Document

2011 World’s Most Ethical Companies
The Ethisphere Institute, a leading international think-tank dedicated to the creation,

advancement and sharing of best practices in business ethics, corporate social
responsibility, anti-corruption and sustainability, announced the official unveiling of the
2011 World’s Most Ethical Companies. This year’s honorees have gone above and
beyond to prove business ethics are paramount to the success of a company’s brand and
bottom line. In its fifth year, the World’s Most Ethical Companies recognizes
organizations that promote ethical business standards and practices by exceeding legal
minimums for compliance, introducing innovative ideas that benefit the public and
forcing their competitors to follow suit.
The World’s Most Ethical Companies designation recognizes companies that truly go
beyond making statements about doing business “ethically” and translate those words
into action. WME honorees demonstrate real and sustained ethical leadership within their
industries, putting into real business practice the Institute’s credo of “Good. Smart.
Business. Profit.”
This year, there are 110 World’s Most Ethical Companies. Of these companies, 36 are
new to the list in 2011 and 26 companies dropped off from the 2010 list. These “drop
offs” generally occurred because of litigation and ethics violations, as well as increased
competition from within their industry.
2011 WORLD’S MOST ETHICAL COMPANY SELECTION PROCESS:
1. The Methodology
A methodology committee of leading attorneys, professors, government officials and
organization leaders, assisted Ethisphere in creating the scoring methodology for the
World’s Most Ethical Companies awards.
2. Candidate Selection
Over the course of the year, companies across the world submitted their applications to
become 2011 World’s Most Ethical Companies. Based on these applications, as well as
information Ethisphere gathered throughout the year, a list of semi-finalists was created.
3. In-Depth Analysis
At this stage, semi-finalist companies were notified and given an in-depth survey
questionnaire to fill out regarding their ethics and compliance program, governance and
corporate responsibility.
4. Further Refinement
Ethisphere then conducted data analysis on hundreds of companies based on their
responses to the survey, as well as documents and information researched and requested
by Ethisphere to confirm survey responses. Every company was then given an EQ score
based on the results of the survey and measured against seven distinct categories. These
categories were Corporate Citizenship and Responsibility; Corporate Governance;
Innovation that Contributes to the Public Well Being; Industry leadership; Executive
Leadership and Tone from the Top; Legal, Regulatory and Reputation Track Record; and
Internal Systems and Ethics/Compliance Program.
5. The Winners…
The highest EQ scores for each industry became this year’s 2011 World’s Most Ethical
Companies.
2011 WORLD’S MOST ETHICAL COMPANIES:
Apparel
Aerospace Adidas
Indra Sistemas Comme Il Faut
Rockwell Collins Inc. Gap
The Aerospace Corporation Patagonia
Timberland
Automotive
Auctions Cummins
eBay Denso
Ford Motor Company
Johnson Controls
Banking
Australia and New Zealand Banking Group Business Services
National Australia Bank Accenture
Rabobank Dun & Bradstreet
Standard Chartered Bank Noblis
The Westpac Group
Chemicals
Computer Hardware
Ecolab
Hitachi Data Systems
JM Huber
Computer Software Construction and Engineering
Adobe Systems
Microsoft CRH
Salesforce.com Granite Construction
Symantec Corporation Parsons Corporation
Teradata Corporation
Consumer Electronics Consumer Products
Electrolux Colgate-Palmolive Company
Ricoh Henkel AG
Xerox Kao Corporation
Electronics and Semiconductors
Diversified Industries Freescale Semiconductor
General Electric Co. Premier Farnell
Texas Instruments
Energy and Utilities
Encana
Engineering and Design
Statoil
AECOM Technology Corporation
NextEra Energy, Inc.
CH2M Hill
Northumbrian Water
Fluor Corporation
Vestas Wind
Wisconsin Energy Corporation
Financial Services
American Express
Environmental Services
Housing Development Finance Corp
Waste Management
NYSE Euronext
The Hartford Financial Services Group
Food and Beverage Food Stores
General Mills Kesko
PepsiCo The Co-Operative Group
Solae Wegmans
Stonyfield Farm Whole Food Market
Forestry, Paper and Packaging Health and Beauty
International Paper Natura Cosmeticos
Stora Enso Oyj
Svenska Cellulosa
Hotels, Travel and Hospitality
Healthcare Services
Kimpton Hotels
Baptist Health South Florida
us
Marriott International
Hospital Corporation of America
The Rezidor Hotel Group
Premier
Wyndham Worldwide
Industrial Manufacturing
Insurance
Caterpillar
Aflac Incorporated
Deere & Company
Sompo Japan Insurance
Eaton Corporation
Swiss Re
Milliken & Company
Wisconsin Physicians Service Insurance Co.
Schneider Electric
Internet Media, Publishing and Entertainment
Zappos Thomson Reuters
Medical Devices
Metals
Becton Dickinson
Umicore
Royal Phillips
Real Estate
British Land plc Restaurants and Cafes
Jones Lang LaSalle Starbucks Coffee Company
Unibail-Rodamco
Specialty Retail
Best Buy Co.
Specialty Pharma Hennes & Mauritz
Medicis Sonae
Target
Ten Thousand Villages
Telecom Hardware
Staffing Avaya Inc.
Manpower Cisco Systems
Juniper Networks
Transportation and Logistics
Telecom Services
Autoridad del Canal de Panama
Singapore Telecom
East Japan Railway Company
Swisscom
Nippon Yusen Kabushi Kaisha
T-Mobile USA
UPS
2010’s 100 Most Influential People In Business Ethics

January 31, 2011
The following list of 100 individuals represents those that had significant impact in the
realm of business ethics over the course of the year. Although many listed here are
deserving of a lifetime achievement award, this list recognizes those that have made a
significant impact specifically during 2010.
These individuals represent eight distinct categories; Government and Regulatory;
Business Leadership; Non-Government Organization (NGO); Design and Sustainability;
Media and Whistleblowers; Thought Leadership; Corporate Culture; Investment and
Research; and Philanthropy.
Some are world famous and some are unknown, but from designing sustainable
packaging to recovering billions of dollars from ponzi schemes, the following 100
individuals have impacted the world of business ethics in ways that will continue to
resonate for many years.
The winners are broken down into the following eight core categories:
Business Leadership Non-Government Organization
Did the individual substantially (NGO) Did the individual
transform a specific business’ impact a company’s (or
Government and Regulatory
operational practices consistent industry’s) practices through
Did the individual impact
with profitable external, on-regulatory
government rules or
ethical leadership, forcing leadership either through
enforcement trends?
competitors to follow suit or fall positive collaboration or
behind? negative publicity for a positive
end?
Design and Sustainability
Did the individual substantially Thought Leadership
contribute to or lead a product Did the individual conceive of
Media and Whistleblowers
or service redesign, which new approaches or otherwise
Did the individual raise
resulted in less natural resource materially contribute to the
awareness on a critical issue or
use, or increased consumer field of business ethics theory
expose corruption?
acceptance of sustainability in a way that could be easily
without diminishing the quality applied by corporate leaders?
of the original product or
service?
Corporate Culture
Investment and Research
Did the individual show success
Did the individual impact Philanthropy
to transforming the ethical
corporate behavior through Did the individual donate a
culture and behavior of a
influencing investor decisions substantial amount of money
corporation or institution,
and the deployment of towards a cause or organization
particularly if such corporation
investment capital due to that significantly promotes
or institution previously had a
research or institutional fund business ethics?
less than ethical culture and
management practices?
values system?
The List:
1 (tie). Lord Willy 26. Jeff Bezos 51. Paul Bulcke 76. Shai Agassi
Bach 27. Ernst Ligteringen 52. Martin Kreutner 77. Stanley Fischer
1 (tie). Jack Straw 28. Kathleen Edmond 53. Zachary Bentley 78. Toby Heaps
3. Jon Leibowitz 29. Mo Ibrahim 54. (tie) Oliver 79. Birgitta Jonsdottir
4. Abu Kassim 30. Danny Holmes Kuttner 80. Brad Smith
Mohamed 31. Len Sauers 54. (tie) Ron Cerven 81. Lola Gonzalez
5. James Wetta 32. Huguette Labelle 54. (tie) Roger 82. Arlen Spector
6. Indra Nooyi 33. Michael Luscombe Riedener 83. Michael Hershman
7. Paul Volcker 34. Robert Chatwani 57. Vinod Khosla 84. Rich Lechner
8. Lanny Breuer 35. Elizabeth Warren 58. Matthew Lee 85. Mark Makepeace
9. Jeff Immelt 36. Wolfgang U. 59. Alexandra Wrage 86. (tie) Ashraf Ghani
10. Joaquin Almunia 37. Sue Cischke 60. Angel Gurria 86. (tie) Clare
11 (tie). Barney Frank 38. John Dugan 61. Andrew Kassoy Lockhart
11 (tie). Chris Dodd 39. Sharon Allen 62. Jermyn Brooks 88. Ron James
13. Delaware Supreme 40. Rakesh Khurana 63. Alexei Navalny 89. Ellen Iobst
Court 41. Shan Ramburuth 64. Daniel Thelesklaf 90. Joe Solmonese
14. Mary Schapiro 42. Mike Robinson 65. Marjorie Doyle 91. Dick Bednar
15. Mike Duke 43. Kate Ellis 66. Salam Fayyad 92. Prince Charles
16 (tie). Bill Gates 44. Bill Marriott 67. Geoff Lye 93. Susan Forsell
16 (tie). Warren 45. Paul Polman 68. Ethan Zuckerman 94. (tie) Samuel
Buffett 46. Lily Safra 69. Gary Aguirre Rubenfield
18. Jeffrey Swartz 47. (tie) Jim Balsillie 70. Chris MacDonald 94. (tie) Joe Palazzolo
19. William Sessions 47. (tie) Mike 71. Richard Cassin 96. Peter Webster
20. Robert Zoellick Lazaridis 72. Roy Snell 97. Tensie Whelan
21. Peter Loscher 49. Frank Baldino, Jr. 73. Kate Heiny 98. Christiana
22. Irving H. Picard 50. Peter Welch 74. Mindy Lubber Figueres
23. Andrew Cuomo 75. Hu Shuli 99. Kamal Kar
24. Dominique 100. Christy Wood
Strauss-Kahn
25. Nitin Nohria
1. Lord Willy Bach – Member of Parliament, UK House of Lords

