we do:
As a Joint Development Manufacturer, Intricon assists customers with every phase of their medical device programs from concept through ongoing manufacturing. Each is equally vital; we invest in them while integrating them seamlessly and seeking relationships that leverage the continuum:
- Concept and design guidance around technical capabilities
- Precision Miniature Molding
- Microcoils Winding & Assembly
- Interventional Catheter Assembly
- Microelectronics Assembly
- ULP DSP & Wireless Communication
- Specialty Extrusions & Catheter Shafts
- Parallel path development
- Rapid prototyping
- Regulatory expertise and guidance
- Manufacturing process design and engineering with efficiencies in scale, geography, robotics and automation and financial resources to support adaptation and expansion
- Industry leading quality management standards/systems, ISO certification, supply chain management and reporting
The Role of ESG at Intricon
As Intricon continues to grow as a Joint Development Manufacturer and to broaden its technology and customer reach, we are committed to improving our ESG principles and visibility. We are eager to share our current best practices and improve our reporting transparency. Our goal is to give all our stakeholders (investors, customers, suppliers and employees) a meaningful view of our key business risks and opportunities as well as our strategies and actions that we are putting into place to continue building Intricon’s strong legacy of corporate responsibility.
Our Values and Ethics
At Intricon, integrity is core to who we are and what we do. Integrity has been a foundational value for Intricon since our founding over 40 years ago and we have never wavered in our commitment to being a moral and ethical leader in our business operations and everyday interactions. The following values guide us in how we define ourselves and how we behave:
- Integrity and Humility
- Discipline and Accountability
- Agility and Innovation
- Collaboration and Inclusiveness
At Intricon, we expect honest and ethical conduct from every director, officer, and employee. In addition, we believe in full, fair, accurate, timely and understandable disclosure in our SEC filings and other public communications. We strive to comply with applicable governmental laws, rules, and regulations while protecting Company assets and are accountable for adherence to our Code of Ethics. We believe in and promote:
- Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships.
- Full, fair, accurate, timely and understandable disclosure in our SEC filings and other public communications.
- Compliance with applicable governmental laws, rules and regulations.
- Prompt internal reporting to the appropriate person of violations of our Code of Ethics.
- The protection of Company assets, including corporate opportunities and confidential information; and
- Accountability for adherence to our Code of Ethics.
Reporting a Concern
We have established a Whistleblower Policy under which employees may anonymously report complaints regarding accounting, internal accounting controls or auditing matters to the Chairperson of the Audit Committee without fear of retaliation. Further, all employees, officers or directors are required to report any observed violations of our Code of Ethics to the CEO or CFO (or Chairperson of the Audit Committee in the event the matter involves the CEO or CFO).
Intricon’s Expectations of Our Suppliers
Intricon is committed to operating our business in a safe and ethical manner, while being good stewards of the environment. We expect the same of our suppliers. As part of our supplier approval process, we verify that our suppliers are aware of social matters such as ensuring proper work conditions, meeting human rights requirements and they enforce child labor laws. For key suppliers, we enter into Quality Supply Agreements to ensure our suppliers have appropriate controls in place for anti-corruption, confidentiality of proprietary information and compliance with all applicable regulations.
Our Commitment to Anti-Corruption
Intricon strongly values competition and adheres to strict guidelines regarding antitrust regulations and trade practice laws. In working to achieve our business objectives, Intricon competes aggressively and creatively in the marketplace. In doing so, however, we believe it is our responsibility to act in a fair and ethical manner and in accordance with applicable antibribery, antitrust and other trade practice laws and regulations.
Data Privacy and Security
Computer information systems and networks are an integral part of Intricon’s business. Computer resources are assets and we have made substantial investments to provide these resources. For security reasons, Intricon requires that the following policy and guidelines be followed. This policy applies to all employees, contractors, consultants, and temporary employees of Intricon.
The Intricon IT Corporate Operations Policy provides information systems and technology guidelines in the following areas:
- Acceptable Use and Security of Information – Any user that is provided network or enterprise software system log-in credentials at IntriCon must also be provided an acceptable use policy for their review. This policy states the acceptable use of computer information systems and networks at IntriCon. Users must review the policy and re-sign the acknowledgement form in the event of significant policy changes or every 3 years.
- Security, Technology and IT Services and related standards
- Data backup & Data restoration
- Enterprise Information Systems – change management and responsibilities.
