The study of proper business rules and procedures on potentially contentious issues such as corporate governance, insider trading, corruption, discrimination, corporate social responsibility and fiduciary responsibilities is called business ethics. Business ethics is often driven by law, but it can also serve as a fundamental guideline that companies may choose to follow to gain public support. The law usually sets the tone for business ethics, giving companies a fundamental guideline to follow in order to win public approval. Here are 10 companies designated as ethical in 2022 by Ethisphere.
Through business ethics, level of credibility is justified among consumers and different types of market players. The concept of business ethics emerged in the 1960s as companies became more aware of a growing-based culture concerned with environmental issues, social causes and corporate responsibility. The decade was marked by greater emphasis on "social issues"
According to Ethisphere's criteria, the institute has established a ranking of the most ethical companies in the world. We will present you 10 ethical companies according to this ranking. To find the complete ranking with the commitments made by te companies, you can go to the Ethispere website to further your research.
Patagonia is well know to outdoor lovers (or simply those who want warm clothes). Patagonia is a pioneer in the field of climate impact and has been for a long time. The company is a strong supporter of local environmental activism. Patagonia Action Works had received $20,000,000 in donations from its customers.
The company also donates 1% of its total purchases to environmental groups around the world. Their company is known as "The Activist Company" because they have specifics calls to action on their website. On Patagonia's blog, you can find some of the environmental activities in the most beautiful places on the planet , in addition to serving as a call to action.
Patagonia Labor Association and uses sustainable or recycled materials in all their products.
According to Amazon's code of ethics, they strive to create a safe and healthy workplace. They want to break out of the environment of harassment and risks. They want to promote the freedom for their employees to do their work without interference.
Furthermore, their policy emphasizes that any behavior that is not in the best interest of their employees or consumers is strictly prohibited.
It is true that Amazon is known for its unethical environmental practices. Amazon's sustainability reports frequently omit the environmental impact of a number of its products and textiles, indicating that the company is unaware of its main effects. Amazon is infamous for allowing furs and other animal materials generated by animal cruelty procedures to be sold on its platform.
"Over the past 12 years, we have found that companies who prioritize oppenness authenticity are rewarded with trust from their employees, customers and investors" said Timothy Erblich, CEO of Ethisphere. "While unfavorable news may attract attention, companies that respect the rule of law and conduct themselves with decency and fairness around the world will always thrive in the long run", added Erblich.
"We are honoured to be ranked among the world's most ethical companies for the fifth consecutive year." Micheal Dell, president and CEO of Dell Technologies, issued the following statement.
"At Dell, we value integrity and honesty", he said. "We work hard to earn the trust of our customers, build our communities and inspire our employees by making sound and ethical decisions", he added
3M (originally Minnesota Mining and Manufacturing company) is a US - based multinational corporation with interests in industrial, worker safety, U.S. healthcare and consumer goods.
3M had total sales of $32,2 billion in 2020 and was ranked 96th on the Fortune 500 list of largest U.S. companies in terms of total revenue.
Kellogg's supports its farmers : Wether it's food loss or waste, Kellogg's tries to minimize these inconveniences. The same goes for the choice of packaging chosen for its low environmental impact.
The Battle Creek, Michigan-based convenience food company continues to set ethical standards for others to follow. With 76% of its packaging recycled worldwide Kellogg's has one of the smallest plastic packaging footprint of any paper-based company. By 2025, they want to use 100% sustainable packaging.
Boden, known for its women's, men's and children's clothing and accessories, has conquered the British Isles. To make their business more ethical, they have chosen to use sustainable cotton for the manufacturing of the clothes, reviewing their supply chain to make ethical. The clothes are fair trade. They also make charitable donations.
IBM was one of the first companies to publish corporate environmental reports and is a founding participant in the EPA's Energy Star program. The company expects its Tiers 1 suppliers to develop their own processes for setting quantifiable waste, energy greenhouse gas emission targets and to make public results.
Insurance and asset management are two of the company's best known services. Allianz supports low-income consumers in Asia and South America by maintaining high standards of ethical business practices, bridging the gap for those who need low-cost financial services. Allianz's core business as an insurance and investment company is environmental protection. The Group achieved carbon neutrality in 2012 through its commitment to a low-carbon economy and climate change strategy.
The company obtains more than 49% of its electricity from renewable sources, with a target of 100% by 2023.
Infosys has demonstrated ethical business practices closely aligned with strong market performance. The company has been recognized for its achievements in the areas of ethics and compliance, diversity, governance and social activities.
These 10 ethical companies are part of a large ranking and are not exhaustive. You can find the companies of the ranking on the Ethisphere website. We are now going to introduce you to a company whose mission is ethical. Here is our bonus company, Retreeb.
Retreeb is a french company willing to redefine the payment market. Indeed, until now our simple act of buying goods with a payment card, was enriching the giants of this market. Moreover, we do not always think about the consequences of using this type of payment. Retreeb is different, wants to shift the paradigm of the payment industry from "make as much as profit as possible" to "make as much profit as possible to share".
That is to say that 33% of its income will be donated to associations to finance their projects. To achieve this mission, the company is developing a payment application for users and merchants. The 33% is directly deducted from the merchant's transaction fees (Retreeb income). This means no cost to the user and no additional cost to the merchant. The associations are handpicked and are then elected by the users to be present on the application and be funded. Retreeb's aspiration is to become the ethical payment of tomorrow.