Category: Government and Regulatory
Bach, along with Straw (tied for first place) Introduced the UK Anti-Bribery Act,
probably the single most discussed law in corporate ethics and compliance. Every
multinational company that operates in the United Kingdom (regardless of where the
company is based) is currently revamping their anti-corruption policies and training
programs to account for some of the new provisions in the UK Anti-Bribery Act.
Foremost among them is the new prohibitions on corporate gift giving. Experts anticipate
the UK Bribery Act will have implications for a decade or more.
Back to List
1. Jack Straw – Member of Parliament, UK House of Lords

Straw, along with Bach (tied for first place) Introduced the UK Anti-Bribery Act,
probably the single most discussed law in corporate ethics and compliance. Every
multinational company that operates in the United Kingdom (regardless of where the
company is based) is currently revamping their anti-corruption policies and training
programs to account for some of the new provisions in the UK Anti-Bribery Act.
Foremost among them is the new prohibitions on corporate gift giving. Experts anticipate
the UK Bribery Act will have implications for a decade or more.
Back to List
3. Jon Leibowitz – Chairman, U.S. Federal Trade Comission

The Federal Trade Commission (FTC), under Leibowitz’ leadership, has been busy in
2010. Some developments include the online “do not track list” as well as new guidelines
for environmental advertising claims.
Back to List
4. Abu Kassim Mohamed – Chief, Malaysian Anti-Corruption Comission

The Malaysian Anti-Corruption Commission has been leading the way in Southeast Asia
around Anti-Corruption efforts. Mohamed has been instrumental in creating the country’s
program.
Back to List
5. James Wetta – Former Sales Rep, AstraZeneca

Category: Media and Whistle-Blowers
In 2004, Wetta blew the whistle on his former employer AstraZeneca. In 2010 he blew
the whistle on Eli Lilly. Both lead to massive settlements (and financial gain for Wetta).
Needless to say, he will probably struggle to find another job in the pharmaceutical
industry.
Back to List
6. Indra Nooyi – CEO, Pepsi

Category: Business Leadership
Pepsi, under Nooyi’s leadership, has spent significant resources and effort building dams
and reducing water usage in India (among other initiatives). Pepsi continues to lead the
way in corporate sustainability efforts.
Back to List
7. Paul Volcker – Chairman, Economic Recovery Advisory Board
Category: Thought Leadership
Volcker, Chairman of the President’s Economic Recovery Advisory Board, substantially
influenced the way that the U.S. responded to the economic crisis. Early in 2010, new
rules determined by Volcker were proposed by President Obama which would make it
more difficult for financial firms to make speculative investments on behalf of their
clients.
Back to List
8. Lanny Breuer – Assistant General Attorney, Criminal Division, U.S. Department of

Justice
As the head of the U.S. DOJ’s Criminal Division, Breuer had significant influence on
corporate behavior and enforcement priorities throughout 2010.
Back to List
9. Jeff Immelt – CEO, General Electric

GE, with Immelt’s guidance, consistently leads the way in various facets of business
ethics, including sharing best practices with industry peers and participating in global
ethics events.
Back to List
10. Joaquin Almunia – Commissioner, European Competition Commissioner

Almunia makes the list again this year for the European Commission’s
new antitrust rules for online sales that were issued in 2010. Last year we anticipated
Almunia would rise quickly through the ranks of this list, and he did. We anticipate he
will be back next year, too.
Back to List
11. Barney Frank – Representative, U.S. House of Representatives

Along with Chris Dodd (below), Frank makes this list for co-sponsoring the new Dodd-
Frank Act. The Act is expected to have a profound impact on the number of whistle-
blower complaints that regulatory agencies will receive. The fear of many companies is
that whistle-blowers will have financial incentive to go straight to regulators and avoid
internal reporting channels.
Back to List
11. Chris Dodd – Senator, U.S. Senate

Next to the UK Bribery Act, the new Dodd-Frank Law is the second most talked about
bill issued this year around ethics and compliance. The bill is having massive impact in
the corporate world, and Ethisphere has spoken with numerous compliance and ethics
professionals seeking guidance on best practices for abiding by the new laws. Dodd co-
sponsored the bill.
Back to List
13. Delaware Supreme Court -

We’ve previously listed the Chief Justice in former years, but decided that all five
justices should be recognized this year for the influence that the Delaware Supreme Court
had in 2010 over U.S. corporate law.
Back to List
14. Mary Schapiro – Chairman, U.S. Securities and Exchange Commission

Schapiro makes the list again this year because of the SEC’s continued aggressive
enforcement. The agency’s influence has also been extended simply through bills like
Dodd-Frank, which have reportedly caused the SEC to receive on average 1 tip per day.
Back to List
15. Mike Duke – CEO, Wal-Mart

Duke, as head of retail behemoth Wal-Mart, signed off on the company’s investment of
$1 billion in supply chain sustainability efforts, which will be spent over five years.
Back to List
16. Bill Gates – Co-Founder, The Giving Pledge

Category: Philanthropy
Gates, along with Warren Buffet (below), earns a spot on this list for his role in creating
The Giving Pledge, a high-profile movement encouraging high net worth individuals to
commit to donating half o ftheir wealth to charity over the course of their lives.
Back to List
16. Warren Buffett – Co-Founder, The Giving Pledge

Buffet, along with Bill Gates (above), was the co-architect of The Giving Pledge, an
effort for wealthy citizens to commit to donating half of their savings to charities over the
course of their lives. The Pledge has received the support of a number of high-wealth
individuals, and will likely continue to gain traction throughout 2011.
Back to List
18. Jeffrey Swartz – CEO, Timberland

Timberland, a company with a strong focus on ethics, did a lot this year, including
expanding its Green Index to its Entire Footwear Collection, and announcing a
commitment to plant five million trees in fives years. The trees will be planted in regions
of Haiti and China that have experienced an unnaturally high rate of deforestation.
Back to List
19. William Sessions – Chairman, U.S. Sentencing Commission

Under Sessions, the U.S. Sentencing Commission maintained its substantial influence
over ethics and compliance programs, issuing various new guidance in 2010.
Back to List
20. Robert Zoellick – President, The World Bank Group

The World Bank Group oversees a number of important Ethics and Compliance-focused
subdivisions and in 2010, under Zoellick’s leadership, the World Bank Group continued
to punish firms and countries that engaged in corrupt behavior. Similar to the IMF, the
World Bank’s prominence actually grew as a result of the recent financial crisis, as more
organizations looked to it for support.
Back to List
21. Peter Löscher – CEO, Siemens

Löscher is turning Siemens’ reputation around and actively working to improve its
corruption controls. In fact, an article by The Economist pointed out how Siemens’
market share has grown as a result of less bribery taking place.
Back to List
22. Irving H. Picard – Trustee, Bernard L. Madoff Bankruptcy Proceedings

Category: Investment and Research
Picard, who is tasked with recovering money from the Madoff fraud, reached a $7.2
billion settlement with the estate of Jeffry Picower,
an investor who profited from investing with Madoff. The money will go towards victims
of the fraud.
Back to List
23. Andrew Cuomo – Attorney General, State of New York