Our Commitment to Quality, Health, Safety and the Environment
At the core of Intricon’s business practices and operations is a vision for the highest degree of integrity in our approach to managing quality, health, safety and environment standards. We believe that it is our responsibility and duty to:
- provide the highest quality in all our products and services
- protect the health and wellbeing of our team members
- ensure a safe and hazard-free workplace
- minimize the impact of our business on the environment
- comply with all applicable health, safety and environmental laws and regulations.
Quality at Intricon
Intricon is committed to satisfying the needs of our stakeholders by providing products that, through continual improvement, meet customer and regulatory requirements, are delivered on time and provide superior market value. All employees are responsible and accountable to perform their duties to the quality standards of the company and maintain the effectiveness of our Quality Management System.
To support these and other critical business objectives, Intricon maintains a Quality Management System that conforms to the requirements of ISO 13485, FDA, EEC, and other regulatory standards, as applicable, and any additional customer requisites as required.
Health Standards at Intricon
Intricon is committed to protecting the health and well-being of all team members to enable them to contribute to the success of Intricon as well as achieve personal goals. Intricon offers medical, dental and life insurance benefits to all team members. In addition, Intricon offers many other support services available to employees including many through an Employee Assistance Program (EAP) in the United States.
Safety at Intricon
Intricon is committed to ensuring a safe work environment for all team members and visitors while on the premises of Intricon. Intricon maintains a Workplace Accident and Injury Reduction Program and has implement other safety protocols to not only comply with Federal and State regulations, but more importantly to provide a safe and healthy work environment. Intricon strives to mitigate hazards which cannot be eliminated and minimize operational risk exposure.
Intricon’s Commitment to the Environment
Intricon is committed to being a positive and creative force in the protection and enhancement of the local and global environment. This is evident through the minimization of hazardous materials and our continuous efforts to reduce our consumption of natural resources throughout the company. The fundamental principal of Intricon’s environmental policy is to minimize any negative impact to the environment while conserving natural resources. Using education and administrative controls, we continuously assess our processes and practices to identify areas for reduction in energy, waste and emissions.
Intricon maintains policies and procedures to ensure its products are compliant with the Conflict Minerals, REACH and RoHS regulations.
Working at Intricon
As a Joint Development Manufacturer in micromedical technology, employees are a key asset. Intricon employs more than 600 full time team members around the world. Our global headquarters is in Arden Hills, Minnesota and we have additional facilities in:
United States: Minnesota (2), Illinois and California
Asia: Singapore and Indonesia
Our Human Resources Policy
Intricon is committed to creating an all-inclusive work environment where all directors and employees demonstrate respect for each other and participate in a community of integrity, trust and collaboration. Our people are integral to fulfilling our mission to improve, extend and save lives by advancing innovative micromedical technologies through joint development and manufacturing partnerships with industry leading medical device companies.
At Intricon, we believe that the growth and development of our people is paramount. Intricon has the privilege of strong loyalty among many longer-tenured employees who have a deep knowledge of our business and our industry. We are committed to building upon our history of developing life-long careers that support the professional goals of our team members along with the mission of Intricon. We are also committed to growing our talent pool both internally and from outside sources that can supplement our existing skill base as we continue to grow and expand the reach of our business. Currently, Intricon manages a well-developed internship program for engineers early in their careers. We also sponsor high-potential talent to participate in advanced technical and business training programs and degrees. We will continue to invest in our people and the talent development that is critical to the success of our business and the success of our employees.
Diversity and Inclusion
Intricon is committed to developing a more diverse organization where all talented and qualified people are welcome and included regardless of race or ethnicity, sex or gender, religion or disability. We believe that the greatest innovation comes from diverse and unique perspectives—different backgrounds, experiences and knowledge contribute to a better outcome for all. Intricon is proud to be an equal opportunity employer and we do not discriminate based upon race, religion, color, national origin, gender (including pregnancy, childbirth, or related medical conditions), sexual orientation, gender identity, gender expression, age, status as a protected veteran, status as an individual with a disability, or other applicable legally protected characteristics.
Intricon believes that good corporate governance begins with the Board of Directors. The Board has adopted Corporate Governance Guidelines that emphasize:
- diversity of experience, strengths and background
- professionalism and
Recognizing the significant impact that environmental, social and governance issues have on our ability to achieve sustainable growth, the Nominating and Corporate Governance Committee has been given the responsibility to develop and review the Company’s ESG policies and performance, including the impacts of our operations on society and the environment. Our approach to ESG is grounded in the Company’s philosophy which acknowledges our responsibility to deliver the highest-quality products to our customers; make a fair profit; recognize the personal worth of employees; and maintain good citizenship as a Company.