MILWAUKEE, July 11, 2016 /PRNewswire/ -- Johnson Controls today announced that it has entered into a settlement with the U.S. Securities and Exchange Commission (SEC) with respect to Foreign Corrupt Practices Act (FCPA) issues that it had self-reported related to the company's marine business in China.
After discovering evidence of potential improper behavior on the part of employees in its marine business in China, the company voluntarily reported the circumstances to the U.S. government, conducted a thorough investigation and fully cooperated with the U.S. authorities.
"At Johnson Controls, integrity is at the center of everything we do," said Johnson Controls CEO Alex Molinaroli. "The ability to identify and address issues when they do occur, reflects the company's commitment to ethics, responsible management practices and the good governance systems that uphold them. Our continuous improvement culture also involves continuing to make those systems even stronger."
The Department of Justice (DOJ) also made public a letter of declination citing among other things the company's voluntary disclosure, thorough investigation, full cooperation, remediation and additional enhancements to the company's internal accounting controls and compliance program. Johnson Controls is neither admitting nor denying the SEC's findings, which include a total payment of $14.4 million and a one year reporting period.
About Johnson Controls:
Johnson Controls is a global diversified technology and industrial leader serving customers in more than 150 countries. Our 150,000 employees create quality products, services and solutions to optimize energy and operational efficiencies of buildings; lead-acid automotive batteries and advanced batteries for hybrid and electric vehicles; and seating components and systems for automobiles. Our commitment to sustainability dates back to our roots in 1885, with the invention of the first electric room thermostat. Through our growth strategies and by increasing market share we are committed to delivering value to shareholders and making our customers successful. In 2016, Corporate Responsibility Magazine recognized Johnson Controls as the #17 company in its annual "100 Best Corporate Citizens" list. For additional information, please visit http://www.johnsoncontrols.com or follow us @johnsoncontrols on Twitter.
SOURCE Johnson Controls