Category: Corporate Culture
Cuomo, despite a contentious campaign for governor of New York, aggressively went
after a prominent member of his own political party, Steve Rattner, for alleged fraudulent
activity. Cuomo has long been a high profile figure in fighting fraud, and doesn’t seem to
be slowing down, even after successfully winning his political campaign in 2010.
Back to List
23. Dominique Strauss-Kahn – Managing Director, International Monetary Fund

Straus-Kahn had his hands full with debt crises around the world in 2010, but seemed to
manage the various challenges he faced in an expert manner. The crises seemed to
revitalized the importance of Straus-Kahn’s post at the IMF.
Back to List
25. Nitin Nohria – Dean, Harvard Business School

Nohria, along with Rakesh Khurana, wrote an influential
article on business as a profession with a strong emphasis on ethics. In 2010, Nohria also
became dean of Harvard Business School (HBS) and is using the influential post to help
promote business ethics initiatives throughout HBS.
Back to List
26. Jeff Bezos – CEO, Amazon.com

Amazon has done a number of unique things in 2010. One of the most unique,
particularly as its important to Amazon’s industry, is a new initiative that develops
stronger protection against billing fraud in Amazon.com transactions.
Back to List
27. Ernst Ligteringen – Chief Executive, Global Reporting Initiative

Category: Non-Government Organization
Netherlands-based Global Reporting Initiative (GRI) has become the go-to source for
CSR and sustainability reporting by major corporations. The group, headed by
Ligteringen, spent 2010 hosting a major CSR conference, and continued to issue thought
leader research articles around the important area of CSR disclosure.
Back to List
27. Kathleen Edmond – Chief Ethics Officer, Best Buy
Edmond, another serial winner of the 100 Most Influential People in Business Ethics’ list,
continues to operate with a high level of transparency and maintains a must-read blog for
ethics and compliance officers. Edmond is one of the best examples of compliance
officers who really engage with employees to further entrench the idea of ethical
operations from the top down.
Back to List
29. Mo Ibrahim – Founder, Mo Ibrahim Foundation

Ibrahim, through his Mo Ibrahim Foundation, awards ‘incorruptible’
African leaders with financial rewards. The goal of the foundation is to help the
economic and social prospects of African countries. The Foundation in 2010 continued to
rank African countries by level of corruption.
Back to List
30. Danny Holmes – Former Police Officer, Kansas City Police Department
Holmes won a $6.5 million whistle-blower suit for wrongful termination
after refusing to write a false report and hold on to a box of ammunition rather than turn it
over for evidence. He made a strong example for others to follow around the country.
Back to List
31. Len Sauers – VP Global Sustainability, Procter & Gamble

Category: Design and Sustainability
Sauers makes the list after Procter & Gamble announced its new Supplier Environmental
Sustainability Scorecard. The new Scorecard examines P&G’s suppliers’ efforts towards
reducing energy, water, waste and greenhouse gas emissions. P&G will reexamine the
suppliers it uses based on the results of the Scorecard.
Back to List
32. Huguette Labelle – Chair, Transparency International
Labelle, another anti-corruption expert who seems to have the energy of 10 people, was
very active in 2010 representing Transparency International around the world at
conferences and other leading anti-corruption events. TI grows in influence every year,
and 2010 was no exception.
Back to List
33. Michael Luscombe – CEO, Woolworths Limited

Australia-based Woolworth’s Limited has a strong focus on ethics,
which continued in 2010. In 2010, under Luscombe’s leadership, notable initiatives from
Woolworths include the company’s Water Wise Project, various recycling programs and
multimillion dollar investments in local community programs.
Back to List
34. Robert Chatwani – Director Global Citizenship, eBay

eBay has been a leader in sustainability for some time and recently made news for its new
initiative: handing out 100,000 reusable shipping boxes to vendors. The boxes will first
be given to some of eBay’s most active sellers. Depending on whether or not the boxes
stay within the eBay seller/buyer system, the company will decide whether or not it
distributes another round of reusable boxes.
Back to List
35. Elizabeth Warren – Special Adviser, Consumer Financial Protection Bureau

Warren in 2010 became the head of the new Consumer Financial Protection Bureau. She
was the primary champion of this new bureau and already has shown signs that she will
proactively work to establish new consumer protections in the financial world.
Back to List
36. Wolfgang U. – UBS Whistle-Blower
Austrian whistleblower died in Swiss prison this year (suicide, allegedly) after revealing
thousands of wealthy tax evaders
Back to List
37. Sue Cischke – VP Sustainability, Environment and Safety Engineering, Ford Motor
Company
Cischke makes this list after Ford, in 2010, became the first automotive company to join
the Carbon Disclosure Program’s Water Disclosure Program. The Water Disclosure
Program helps large companies understand business risks and opportunities around
water-related issues.
Back to List
38. John Dugan – Founder and Chairman, Charity Navigator

Charity Navigator, which is overseen by Dugan, indexes charities around the world and
helps provide information for individuals looking to donate towards charities that
promote specific causes. Charity Navigator was created in 2001 but continues to grow in
influence. In 2010, the company contained rating information on more than 5,000
charities and helped guide approximately $10 billion in charitable donations.
Back to List
39. Sharon Allen – Chairman, Deloitte

Allen makes the list this year for a number of reasons, including her role overseeing
Deloitte’s ‘Ethics in the Workplace’ report. That, long with other ethics initiatives, has
helped solidify Deloitte as one of the most ethics-focused large professional services
firms.
Back to List
40. Rakesh Khurana – Professor, Harvard Business School
Khurana, along with Nitin Norhia (see #25), is the co-author of the influential Harvard
Business Review article that described business as a profession. The article, and the
ensuing discussion about some of the topics that it addressed, helped build and support
the idea of an MBA Ethics Oath.
Back to List
41. Shan Ramburuth – Commissioner, South African Competition Commission

Ramburuth, who is another repeat winner on Ethisphere’s 100 Most Influential People in
Business Ethics list, continues to be overshadowed by U.S. and EU regulators, despite his
regular efforts to clamp down on cartel activity. In 2010, Ramburuth went after the
polymer industry, among other industries, for alleged price fixing.
Back to List
42. Mike Robinson – VP Environment, Energy and Safety Policy, General Motors
Robinson, as the head of General Motors’ environmental and energy policy, earned a spot
on this year’s list after GM announced that 62 of its plants have become zero waste to
landfill facilities. Similar to other individuals who worked towards reducing waste in
their companies, GM’s efforts are significant because they are way ahead of the curve in
terms of timing. Many other companies aspire to accomplish this in 2020 or later, GM
gets kudos for achieving it earlier.
Back to List
43. Kate Ellis – Employment Participation Minister, Australia

Ellis spearheaded new anti-discrimination laws that were passed this year in Australia.
Her efforts include allowing additional protection for female and elderly workers.
Back to List
44. Bill Marriott – Chairman, Marriot
Marriott makes the list for Nominated for a number of sustainability and ethics related
initiatives at Marriott Hotels that were launched in 2010. Notable work includes the
company’s efforts towards ethical sourcing and ensuring equal rights across the globe.
Back to List
45. Paul Polman – CEO, Unilever

Polman earns a spot on this list after he denounced the all too common short-term profit
mentality that exists in business leaders today. Polman made his statements in an
interview with the Financial Times.
Back to List
46. Lily Safra – Philanthropist

Safra makes the list after she donated $12.3 million to Harvard University to help support
the Edmond J. Safra Center for Ethics. The gift, in memory of Ms. Safra’s late husband,
Edmond Safra, will help to permanently endow the graduate fellowship program offered
by the Center. The Center will cover ethics issues in a wide range of important topics,
specifically in the business world.
Back to List
47. Jim Balsillie – Co-CEO, Research in Motion

Balsillie earns a spot on this list alongside Research in Motion Co-CEO Mike Lazaridis
(see below) because of the way that his company handled requests from governments to
turn over personal information on Blackberry users. Research in Motion pushed back on
the requests, knowing that many of the governments were seeking personal information
on political dissidents. Although RIM’s efforts could be greater, many companies will be
following RIM’s lead.
Back to List
48. Mike Lazaridis – Co-CEO, Research in Motion
Lazaridis, tied on this list with Research in Motion Co-CEO Jim Balsillie, earns a spot for
standing up to governments (particularly in the Middle East) that wanted the company to
turn over private texts and phone information to prosecute dissidents.
Back to List
49. Frank Baldino, Jr. – CEO, Cephalon

Baldino makes the list for reimbursing Cephalon for his use of the company’s private jet
— $63,835 paid back in 2010 Despite security justifications offered by other companies
for paying for their CEOs’ vacation travel, Baldino does not use such cover – he pays
when it is personal. His trip, his dime.
Back to List
50. Peter Welch – Representative, U.S. House of Representatives

Category:Government and Regulatory
Welch in 2010 introduced the Overseas Contractor Reform Act, a piece of legislation that
bans government contractors from receiving federal contracts if the contractor is found to
have violated the Foreign Corrupt Practices Act.
Back to List
51. Paul Bulcke – CEO, Nestle

