Here’s an Interesting list of the most “Do-gooders” Athletic Companies

 

As a fellow runner, I often am asked if I know of any truly socially responsible running companies.  This is a difficult question due to the well-known supply chain issue of Child Labor.

This list does mention Adidas but the author had not verified the data. Still it is a good start.  It was a good surprise to hear about Under Armor as the company is performing fantastically and I often wondered about their ESG efforts.

In fact, the company is probably one of the best performing of all U.S. retailers with both strong revenue and earnings growth.  However, its stock-price gain of 865% over the last 5 years has elevated its Price/Earnings ratio beyond reason (and ahead of expected earnings growth).

Below is an except from the link to Nick English’s article.

 

Glassdoor’s Best Places to Work Reveal Two Surprise Winners (Part II)

Last time we reported on two surprising winners in Glassdoor’s Best Places to Work 2015.  After digging deeper into Chevron, we discovered the company still has its work cut out for it before we can recommend it to socially responsible portfolio managers.  Glassdoor’s other surprise winner was Eastman Chemical:

After researching Chevron, we were not too optimistic on Eastman Chemical.  As a backgrounder, Eastman Chemical Company (“EMN”) is a United States-based Fortune 500 company, engaged in the global manufacture and sale of chemicals, fibers, and plastics. Founded in 1920 and based in Kingsport, Tennessee, the company now has 44 manufacturing sites worldwide and employs approximately 13,500 people. Eastman Chemical was spun off from parent Eastman Kodak in 1994. Unlike Chevron, while the company does not have a spotless environmental record, it has not been the subject of many environmental/pollution controversies (source: Wikipedia). 

This company positively surprised us. It was not ranked as highly (no. 30) as Chevron (no. 6).  However, the deeper we dug, the better the company and its trends looked. It’s employee review rating was 4.6 (out of 5) and has increased significantly over the last year.  The above rating was based on over 800 employee surveys. Within the 4.6 rating are 5 subcategories of which the company scored 4.2 or higher. A whopping 95% of employees approve of Eastman’s CEO Mark J. Costa and an equally large percentage would recommend the company to a friend. An example comment is below:

Eastman Chemical also received awards and accolades just like Chevron.  But there was a difference.  Several of Chevron’s were from Glassdoor, whilst Eastman’s were from a diverse group including the United States EPA !  (See below.  For a complete list, please refer to Eastman’s page on Glassdoor).

We also conducted a CSRHub review and again, found similar trends. Not only was Eastman Chemical’s rating higher than Chevron’s but it ranked sharply higher in certain subcategories such as Environment and Governance. As in the Glassdoor ratings, Eastman’s CSR rating trend rose consistently for the total lookback period starting in October 2012 and ending in late 2014. Of course, the company is no Prince-Charming, and still needs some work in the areas of Community Development, Philanthropy, and Diversity & Labor Rights. While the company is rapidly moving into Earth-friendly chemicals, we note that it supplies a key ingredient used to manufacture cigarette filters.

CSRHub flagged it for being an Animal Test User.  This was significantly lower than the 8 flags for Chevron.  In all fairness, we note that the large scale and nature of Chevron’s business leaves the company at a disadvantage.  For example, as an oil & gas producer, it is likely to be involved in Fracking.

Is it a good time to purchase Energy-related companies?
We believe now is a good time to begin acquiring shares of energy and chemical companies given the recent heavy selling.  The selling has been almost panic-based, which one can see from the heavy volume and sharp downtrend over the last three months (see chart below of the SPDR Energy ETF).  Concurrently, crude oil prices have declined over 45% from their highs, but one must remember they cannot decline forever as most producers are not profitable below $50/bbl oil. Thus, the energy sector will likely “self-correct” during the next year, meaning unprofitable and leveraged producers will likely rationalize production.  Already producers have announced 20% CapEx spending cuts with many more to come.  Commodity traders have also flagged that the oil market has shifted from Backwardation to Contango.  This means that longer-term oil futures are now “predicting” more expensive prices compared to spot (present-day) prices.

