March 08 2016, 11.34 AM IST || Pocket News Alert
Mumbai, March 7, 2016 – L’Oréal announced today that it has been recognized by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as a 2016 World’s Most Ethical Company®.
The World’s Most Ethical Companies recognizes organizations who align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow’s best practices today. Being an honoree for the seventh time underscores L’Oréal’s commitment to leading ethical business standards.
Jean-Paul Agon, Chairman and Chief Executive Officer, declared: “We are honored to receive this recognition by Ethisphere, it will be a source of pride for all L’Oréal employees. Over the last 10 years, we have seen growing expectation for companies to behave ethically. The next 10 years will see Ethics becoming no longer a “nice to have” but a fundamental prerequisite to any organization’s license to operate. For companies who are leaders in this area, it will become a competitive advantage”
Emmanuel Lulin, Senior Vice-President and Chief Ethics Officer, said: “This seventh recognition strengthens our conviction that a business with the right culture of integrity is worth substantially more. L’Oréal’s four effective Ethical Principles – Integrity, Respect, Courage and Transparency – help us make better decisions and address the ethical challenges of today and tomorrow.”
“Companies rely on Ethisphere to continually raise and measure the standards of corporate behavior. Those that demonstrate leadership in areas like citizenship, integrity and transparency create more value for their investors, communities, customers and employees, thus solidifying a sustainable business advantage,” explained Ethisphere’s Chief Executive Officer, Timothy Erblich. “Congratulations to everyone at L’Oréal for being recognized as a World’s Most Ethical Company.”
The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework developed over years of research and vetted and refined by the expert advice. The EQ offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%) and provided to all companies who participate in the process.The full list of the 2016 World’s Most Ethical Companies can be found at http://ift.tt/24I5oZT.