Nestle, under Bulcke’s leadership, announced in 2010 that it will spend nearly $500
million on supply chain sustainability. The bulk of that money will go towards coffee in
particular, specifically focusing on sustainably grown coffee. The plan was announced in
Mexico City in late 2010 by Bulcke.
Back to List
52. Martin Kreutner – Chairman, International Anti-Corruption Academy
Kreutner, the head of the International Anti-Corruption Academy,
spent 2010 working to provide training to anti-corruption practitioners around the world.
The IACA is a new institution, but there is a lot of hope that it will become a leading
institution in the fight against corruption.
Back to List
53. Zachary Bentley – Corporate Officer, Vent-A-Care

Ven-A-Care profits from exposing health fraud by collecting bounties
on whistle-blower suits — this is a unique way to battle fraud. Bentley, who is the most
prominent member of the organization,
leads investigations. Particularly interesting about Ven-A-Care’s
methods is that it underscores a number of concerns that companies
have about Dodd-Frank.
Back to List
54. Oliver Kuttner – Founder and CEO, Edison2

Kuttner, like Cerven (below), and his team won an X-Prize contest for creating a 100
MPG car. The contest, called the Automotive X-Prize, awarded three teams that were
able to create a car with fuel efficiency better than 100 miles per gallon. For those that
aren’t familiar with the contest, the X Prize Foundation regularly issues challenges for
contests ranging from fuel efficiency to space travel.
Back to List
54. Ron Cerven – Founder, Team Li-ion

Cerven shares a spot on this list after hie lead a team that created a 100 MPG Car and
winning an X-Prize contest for the feat.
Back to List
54. Roger Riedener – Team Leader, X-Tracer
Riedener, tied with Cerven and Kuttner (both listed above), earns his spot on this list for
leading team X-Tracer, one of the three winners of the Automotive X Prize, a contest
which awarded three teams for creating cars that could travel with fuel efficiency greater
than 100 miles per gallon. X-Tracer won $2.5 million as part of the prize.
Back to List
57. Vinod Khosla – Venture Capitalist, Khosla Ventures

Khosla and his firm, Khosla Ventures, spent 2010 investing heavily in renewable energy
sources. To help bring some name recognition to his efforts, Khosla recently brought
former UK Prime Minister Tony Blair on board to help guide renewable energy
investments.
Back to List
58. Matthew Lee – Former Senior Vice President, Lehman Brothers

Lee was a former risk officer for Lehman who wrote a letter indicating that the
company’s accounting violated its own code of ethics. Mr. Lee, a 14-year-employee at
the company, was fired. Lehman collapsed 4 months later. While this happened in 2008,
his letter was discovered this year and so he is getting a somewhat late recognition.
Back to List
59. Alexandra Wrage – President, TRACE

Wrage, who has made this list for several consecutive years, earns another spot for her
truly tireless efforts towards combating corruption world-wide. TRACE continues to be a
NGO with leading anti-bribery efforts.
Back to List
60. Angel Gurria – Secretary-General, OECD

Gurría makes the list after the OECD in 2010 issued the good
guidance on internal controls, ethics, and compliance, an influential
guide for creating an effective compliance program.
Back to List
61. Andrew Kassoy – Co-Founder, B-Lab Blog

B-Lab, co-founded by Kassoy, helps promote open and transparent cultures at companies
of all sizes through its B Corporation Certification. The organization recently launched its
“Better” ad campaign, which is an effort to better engage companies in best practices
around ethics programs and initiatives.
Back to List
62. Jermyn Brooks – Director, Global Private Sector Programmes, Transparency

International
Brooks in 2010 established and launched a well respected anti-corruption framework on
behalf of Transparency International.
Back to List
63. Alexei Navalny – Political Activist, Russia

Navalny, a political activist in Russia, is a very active transparency advocate in his home
country. His fame is growing every year as he begins to leverage new web-based tools to
promote his cause. While many anti-corruption advocates in Russia focus on the public
sector, Navalny has found some success dealing with companies. He
spent 2010 attempting to increase the level of transparency in financial disclosure that
come from state-owned corporations.
Back to List
64. Daniel Thelesklaf – Executive Director, Basel Institute of Governance

The Basel Institute is an influential governance and risk management organization,
particularly around anti-money laundering efforts. This year, under Theleskiaf’s
leadership, the Institute launched a free anti-money laundering tool to help multinational
corporations develop and improve on their internal anti-money laundering programs.
Back to List
65. Marjorie Doyle – Principal, Majorie Doyle & Associates

Marjorie Doyle, principal at the eponymous Marjorie Doyle & Associates, LLC, is a
thought leader in business ethics and compliance. She and her firm spent 2010 working
with companies to help develop new ethics and compliance initiatives and helping
companies improve on their existing programs.
Back to List
66. Salam Fayyad – Prime Minister,

Palestinian National Authority
Fayyad, the Prime Minister of the Palestinian National Authority, spent 2010
campaigning for increased public transparency and anti-corruption in the Palestinian
government. Fayyad has a number of admirers within Western governments around the
world, and was even named as one of Foreign Policy Magazine’s top 100 thinkers of
2010.
Back to List
67. Geoff Lye – Executive Chairman, SustainAbility

SustainAbility is a leading consultancy that advises companies on ethics and compliance
and issues leading reports on new trends. In 2010, SustainAbility began the ‘Rate the
Raters’ research project, a comprehensive research project that analyzes sustainability
ratings issued by companies around the world.
Back to List
68. Ethan Zuckerman – Founder, Global Voices and Media Cloud
Zuckerman founded an organization called Global Voices in 2004, a non-profit network
of “global citizens” which promote transparency and freedom of speech online. In 2010,
the company actively grew its citizen media newsroom, an international community of
bloggers who publish stories covering the state of media transparency and freedom
around the world. The group is based in The Netherlands and currently has more than 200
employees and contributors.
Back to List
69. Gary Aguirre – Attorney, U.S. Securities and Exchange Commission

Aguirre is a former SEC enforcement attorney who blew the whistle on Pequot Capital
for allegedly trading on insider information. It turned out he was right and the SEC was
wrong to retaliate against him for insisting on problems. The agency ended up doling out
$755,000 in June of 2010 to compensate him.
Back to List
70. Chris MacDonald – Author, Business Ethics Blog

MacDonald tirelessly writes the unique and informative Business Ethics Blog, a great
source for articles on business ethics. In 2010, MacDonald continued to be a well-
respected thought leader on the subject.
Back to List
71. Dick Cassin – Author, The FCPA Blog

The FCPA was an important topic in 2010 (and will continue to be for
years), and Cassin authors one of the most read and widely respected blogs on the
subject, appropriately titled The FCPA Blog.
Back to List
72. Roy Snell – Society of Corporate Compliance and Ethics
The Society of Corporate Compliance and Ethics (SCCE) is a leading
membership organization of corporate ethics and compliance officers
representing major multinational corporations. The group provides
a leading forum to share best practices in business ethics.
Back to List
73. Kate Heiny – Sustainability Manager, Target

Target has been promoting sustainability for many years now, but Helny makes the list
after Target announced in 2010 that it is adding recycling bins to U.S. stores. As a
company with significant reach across the U.S., we anticipate this will have a tangible
impact on consumers’ recycling habits.
Back to List
74. Mindy Lubber – President, CERES

CERES, under Lubber’s leadership, is a leading ethical investment firm. The company,
which was founded in 1989 just after the Exxon-Valdez oil spill, has become a respected
thought leader in ethical investing.
Back to List
75. Hu Shuli – Editor, Century Weekly

As most people would agree, China is not a bastion of free speech when it comes to rival
political views. Hu earns a spot on this list for her role in overseeing a new investigative
journalism outfit in China, Century Weekly. Hu has a reputation of aggressively going
after controversial topics in China and will surely put this new weekly publication on the
map.
Back to List
76. Shai Agassi – CEO, Better Place
Agassi earns a spot on this list for his work as the head of Better Place, a Palo Alto-based
company that develops electric car infrastructure. The company, which has subsidiaries
around the world, helps promote rapid acceptance of electric vehicles.
Back to List
77. Professor Stanley Fischer – Governor, Bank of Isreal

Fischer is widely credited with maintaining strict fiscal discipline and helping to keep
Israel out of financial trouble throughout 2010, a year that saw governments of all shapes
and sizes struggling to manage the fallout from the recent recession.
Back to List
78. Toby Heaps – President and Editor, Corporate Knights

Heaps is the editor and publisher of Corporate Knights, a great Canadian magazine that
covers business ethics and CSR. One of the highlights of the magazine each year is the
magazine’s “Best 50 Corporate Citizens” listing. In 2010 the company also began to
become more active in policy debates, working to ensure business ethics as a legislative
priority.
Back to List
79. Birgitta Jonsdottir – Member of Parliament, Icelandic Parliament

