Tronox Holdings - 1792 Exchange

Rating Overview

Tronox Holdings is Medium Risk.

Tronox Holdings plc 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	Medium 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	Lower Risk

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:

Tronox integrates ESG into its business practices. From its 2024 Sustainability Report: “One of our key focuses for 2025 is to further expand our supply contracts by including additional ESG clauses and requiring an ESG performance plan together with ESG criteria in our tenders” (1). The company promotes divisive sex and gender policies. Its Supplier Code of Conduct requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (2). However, Tronox 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:

Medium

Rationale:

Tronox corporate citizenship guidelines require that organizations abide by its nondiscrimination policy, including on the basis of sexual orientation and gender, thereby excluding some religious charities (1).

Criteria:

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

Risk Level:

High

Rationale:

Tronox appears to prioritize diversity over merit in its leadership composition. From its Corporate Governance Guidelines: “Candidates are selected for their character, judgment, business experience and specific areas of expertise, among other relevant considerations, such as the need for gender and ethnic diversity, representation from the geographic locations in which the Company operates as well as the requirements of applicable law and listing standards” (1). The copmany 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:

Tronox’s CEO John Romano signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace, strategize on DEI programs/initiatives with other signatories, and engage boards of directors when developing and evaluating DEI strategies (1)(2). The company is committed to net zero emissions by 2050 (3). Tronox supports DEI within its business practices. From its 2024 Sustainability Report: “Our D&I strategy is one of supporting an inclusive workplace and culture that reflects the diversity of our operations and people” (4).

Criteria:

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

Risk Level:

Lower

Rationale:

Tronox 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:

Lower

Rationale:

Tronox has not used its PAC donations or lobbying for ideological purposes (1)(2)(3).