SPDR Select Energy ETF (ticker: XLE)
( Period: 1 year )
Source: Google Finance

Eastman Chemical (EMN)
Eastman Chemical, while not an E&G Producer, has declined in sympathy with the Energy industry (see chart below).  Consequently, we believe now (Dec’14-Jan’15) is a good time to opportunistically purchase shares of EMN.

On a side-note, many SRI portfolios are heavily-weighted towards consumer and technology companies.  Investing in a chemical company is a great way to diversify SRI portfolios, especially considering (as we do) that the stock market is nearing a top. Once the monetary-morphine-drip stops, the market is likely to drop, taking down high P/E shares with it. Diversifying into lower-P/E and lower Beta companies allows the portfolio manager to maintain a fully-invested position while lowering total portfolio risk.

Eastman Chemical (EMN)
(period: 1 year price chart)

As noted earlier, the shares are trading near their yearly low, as they have fallen in sympathy with oil & gas extractors.  However, Eastman Chemical is not a producer of petroleum but a user of petroleum products (called NGLs).  NGLs such as propane are key raw materials; in fact, Eastman may benefit from lower prices.

Corporate Strategy:
Eastman Chemical has been moving away from commodities and into higher-end, faster-growing specialty chemicals.These markets tend to have higher profit margins and are less cyclical than commodities. Business risk is also reduced as specialty chemicals tend to be in diverse industries and countries. It is executing this business strategy via divestitures and acquisitions. Some of the more interesting products include those for durable plastics, tire additives, and consumer hygiene.

The company presented itself on Investor Day in November 2014.  Readers should download this report to better understand Eastman’s business strategy.  Two slides from the company’s presentation are shown below:

 Eastman’s Commodities Sales will decline to just 13% of total by YE’14.
Management’s long-term forecasts

On a share-basis, we note that the company has been repurchasing shares and has nearly $750mm remaining on its $1bn share repurchase program. Continued repurchases are supported by the company’s expectations of $1bn in annual free cash flow. Management also recently increased its dividend payment which we believe is significant in light of investor worries of energy companies cutting their dividends. Companies rarely raise dividends unless management feels confident in the long-term future of the firm, as they know that a cut could cause shares to fall sharply.

Risk Factors:
The flip-side of Eastman Chemical’s business strategy is that the company may undergo execution risks given the large numbers of acquisitions it has made. Certain of those acquisitions, such as Solutia Inc., were partially debt-financed.  Also, we stated that low oil prices may be “good” for the company.  However, if the oil price decline is symptomatic of a weaker global economy, then the company will suffer as it is reliant on industrial demand.  Lastly, all energy chemicals are exposed to existing and changing regulations which may increase the cost of doing business.

Price Target:
We view Eastman Chemical’s shares as undervalued.  Consensus-earnings are forecast to grow 12% in 2015 and ROIC will grow > 12%.  EBITDA margins are increasing sharply, yet the shares trade at only 10x earnings for 2015E.  We believe the company’s growth alone justifies a P/E of 12x; however, if the shares trade similar to other specialty chemical players, then a P/E of 14-15x is justified. (Sources: Thomson Reuters, S&P Capital IQ)

Using an estimated P/E range of 12x – 15x returns a stock price range of $93 – $116.  In other words, Eastman’s shares could rise between 22% and 53% during the next year – not too shabby for a boring industrial company !

Disclosure: The author does not own EMN but may in the near future.

Glassdoor’s Best Places to Work Reveal Two Surprise Winners (Part I)

Recently, Glassdoor announced its seventh annual Employees’ Choice Awards, honoring the Best (Large) Places to Work 2015.  Winners were determined by the people who know these companies best — their employees.  Glassdoor also has the same list but for smaller companies with 1,000 or fewer employees. These companies are not the focus of this website as most are privately-owned entities.

This website has always emphasized those companies who treat their employees well.  Many readers are familiar with Fortune magazine’s lists such as Fortune 500, 40 Under 40, and 100 Best Places to Work.  However, with the growth of eMedia, firms like Glassdoor have grown more popular.