In a year that cemented Julian Assange and Wikileaks as household names, Jonsdottir has
been encouraging transparency efforts of her own, albeit in a more clear-cut legal
manner. As a member of Iceland’s Parliament, Jonsdottir is encouraging Iceland to be the
transparency capital of the world through new legislation that would provide substantial
protection for whistle-blowers. The outspoken
Jonsdottir is not free of controversy, however, as she has been
aligned with previous Wikileaks activity. Some opponents of her
legislation argue that Iceland would become a haven of rogue computer hackers looking
to steal confidential information.
Back to List
80. Brad Smith– General Counsel, Microsoft

Smith and Microsoft granted free licenses for Microsoft products to Russian NGOs,
partly as a way to combat arguments that the company was abetting crack downs on
political dissidents.
Back to List
81. Lola Gonzalez – Founder, Accurate Background Check

The founder and owner of Accurate Background Check, Gonzalez had few new clients
and one-fifth of her customers were not paying their bills. Rather than lay off her
employees, she ended her six-figure annual salary and took a job as a social worker for
half the pay. Ms. Gonzalez felt that she could find work more easily than her employees,
whom she trusts to run things in her absence.
Back to List
82. Arlen Spector – Senator, U.S. Senate

Some say the most effective senator is an outgoing senator (i.e. there’s nothing left to
lose for speaking one’s mind). Specter may have taken that to heart in 2010 when he was
outspoken in saying that the U.S. Department of Justice should fine executives personally
for FCPA violations, rather than just imposing huge fines on the company.
Back to List
83. Michael Hershman – President, The Fairfax Group

Hershman spent 2010 tirelessly traveling the globe to help fight corruption and bribery in
the public sector. Hershman and his company, The Fairfax Group, work with
governments around the world to develop best-in-class anti-corruption programs.
Back to List
84. Rich Lechner– VP Energy & Environment, IBM
IBM topped Newsweek’s second annual “Green Rankings,” a ranking of the largest 500
U.S. corporations by environmental efforts (as well as the 100 largest global
corporations). Lechner earns a spot on this list for leading the company’s sustainability
efforts in 2010 and helping earn the company a top spot on Newsweek’s rankings.
Back to List
85. Mark Makepeace– CEO, FTSE Group

Makepeace makes the list as the top officer at FTSE, which oversees the FTSE4Good
Index, a great CSR-focused index that many multinational companies aspire to join. To
maintain membership in the index, companies must maintain substantial CSR initiatives.
Back to List
86. Ashraf Ghani – Co-Founder, Institute for State Effectiveness

Along with his colleague Clare Lockhart (above), Ghani makes the list for his efforts
working to fight corruption in Afghanistan. Ghani co-founded the Institute for State
Effectiveness with Lockhart in 2005, but the organization’s mission has never been more
important than in 2010.
Back to List
86. Clare Lockhart – Co-Founder, Institute for State Effectiveness

In 2010 the Institute for State Effectiveness (ISE) spent a significant amount of time and
effort in Afghanistan to promote Transparency there. Lockhart (along with Ghani, tied for
#86, below), founded the organization in 2005. At a time when many governments
around the world appear to be giving up hope on fighting corruption in Afghanistan,
organizations like the ISE become much more important.
Back to List
88. Ron James– President & CEO, Center for Ethical Business Culture
The Center for Ethical Business Culture (CEBC), a non-profit organization affiliated with
the University of St. Thomas in Minnesota, is a leading business ethics thought
leadership organization. Under James’ leadership, the CEBC held a number of ethics-
related events for its membership base of national and regional companies in 2010.
Back to List
89. Ellen Iobst– Chief Sustainability Officer, Sunny Delight

Lobst earns a spot on this list after Sunny Delight announced that its manufacturing
plants achieved zero waste to landfill in 2010. Many companies set zero waste to landfill
goals for 2020, Sunny Delight deserves special recognition for accomplishing this feat in
2010.
Back to List
90. Joe Solmonese – President, Human Rights Campaign

The Human Rights Campaign (HRC) is an influential group promoting worker rights for
gay, lesbian, bisexual and trans-gender employees. Under Solomonese’s leadership, HRC
was busy in 2010 issuing a number of thought leadership pieces and events promoting its
cause.
Back to List
91. Dick Bednar– Coordinator, CIECI

Many industries are forming ethics-focused membership initiatives, but only a handful of
them seem to be truly effective. The Construction Industry Ethics and Compliance
Initiative (CIECI), lead by Bednar, is one such effective industry initiative. CIECI in
2010 increased the resources it provides to its members and continues to champion ethics
issues in the construction industry.
Back to List
92. Prince Charles– Prince, Wales
Charles Philip Arthur George (“Prince Charles”), spent 2010 campaigning for
environmental stewardship. His efforts can be seen in a recently released documentary,
“Harmony: A New Way of Looking at our World.”
Back to List
93. Susan Forsell – VP Supply Chain, Quality Systems, Mcdonald’s USA

Forsell earns a spot on this list after McDonald’s issued its 2010 annual suppy chain
sustainability award. We find that it is often all too easy to overlook the impact from deep
supply chains of multinational companies when it comes to sustainability and other ethics
issues. Recognition like this helps to reinforce the impact and value of “green” suppliers.
Back to List
94 (tie). Samuel Rubenfeld – Journalist, The Wall Street Journal

The Wall Street Journal recently launched its “Corruption Currents” blog, a compilation
of top news stories around the world that cover anti-corruption and anti-bribery efforts.
Rubenfeld, in 2010, was one of the most active contributors to the blog. Although there
are many comprehensive anti-corruption related blogs and web resources available, the
Corruption Currents blog receives added points because of the large audience that the
Wall Street Journal is able to reach. We expect the blog to gain further notoriety
throughout 2011.
Back to List
94 (tie). Joe Palazzolo – Journalist, The Wall Street Journal

Palazzolo, along with Rubenfeld (right), created Wall Street Journal’s Corruption
Currents blog. The site provides daily updates and articles from around the Web on anti-
corruption and anti-bribery developments and related issues.
Back to List
96. Peter Webster- Executive Director, EIRIS
EIRIS, under Webster’s leadership, is a leading investment organization dedicated to
researching and investing in companies that focus on environmental, social and ethical
issues. In 2010 EIRIS helped develop ethical investments from FTSE.
Back to List
97. Tensie Whelan – President, Rainforest Alliance

In 2010 the Rainforest Alliance maintained its leadership in the environmental
conservation arena. Last year the Alliance continued to secure high profile corporate
clients that aspire to improve their global sustainability efforts.
Back to List
98. Christiana Figueres – Head of the Secretariat, UNFCCC

United Nations Framework Convention on Climate Change (UNFCCC), under Figueres
leadership, held a very public meeting in Cancun to help fight climate change — The
results were not as great as hoped, but UNFCCC is slowly progressing efforts around
clean energy and climate change.
Back to List
99. Kamal Kar – Visiting Fellow, Institute of Development Studies

Last year, Kar helped improve sanitation processes in developing countries both by
helping to develop new sanitation facilities and by encouraging local populations to use
the new facilities. His efforts helped prevent various life threatening diseases transmitted
through unclean water in more than 39 countries, ranging from Bangladesh to Malawi.
Back to List
100. Christy Wood – Chairman, International Corporate Governance Work
Wood is Chairman of the International Corporate Governance Network (ICGN) Board of
Governors. ICGN is a membership group of governance experts and institutional
investors and spent 2010 hosting an influential conference on global corporate
governance best practices.
Back to List
Learning from Others’ Mistakes: 2010’s Top 10 People We Won’t Miss

