Human rights statement
As a purpose-driven company, we respect human rights. Our commitment is grounded in the dignity and equal worth of every person and reflects our core values of integrity, responsibility, and fairness. This statement applies to all Principal employees, members of the Board of Directors, and employees in entities wholly and majority-owned by Principal, as well as our contractors, suppliers, vendors, and other business partners operating in all jurisdictions where we conduct business.
Our commitment includes using only voluntary labor, following all applicable wage and benefit laws, not employing under-age individuals in violation of any applicable child labor laws, and providing a work environment that is safe and healthy and free of harassment and unlawful discrimination. Principal maintains a zero-tolerance policy for unlawful discrimination and harassment, and this commitment extends to all employment decisions, including hiring, compensation, training, promotion, and termination.
Principal has a zero-tolerance policy for discrimination and does not discriminate against individuals based on age, race, color, religion or religious creed, sex, gender, gender identity, gender expression, pregnancy, national origin, ancestry, citizenship status, mental or physical disability, medical condition, genetic information or characteristics, sexual orientation, marital status, domestic partner status, military status, veteran status, or any other characteristic protected by law.
Principal respects and supports human rights principles as reflected in the Universal Declaration of Human Rights (UDHR), the International Labor Organization’s Declaration on Fundamental Principles and Rights at Work ("ILO Declaration"), the United Nations Global Compact, and the United Nations Guiding Principles on Business and Human Rights. We also respect employees' rights under applicable labor laws, including their freedom to associate with one another about workplace matters. We will not tolerate human rights violations of any kind, including human trafficking, slavery, forced labor, and child labor, and we are committed to implementing effective systems and controls to identify, assess, and help prevent such violations across our operations and supply chains.
Employees
We are committed to providing channels for raising workplace concerns, including through our open-door policy and our Ethics Hotline. Employees are encouraged to speak up when they observe conduct inconsistent with our standards.
Inclusion is foundational to our culture and work environment. We are committed to nurturing an inclusive workforce based on the highest ethical standards and a dedication to fairness, integrity, and trust. We continuously work with our employees and leaders to ensure they are informed of this Human Rights Statement and their roles in maintaining these practices as outlined in our Global Code of Conduct.
Suppliers and vendors
Principal expects its suppliers and vendors (“Suppliers”) to share our commitment to integrity. We recognize that Suppliers are independent entities; however, their actions may impact and/or reflect upon Principal and its reputation. Therefore, we expect all our Suppliers to conduct business in a manner consistent with the Supplier Code of Conduct and this Human Rights Statement. Suppliers are expected to use only voluntary labor, follow all applicable wage and benefit laws, not employ underage individuals in violation of child labor laws, and provide a work environment that is safe, healthy, and free of harassment and unlawful discrimination.
Suppliers are expected not to engage in slavery or human trafficking activities. This includes transporting, harboring, recruiting, transferring, or receiving vulnerable persons by means of threat, force, coercion, abduction, or fraud for the purposes of exploitation. Prior to engaging in business with a Supplier, Principal conducts screenings including of applicable sanctions lists, such as the Office of Foreign Assets Control (OFAC), and adverse media. These screening and due diligence processes are intended to help confirm that our supply base conducts business legally and consistent with our human rights expectations.
Customer protection
Recognizing the growing importance of data privacy around the world, we recognize our responsibility as a steward of personal information and maintain strong information security and privacy practices to protect personal data, support regulatory compliance, and uphold the trust our customers place in us.
Reporting violations
Principal does not tolerate unethical conduct or fraud and takes appropriate action when it occurs, whether perpetrated by employees, customers, vendors, or those who sell our products. Unethical or illegal conduct, including but not limited to employment practices, work environment concerns, or any other violations of this Human Rights Statement, must be reported through our Ethics Hotline by phone or online, both of which allow anonymous reporting. In the U.S., call 866.858.4433 (staffed 24/7) or submit an online reporting form. Individuals located outside the U.S. should submit the online reporting form. Retaliation against any individual who, in good faith, reports a concern or participates in an investigation is strictly prohibited.
If a violation of this Human Rights Statement is identified, Principal will take appropriate mitigation and remediation actions as determined by the company. Mitigation actions may include stakeholder engagement, process improvements, enhanced due diligence requirements, active engagement with business relationships, or, where necessary, divestment decisions. Where Principal has caused or contributed to an adverse human rights impact, remediation actions will be taken to help ensure that affected individuals or groups receive an effective remedy, which may include apologies, restitution, financial or non-financial compensation, or guarantees of non-repetition. Where Principal is indirectly linked to harm through a business relationship, the company will use its leverage to encourage the responsible party to remediate the impact and will cooperate with relevant judicial or non-judicial mechanisms, as appropriate.