Modine Manufacturing Company

Rating Overview

Modine Manufacturing Company is Medium Risk.

Modine Manufacturing is Medium Risk. The company often yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Modine Manufacturing occasionally embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues at times. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria	Risk Level
Cancellations	Medium Risk
Discriminatory Philanthropy	Lower Risk
Employment Protection	High Risk

Corporate Weaponization ⓘ

Corporate Governance and Public Policy Risk Levels
Criteria	Risk Level
Advocacy Bias	High Risk
Funding	Lower Risk
Political Actions	No Data

Corporate Governance and Public Policy ⓘ

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization

Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

Modine Manufacturing integrates ESG into its business practices. From its Supplier Code of Conduct: “We require our suppliers to: …Conserve resources, reduce energy use and emissions and work towards decarbonizar (sic)” (1). From its 2020-2021 Sustainability Report: “…the incorporation of ESG and DEI-related goals as an executive compensation performance measure” (2). The company has a history of tying executive bonuses to ESG and DEI metrics. However, in 2023, the company removed this policy from its Sustainability report. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (3). Modine Manufacturing promotes divisive sex and gender policies. Its Global Supplier Manual requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (4). However, the company has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (5).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

Lower

Rationale:

Modine Manufacturing does not appear to discriminate against charitable organizations based on views or beliefs (1).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Modine Manufacturing requires its employees to take DEI training and its hiring managers to take unconscious bias training (1). The company has a history of requiring its employees to take DEI training and its hiring managers to take unconcious bias training. However, in 2023, the company removed DEI and unconcious bias training from its Sustainability Report. To date, the company has not publicly addressed these changes, leaving shareholders without clarity regarding the company’s reasoning or future direction (2). Modine Manufacturing appears to prioritize diversity over merit in its leadership composition/. From its Selection of Nominees to the Board of Directors document: “In assessing candidates, the Board considers… issues such as the individual’s… contribution to diversity of the Board…” (3). Modine Manufacturing does not provide viewpoint protections for its employees (4).

Corporate Governance and Public Policy

Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Modine Manufacturing supports DEI and ESG within its business practices. From its Culture and Diversity page: “We are dedicated to ongoing education, training, and awareness-building initiatives to foster a culture of inclusivity” (1). From its 2020-2021 Sustainability Report: “We thank our leadership for their commitment to our ESG efforts on behalf of our
employees and stakeholders” (2). The company has a history of supporting ESG. However, in 2023, the company removed ESG language from its Sustainability Report. To date, the company has not publicly addressed this change, leaving shareholders without clarity regarding the company’s reasoning or future direction (3).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

Lower

Rationale:

Modine Manufacturing has not used corporate funds to advance ideological causes, organizations, or policies (1).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

N/A

Rationale:

Modine Manufacturing does not operate a PAC or report on its lobbying at this time (1)(2)(3).