Influence isn’t only brought about by positive actions, sometimes unintended
improvement comes from ethical missteps. Here are the top ten individuals that have
influenced business ethics through professional flubs.
Tony Hayward – How can Hayward not make this list after he came to embody a
company (BP) responsible for the largest oil spill in decades?
Vitaly Borker – Borker, the founder of decormyeyes.com, was arrested last year
after allegedly stalking and threatening customers who tried to return products
bought on his webste. Borker claimed the negative attention that came from the
threats increased his sites ranking on Google searches.
Cecilia Chang – Chang was the former Dean of Asian Studies at St. John’s
University. She was charged in 2010 for enslaving some of her students.
Specifically, she instructed foreign students to perform household duties such as
cooking and cleaning and driving her son to the airport.
David H. Brooks – Brooks, the former chief executive and chairman of DHB
Industries, was found guilty in 2010 of insider trading and securities fraud.
Brooks wasn’t shy about spending his money, either (allegedly $185 million
obtained from illegal methods), exemplified by his $100,000 belt buckle.
Kristin Ann Stahlbush – Stahlbush, a former Ohio attorney, was caught billing the
Lucas County Juvenile System for more than 24 hours in a single day on multiple
occasions.
Eginhard Vietz – Vietz is the CEO of german pipeline supply firm Vietz GmbH. In
2010 his company was penalized for paying bribes, and Vietz’ response was,
essentially, “So what?” He told a newspaper, “Nobody is disadvantaged by what I
am doing.”
Ken Kratz – Kratz, a Wisconsin District Attorney, was accused by several women of
“sexting” them after they came to his office seeking legal help. One text, obtained
by the AP, showed Kratz asking a 26-year-old woman, if she was “the kind of girl
that likes secret contact with an older married elected DA.”
Bonnie Hoxie – Hoxie, a former secretary for Walt Disney Co., tried to sell early
access to Disney’s quarterly reports to a number of investment firms. The firms
promptly reported her and she was arrested in 2010.
Paul Galzerano – Galzerano, a former Northeast Health Systems Executive accused
of stealing artwork from his employer decided not to show up to a court hearing
and became a fugitive in 2010. His lawyer said that Galzerano, who was accused
of taking $500,000 in bribes, is now homeless.
Oscar Hernandez – The former mayor of Bell, California was arrested in 2010 with
charges of misappropriating funds and taking illegally obtained loans. According
to news reports,the city of Bell has a median household income of $36,000. City
officials under Bell were receiving hundreds of thousands of dollars per year.
2008 Government Contractor Ethics Rankings
With the amount of government spending on outsourced contractors growing from

$235 billion in 2001 to over $435 billion in 2007, there is more opportunity than ever
to defraud the government and taxpayers alike. So is it any surprise that Congress,
in response to high-profile and widely publicized government contractor scandals,
has heightened the ethics program criteria for corporations that do business with
the federal government? Of course not.
Rather than tar all government contractors with a broad-tagging brush as “wasteful,
deceitful and fraud-ridden,” the Ethisphere Institute decided to research the issue. Surely
some government contractors care about ethics, and had implemented the controls,
culture and programs to communicate such values and prevent unethical behavior.
In November 2007, the Ethisphere Institute’s Government Contractor Ethics Program
Methodology Committee, comprised of the best and brightest experts in the ethics, legal
and compliance fields, was unveiled. With their insight and input, an objective analysis
was applied to over 1,000 federal government contractors. These companies comprise
more than 90 percent of the outsourced government budget.
The weighted analysis effectively covers four broad-based categories: Code of Ethics and
Business Conduct (20%); Leadership and Tone from the Top (20%); Internal Control
Systems (35%); and Ethics Training and Communication Programs (25%). Information
provided by the companies was supplemented by Ethisphere’s own research. In addition,
Ethisphere conducted a random audit and verification of a number of responses, and
encouraged companies to send in additional materials and “evidence” of their
organization’s efforts in ethics and compliance.
Some companies chose to participate in the study, and others didn’t. For those that
declined, we had to rely on the information that was available within the public domain.
When all was said and done, Ethisphere gave each company a highly objective,
numerical score.
The following pages break down the key findings of Ethisphere’s research. First, we list
the 100 contractors that do the most business with the U.S. Government. Unfortunately,
some of the private and overseas companies on that list who failed to respond, despite
multiple efforts by the Ethisphere Institute to reach out to them, do not have a great deal
of reliable, publicly available information regarding their ethics programs. As a result,
these companies are listed as “NR,” or “not rated.” These companies will, however, be
ranked in the future based upon Ethisphere analysts’ research and feedback from
competitors, customers and suppliers, should NR companies continue to decline to
participate.
We scored the remaining companies on a scale of 1 to 100 and compiled rankings based
on these scores. The 35 contractors with the best ethics programs overall are highlighted,
as well as the top 10 private company programs and the 5 most outstanding small
company programs. These latter groups deserve particular credit and recognition—their
efforts at creating and maintaining an ethical environment exceed many of the largest
spenders of taxpayers’ money. Also featured are the five top-ranking foreign contractors.
Lastly, we decided to call attention to the 10 contractors—big or small—that have the
best codes of ethics and business conduct, the best internal controls systems and the best
ethics training and communication programs, respectively.
What we found, not surprisingly, is that there is a big disparity between the calibers of
ethics programs within these companies. And, although the reports of heavy abuse and
scandal can be unforgettable, many contractors actually have very effective ethics and
compliance programs in place. Take a look for yourself through the following pages and
see which companies made the grade, and which companies fell flat on their face.
Rankings and Ratings:

• Top 100 Largest Government Contractors
• Βεσ τ Ετη ι χ σ Πρ ο γ ρ α µ σ Οϖ ε ρ α λ λ
• 10 Β ε σ τ Πρ ι ϖ α τ ε Χοµ π α ν ι ε σ
• 5 Βεσ τ Φο ρ ε ι γ ν Χο µ π α ν ι ε σ
• 10 Β ε σ τ Ιντ ε ρ ν α λ Χο ν τ ρ ο λ Σψσ τ ε µ σ
• 5 Βεσ τ Σµα λ λ Χοµ π α ν ι ε σ

• 10 Β ε σ τ Τρα ι ν ι ν γ αν δ Χο µ µ υ ν ι χ α τ ι ο ν
Πρ ο γ ρ α µ σ
• Τε ν Βεσ τ Χο δ ε οφ Ετη ι χ σ αν δ Βυσ ι ν ε σ σ

Χο ν δ υ χ τ
• 10 Β ε σ τ Ιντ ε ρ ν α λ Χο ν τ ρ ο λ Σψσ τ ε µ σ
10 Β ε σ τ Χο δ ε σ οφ Χο ν δ υ χ τ
<HTML><META HTTP-EQUIV="content-type"
CONTENT="text/html;charset=utf-8">
<H2>10 Best Codes of Ethics and Business Conduct (Government

Contractors)</H2>
<P class=entry>
<P style="MARGIN: 5px 0px 0px; FLOAT: left"></DIV>
<H1>10 Best Codes of Ethics and Business Conduct</H1>
<TABLE style="MARGIN-TOP: 10px; WIDTH: 100%; TABLE-LAYOUT: fixed"

border=0
cellSpacing=0 cellPadding=0 width=400>
<TBODY>
<TR style="HEIGHT: 80.25pt; mso-height-source: userset" class=xl24

height=107>
<TD style="WIDTH: 41pt; HEIGHT: 80.25pt" class=xl26 height=107
width=54>U.S.<BR>Govt. Bus. Rank</TD>
<TD style="WIDTH: 155pt" class=xl30 width=207>Organization</TD>
<TD style="WIDTH: 48pt" class=xl31 width=64>Overall Grade</TD>
<TD style="WIDTH: 56pt" class=xl32 width=75>Ethisphere Code of Ethics
Rank</TD></TR>
<TR style="HEIGHT: 24pt; mso-height-source: userset" height=32>
<TD style="HEIGHT: 24pt" class=xl33 height=32>104</TD>
<TD class=xl25>Verizon Wireless</TD>

<TD class=xl28>A+</TD>
<TD class=xl29>1</TD></TR>
<TD class=xl25>Granite Construction Company</TD>
<TD class=xl28>A</TD>
<TD class=xl25>BP PLC</TD>
<TD class=xl25>Datapath Inc</TD>
<TD class=xl25>Sprint Nextel</TD>
<TD class=xl25>Accenture</TD>
<TD class=xl25>Pepsico</TD>
<TD class=xl25>Cardinal Health Inc.</TD>
<TD class=xl25>Rockwell Collins</TD>
<TD class=xl28>A-</TD>
<TD class=xl25>Fluor Corp.</TD>
<TD class=xl28>A-</TD>
<TD class=xl29>10</TD></TR></TBODY></TABLE></DIV>
Aflac’s Ethics in Action: Pay for Performance—Keep

