Eastman and 3M Honored Among World’s Most Ethical Companies

February 14th, 2018 by Katherine Coig

For the fifth consecutive year, film manufacturers Eastman and 3M have been honored by the Ethisphere Institute as two of the world’s most ethical companies. Over the past 12 years, the institute has honored companies worldwide that have recognized and used their sphere of influence on business and society to forefront positive change.

135 companies were recognized this year from 23 countries and 57 different industries. The institute assess five key categories to determine scoring: ethics and compliance program (35 percent), corporate citizenship and responsibility (20 percent), culture of ethics (20 percent), governance (15 percent) and leadership, innovation and reputation (10 percent).

“We are honored to be recognized among the World’s Most Ethical Companies again this year,” said Eastman chairperson and CEO Mark Costa. “At Eastman, we understand that to be successful and fulfill our purpose of enhancing the quality of life in a material way, we must build trust and confidence with all of our stakeholders – employees, customers, communities, investors and suppliers … This award is a testament to that commitment.”

3M vice president and chief compliance officer Veena Lakkundi attributes the company’s code of conduct as a primary reason for the company making the list again. “At 3M, we achieve this when all of us at the company strive to live the 3M Code of Conduct,” said Lakkundi. “Our 91,000 employees have collectively won this award.”

According to the institute’s CEO Timothy Erblich, financial value and ethics are not mutually exclusive.

“Research has found that, when indexed, listed World’s Most Ethical Companies outperformed the U.S. Large Cap Index over five years by 10.72 percent and over three years by 4.88 percent,” said Timothy Erblich, CEO of Ethisphere.

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