Thermon - 1792 Exchange

Rating Overview

Thermon is Medium Risk.

Thermon Group Holdings, Inc. 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. The company 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:

Thermon integrates ESG into its business practices, tying executive compensation to divisive metrics. From its Diversity Web Page: “To foster and anchor this inclusive environment where all employees are represented, engaged and empowered, we have launched the following initiatives: Linking executive compensation to diversity and retention metrics to ensure ongoing monitoring of progress on initiatives from senior leadership and our Board of Directors” (1). The company promotes divisive sex and gender policies. Its Human Rights Policy requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (2). However, Thermon has not canceled customers, suppliers, or vendors based on political views or religious beliefs (3).

Criteria:

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

Risk Level:

Lower

Rationale:

Thermon 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:

Thermon appears to prioritize diversity over merit in its recruitment and hiring. From its Diversity Web Page: “To foster and anchor this inclusive environment where all employees are represented, engaged and empowered, we have launched the following initiatives: Updating Master Service Agreements with external recruiting partners, search firms and temporary agencies in the US to source more diverse slates of talent, Targeting diversity in our university recruiting for our US new hire graduate program for sales engineers” (1). The company does not provide viewpoint protections for its employees (2).

Corporate Governance and Public Policy

Criteria:

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

Risk Level:

High

Rationale:

Thermon supports DEI within its business practices. From its Human Rights Policy: “We value diversity and inclusion and the unique contributions of the people with whom we work” (1). The company supports ESG within its business practices. From its 2025 Proxy Statement: “As further described below under Role of the Board in Risk Oversight, the Board maintains oversight over the Company’s management of significant matters of corporate responsibility and sustainability, including potential long- and short-term trends and impacts to the Company’s business and stakeholders of environmental, social, and governance issues, and reviews the Company’s reporting process for environmental or social metrics” (2).

Criteria:

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

Risk Level:

Lower

Rationale:

Thermon 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:

Thermon does not operate a PAC or engage in lobbying at this time (1)(2)(3).