Stakeholders Informed
January 12, 2009
By // Dan Amos
Disclaimer: The opinions and viewpoints expressed in this article are those of the author
and do not necessarily reflect the opinions or viewpoints of the management or editors of
Ethisphere.
These are challenging times for Americans and for America’s business community.
Global stock volatility and headline-making economic issues have touched everyone
from Wall Street to Main Street.
Aflac is no exception as we have not been immune to the uncomfortable ebbs and flows
that come with unpredictable markets. While we are confident that our company has
passed these tests, we realize more than ever the importance of informed stakeholders
who understand our business practices. They remain our greatest assets.
Aflac routinely sets the bar high when it comes to ethics and transparency. These
standards have served us well during the clearest of times, but it is in times like this,
when the landscape is blurry, that we rely on the principled business foundations upon
which our company was built and which have served us well for more than 50 years.
Aflac specializes in developing and marketing insurance products that give consumers
the opportunity to direct cash where it is needed when a life-interrupting medical
situation presents financial challenges. In essence, we sell a promise, and we rely upon
the fulfillment of that promise, as do our customers. For every promise kept, we enhance
our ability to reach out to potential consumers and employers. A trust broken could close
those same doors, which is why we place such a high standard on keeping our
stakeholders informed and our principles intact.
We are a unique company in that Aflac was founded by three brothers who were not
“insurance men.” They were entrepreneurs with a dream and the determination to see it
through. As the son of one of the founders, at a young age I heard repeatedly the credo,
“If you take care of the employees, they will take care of the business.” Since becoming
CEO in 1990, I have never forgotten that most important lesson and have expanded that
sentiment to include all of our stakeholders.
Our goal is to be a profitable company, which we have been for decades. Today, our
market cap is at $19.5 billion compared to $1.3 billion when I became CEO in 1990. Our
stock price has produced significant returns for shareholders over the past 20 years—
often exceeding the S&P 500 and the Dow. Our calling, on the other hand, is to be an
ethical partner to our stakeholders—one that plays by the rules and demonstrates
leadership in the arena of business ethics. Our many awards and recognitions for
transparency, including those from Ethisphere, best illustrate our desire to grow our
business and explore new opportunities while employing a strong ethical compass.
IF YOU TAKE CARE OF THE EMPLOYEES, THEY WILL TAKE CARE OF THE
BUSINESS.
As the chief executive officer, I believe that the concept of transparency extends to me, as
well as the balance of the organization. In November, I told Aflac’s board of directors
that I will forgo certain elements of my compensation package related to an unexpected
severance from the company. While I am not planning on leaving anytime soon, I have
long felt that in the event of my departure I would not seek to implement a “golden
parachute.” I would simply retire. I also do not want shareholders thinking that if they
wanted to replace me they would have to pay a price for that decision. As I have said
many times, Aflac is a pay-for-performance company, and the CEO is no exception.
I was taught that you have to be responsive to people, and as CEO of Aflac, that means
employees, policyholders, sales associates and our shareholders. That’s why at Aflac, we
set high standards for civility and ethics, and we pay for performance. In fact, every
employee at Aflac, from the CEO to the chief financial officer to the call center operator,
and every sales agent in our field force, is rewarded for performance. That’s why in 2006,
when we received a proposal from Boston Common Asset Management—an Aflac
shareholder—for a Say-on-Pay vote enabling shareholders to provide feedback about our
compensation practices, we weren’t sure why the request was made. But in February
2007, our board of directors unanimously decided to adopt the proposal.
AFLAC IS A PAY-FOR-PERFORMANCE COMPANY, AND THE CEO IS NO
EXCEPTION.
Holding a Say-on-Pay vote at Aflac was the appropriate thing for us to do because it
clearly demonstrated our commitment to transparency. Yet throughout the fanfare of the
historic vote I was repeatedly asked if I thought it should be adopted by all companies.
My answer is that management should listen to their shareholders. Our shareholders own
the company, and they wanted this vote to occur. I am proud to say that in the end, our
compensation policies were overwhelmingly endorsed by shareholders, which I believe
reflects an overall approval of how we run this company.
Aflac has consistently earned high marks for our transparent approach to investor and
shareholder relations. Over and above our SEC requirements, we voluntarily disclose
information including an annual 100-page financial analyst briefing book that details the
inner workings of our business in the United States and Japan. To our shareholders,
consumers, employees, and all stakeholders, we would rather provide more information
than not enough. This has never harmed our business: In fact, I believe a strong case can
be made that in the toughest of economic times, an informed stakeholder is more likely to
react with prudence in the appropriate framework of having been informed.
We are proud to have been included in Ethisphere’s list of the World’s Most Ethical
Companies for two years. We are uplifted to see that the Reputation Institute judged
Aflac to be the most respected company in the global insurance industry in 2008. We
have earned several “best places to work” honors as well. These independent validations
have been inspirational, and we are equally proud to have further demonstrated that a
company may increase shareholder returns at the same time it earns a desirable image as
an ethical business practices leader.
Dan Amos is the Chairman & CEO of Aflac.
Environmental Commitments in Global Business
May 13, 2009
//by Masamitsu Sakurai
Masamitsu Sakurai, Chairman of Ricoh, Chairman of Keizai Doyukai, and listed on
Ethisphere’s 2008 100 Most Influential People in Business Ethics, says Companies
are going to have to respond to a “Post-Kyoto” world. The expectations of this new
world will now be far more demanding in terms of emission reduction targets and
the need for total participation, feasibility and fairness. In addition to these new
global demands, corporate executives will still be expected to manage the continuous
growth of their business.
The pressing concern of the world right now is how to minimize the effects of global
warming. To achieve this goal, the emission reduction targets for each country should be
much higher than Kyoto levels. Such targets cannot be reached through regular efforts,
something extraordinary is required. This is where innovation comes in.
In this context, the role of business is growing fast. First, each corporation must set its
own targets with an aim to contribute sufficiently to the global reduction tally. It’s the
only way. Every business must take on these challenges through technological process
innovation. Eventually, low carbon products and services will result from ever lower low-
carbon production processes. By building product recycling systems, there is no reason
why we shouldn’t be able to reduce green house gases on the one hand while growing the
economy on the other.
We have no time to waste when it comes to environmental protection. The role and
influence of corporations is becoming greater.
I became president of Ricoh in 1996. At that time the situation in the industry was one of
cautious steps toward conservation, with prevalent concerns about costs and the effects
on the bottom line. This kind of mentality, even within our company, risked driving the
costs ever higher. I strongly believed, even then, that on the contrary, environmental
conservation would result in decreased operational costs. This is the message I kept
repeating to our directors, employees and shareholders. Little by little I proved this to be
the case by taking actions even on a small scale.
At Ricoh, environmental conservation went through three stages: The first stage, the
Passive Stage, consisted of following regulations and reacting to outside pressure like
“green procurement.” The next stage was the Proactive Stage where, as volunteers, we
became imbued with a sense of mission regarding our planet. Through stage two, our
efforts were not yet profitable. Finally, at the third stage, the Responsible Stage, we were
able to simultaneously achieve environmental conservation and profit creation. This
advanced stage is where Ricoh is now. The results of our activities during the
Responsible Stage are published annually in our Sustainability Report and are very well
received by our stakeholders.
For example, we created a financial advantage by implementing environmental
conservation through the following initiatives:
• We shifted to a flexible, cell-based production system as opposed to a line system,

thus reducing CO2 emissions and increasing productivity.
• We recognized that CO2 emission and waste reduction were the same as the cost
savings and reduction of parts, materials and wasteful operations in which we
were previously engaged. I am firmly convinced that these ideas resulted in
increased production, reduced costs and improvements in the quality of our
products.
• We realized that it has become essential to visualize CO2 emissions not only in
the production process but in all other operations. Once you can identify where
emissions are the highest, that is your starting point for reduction and new ideas
emerge out of this process. When cost is added in as a factor, you ought to be able
to see real improvements in production as well as cost reduction. When the results
become apparent, everyone is motivated.
In fact, by setting high goals for slowing global warming, we at Ricoh have been able to
motivate everyone to promote process innovation not only in production, but also in all
other operations. Taking the production process as an example, with OPCs (Organic
Photo Conductors), the heart of copiers and laser printers, we managed to reduce CO2
emissions by more than 85 percent and cut OPC production costs by half. This was
achieved through selective placement of clean ventilation points along the production line
rather than needlessly covering the entire line.
Each corporation must set its own targets with an aim to contribute sufficiently to the
global reduction tally. It’s the only way. Every business must take on these challenges
through technological process innovation.
I acknowledge accomplishing ambitious goals is no easy task. There are many obstacles
that may be in your way. For instance, as a large, multinational company, it’s not always
easy to convince different regional offices to operate in the same, environmentally-
friendly way. To be honest, there have been some cultural differences in both
understanding and commitment between regions in the past.
One example of how regional problems may come into play is that a geographically large
country might not have a problem with dumping waste in open spaces, or absorbing CO2
through its abundant nature—and in those countries it was quite a challenge to promote
emission reduction programs. However, gradually, through company-wide global
conferences, our senior executives and managers were able to achieve international
cooperation through everyone’s common understanding of four main points: 1) the
importance of conservation; 2) our responsibility as global citizens; 3) the significance of
the Ricoh Group’s commitment to environmental management; and 4) the need to
educate and encourage all group members to participate. Nowadays all regions, be it the
Americas, Europe, China or Asia Pacific, pursue similar actions in their own way, and
with great enthusiasm.
We have no time to waste when it comes to environmental protection. The role and
influence of corporations is becoming greater. No matter how hard the task, I believe we
have no choice but to tackle global warming now. We simply cannot leave these
problems for the next generation to solve. If you ask me as Chairman of Keizai Doyukai
which I prioritize more—stopping global warming or economic growth—my answer is to
take global warming seriously while promoting management innovation toward building
a low carbon society.
Business management of the future must be able to generate profits based on achieving
high emission reduction targets. I firmly believe, and would like everyone to believe, that
environmental conservation and sustainable profits are mutually compatible. If, as a
corporate executive, your commitment to the environment is deep, you will achieve both
business and environmental sustainability as well as enjoy greater success as a business.
Keizai Doyukai, chaired by Masamitsu Sakurai, is the Japanese Association of Corporate
Executives, a powerful industry government advisory body
Under Sakurai, Ricoh was the first company in Japan to commit to the Kyoto Protocol
Ricoh has made the Global 100 list at Davos for the 5th year running.
Sakurai-san became president and eventually CEO of Ricoh in 1996, jumping over 8
senior executives in the process. He already had behind him 9 years of overseas
experience in Europe where he opened a major production plant and then served as
European Chairman.
Ethics and Organizational Culture

March 26, 2010
Charles Harrington, Chairman and CEO, Parsons
A major league baseball team is playing its last regular season game of the year: win this
game and they advance to the play-offs; lose, and they watch the play-offs on TV. In the
bottom of the 9th, one of its star players steps to the plate, the score tied, a man on first,
no outs. The right thing for him to do is to lay down a sacrifice bunt to move the runner
into scoring position. This player happens to have an incentive clause in his contract,
however, that would be triggered if he gets one more hit for the season, and that incentive
clause would bring him a big bonus and a contract extension. The player lays down the
sacrifice bunt, and his team goes on to win the game and advance to the post season.
After the game, a reporter who was aware of what was at stake for that star player in his
last at-bat asked the team’s manager how he convinced the player “to do what was right.”
The manager replied, “We try to create an atmosphere here where the question doesn’t
even arise.”
I heard this true story from one of our executives, and I often use it when talking to our
employees about the way we “play the game” at Parsons. Our strong commitment to our
six Core Values – Safety, Quality, Integrity, Diversity, Innovation and Sustainability –
governs everything we do at Parsons. Our Core Values are the very beliefs that form the
culture of our organization, that make us who we are, that form the basis for all of our
decisions. We strive hard to create an atmosphere where the question of deviating from
those Core Values, from doing what is right, whether for perceived individual or
corporate gain, never even gets raised.
Each of our Core Values has a goal, and for Integrity our goal is ZERO deviations from
our Corporate Ethics Policy. We have performance metrics that we have developed to
track composite leading and lagging indicators of our performance against this goal and
to report to management, and to our Board of Directors, on our progress on a quarterly
basis.
To achieve this goal requires constant communication. All new employees receive
training in Parsons’ Ethics Policy, including watching a video from me discussing the
importance of a commitment to ethics for our company, our employees, our customers
and our suppliers. All employees are required to be re-trained in our Ethics Policy on a
regular basis, and our employees participate in Ethics Challenges on our internal website
several times a year. Additionally, each of our quarterly Executive Committee meetings
addresses an Ethics/Integrity Moment.
A company should seek constant improvement in the way it conducts business, and
commitment to integrity is no exception. We are always looking for ways to improve our
ethics program, both in terms of the message itself and the way we communicate that
message. As an example, in the past Parsons issued periodic Ethics Bulletins to
employees, highlighting particular ethics issues in each Bulletin, but that was a static
communication. Over the past year, we have instituted Ethics Challenges on our internal
website, describing a certain fact scenario in which our employees could well find
themselves, and asking our employees to vote and comment on how the person in the
Challenge should respond. We then compile the responses and publish them on our
internal website, along with a sampling of the comments submitted and with an analysis
from our Ethics Committee.
We’ve gone from a static communication to an interactive dialog, and we’ve had
tremendous responses, both in terms of the number of people who participate and in the
depth of the comments we’ve received. Most importantly, it has our employees talking
and debating about ethics, and that’s really what any company hopes to achieve.
In the short term, a corporation’s commitment to integrity may cost it a project, or result
in an individual employee, or the corporation, missing certain financial targets. Parsons
has in the past walked away from potential projects or teaming partners when
questionable ethics issues have surfaced, and we will continue to do so in the future. The
end results of such short-term losses, however, are virtually always long-term gains:
gains in reputation as a company that doesn’t cut ethical corners; gains in attracting
employees who already have their own personal commitment to integrity and want to
work for a company which is similarly committed; and gains in attracting the right kind
of suppliers, subcontractors and teaming partners with
whom to work.
In my baseball example at the beginning of this article, the star player did “what was
right,” laid down a sacrifice bunt, and the team won the game and went to the play-offs.
But suppose, despite the bunt, the team had gone on to lose the game? In my mind, laying
down the bunt, playing the game the right way, was still the right thing to do. And
conducting our business with integrity in everything we do, playing the game “the right
way” even if it means losing a potential project or customer or partner, is always the right
way to play the game.
Book Price-Fixing Law Gets Amazon in
Trouble in Germany
Adjust text size:
December 30th, 2009, 12:00 GMT| By Lucian Parfeni

Document

Încărcat de

Informații document

Descriere originală:

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Document

Încărcat de

Drepturi de autor:

Formate disponibile

2011 World’s Most Ethical Companies

The Ethisphere Institute, a leading international think-tank dedicated to the creation,

2010’s 100 Most Influential People In Business Ethics

1. Lord Willy Bach – Member of Parliament, UK House of Lords

1. Jack Straw – Member of Parliament, UK House of Lords

3. Jon Leibowitz – Chairman, U.S. Federal Trade Comission

4. Abu Kassim Mohamed – Chief, Malaysian Anti-Corruption Comission

5. James Wetta – Former Sales Rep, AstraZeneca

6. Indra Nooyi – CEO, Pepsi

8. Lanny Breuer – Assistant General Attorney, Criminal Division, U.S. Department of

9. Jeff Immelt – CEO, General Electric

10. Joaquin Almunia – Commissioner, European Competition Commissioner

11. Barney Frank – Representative, U.S. House of Representatives

11. Chris Dodd – Senator, U.S. Senate

13. Delaware Supreme Court -

14. Mary Schapiro – Chairman, U.S. Securities and Exchange Commission

15. Mike Duke – CEO, Wal-Mart

16. Bill Gates – Co-Founder, The Giving Pledge

16. Warren Buffett – Co-Founder, The Giving Pledge

18. Jeffrey Swartz – CEO, Timberland

19. William Sessions – Chairman, U.S. Sentencing Commission

20. Robert Zoellick – President, The World Bank Group

21. Peter Löscher – CEO, Siemens

22. Irving H. Picard – Trustee, Bernard L. Madoff Bankruptcy Proceedings

23. Andrew Cuomo – Attorney General, State of New York

23. Dominique Strauss-Kahn – Managing Director, International Monetary Fund

25. Nitin Nohria – Dean, Harvard Business School

26. Jeff Bezos – CEO, Amazon.com

27. Ernst Ligteringen – Chief Executive, Global Reporting Initiative

29. Mo Ibrahim – Founder, Mo Ibrahim Foundation

31. Len Sauers – VP Global Sustainability, Procter & Gamble

33. Michael Luscombe – CEO, Woolworths Limited

34. Robert Chatwani – Director Global Citizenship, eBay

35. Elizabeth Warren – Special Adviser, Consumer Financial Protection Bureau

38. John Dugan – Founder and Chairman, Charity Navigator

39. Sharon Allen – Chairman, Deloitte

41. Shan Ramburuth – Commissioner, South African Competition Commission

43. Kate Ellis – Employment Participation Minister, Australia

45. Paul Polman – CEO, Unilever

46. Lily Safra – Philanthropist

47. Jim Balsillie – Co-CEO, Research in Motion

49. Frank Baldino, Jr. – CEO, Cephalon

50. Peter Welch – Representative, U.S. House of Representatives

51. Paul Bulcke – CEO, Nestle

53. Zachary Bentley – Corporate Officer, Vent-A-Care

54. Oliver Kuttner – Founder and CEO, Edison2

54. Ron Cerven – Founder, Team Li-ion

57. Vinod Khosla – Venture Capitalist, Khosla Ventures

58. Matthew Lee – Former Senior Vice President, Lehman Brothers

59. Alexandra Wrage – President, TRACE

60. Angel Gurria – Secretary-General, OECD

61. Andrew Kassoy – Co-Founder, B-Lab Blog

62. Jermyn Brooks – Director, Global Private Sector Programmes, Transparency

63. Alexei Navalny – Political Activist, Russia

64. Daniel Thelesklaf – Executive Director, Basel Institute of Governance

65. Marjorie Doyle – Principal, Majorie Doyle & Associates

66. Salam Fayyad – Prime Minister,

67. Geoff Lye – Executive Chairman, SustainAbility

69. Gary Aguirre – Attorney, U.S. Securities and Exchange Commission

70. Chris MacDonald – Author, Business Ethics Blog

71. Dick Cassin – Author, The FCPA Blog

73. Kate Heiny – Sustainability Manager, Target

74. Mindy Lubber – President, CERES