Glassdoor also publishes lists on the 50 Highest Rated CEOs, Top 25 Companies for Culture & Values and Top 25 Companies for Compensation & Benefits. Glassdoor is also a great database for employees and job seekers to see what it’s like to work at specific companies. Think of Yelp for job seekers.

For 2015, Google earned the top ranking as the Best Place to work.  Of course, there are no surprises here for Google and for several other companies on the list including: Bain & Co., Proctor & Gamble, Facebook, McKinsey and Qualcomm.

This list is a great starting point to find great companies for Socially Responsible Investing (“SRI”). However, we emphasize the words “starting point” because this is NOT an SRI list and sometimes unexpected companies appear.  This was the case in 2015 with appearances by two petrochemical companies Chevron and Eastman Chemical. Common wisdom takes one aback hearing these two names.  In fact, foundations such as Rockefeller are beginning to divest all investments in hydrocarbon industries.  Though since Chevron and Eastman Chemical made the cut, we believe they’re entitled to a closer look.

Out of a list of all the surveyed companies in both the United States and United Kingdom, Chevron managed to make it to 6th place.  That’s a very high ranking so we looked at the comments on Glassdoor.  But first a background of the company – Chevron Corporation (ticker: CVX) is an American multinational energy corporation. One of the successor companies of Standard Oil, it is headquartered in San Ramon, California, and active in more than 180 countries. Chevron is engaged in every aspect of the oil, gas, and geothermal energy industries, including exploration and production; refining, marketing and transport; chemicals manufacturing and sales; and power generation (Source: Wikipedia). (One can not help but notice the irony of the Rockefeller Foundation selling-off its energy portfolio as Chevron itself was part of the 33 smaller companies split from the original Standard Oil, which was founded by John D. Rockefeller.)

There was a total of 703 reviews of the company on Glassdoor’s website, so at first glance we know this was no fluke rating based on a dozen or fewer interviews. Chevron was rated 4.1 out of 5 (higher the better) and an off-the-chart 96% of employees approve of CEO John S. Watson. Nearly 90% of surveyed employees say they would recommend their employer to a friend. Sample comments from a former employee are below:

Unfortunately, we believe the company has its share of issues that prevent us from adding Chevron to a SRI list. We checked other SRI lists for Chevron’s name, but the company rarely made it to those lists, let alone the Top 10. An important database called CSRHub also gave it below-average rankings.  CSRHub is a large database of corporate social responsibility ratings and information for users including investment management firms. However, what concerned us deeply were the significant number of “Special Issues” or red-flags that CSRHub cited.  These included being involved in Sudan, Pesticides, Pollutants, Fracking, Coal, Burma, Animal Testing, not being sensitive to Gays and Lesbians.  Just to ensure that we didn’t err excluding Chevron from SRI, we Googled Chevron and found several negative articles including some accusing the company of “Greenwashing.”

This concludes Part I of our analysis.  Next time we will focus on Eastman Chemical Corporation (EMN).

SRI Comments on the World’s Most Ethical Companies

As our readers are now familiar with, this website likes to comment on CSR lists, and oh, are there many. Such lists can be used as a grazing area for readers screening new SRI candidates.

This World’s Most Ethical (“WME”) list is brought to you by Ethisphere.com. This firm (this word is chosen over organization and you’ll see why) has come out of nowhere to become among a few select lists cited by companies.  These are companies that are socially responsible and want that fact to be known to their customers, suppliers, investors, etc. Ethisphere started in 2007 as an online newsletter and later transformed to what is known today. Unlike other CSR lists, there are no rankings and no set number of chosen companies. Though, typically 100-130 companies are chosen.

However, as in politics, Ethisphere is not without its own ethical controversies.  According to Will Evans of Slate magazine, the organization has an inherent conflict of interest. In his article, Mr. Evans states, “Ethisphere’s director, Alex Brigham, is also president and CEO of Corpedia, which helps corporations develop and review their ethics programs.” In fact, Corpedia has several hundred clients, some of which are on the WME list. Specifically, Ethisphere charges companies to be part of its membership groups, buy ads in its magazine, and certify them with its “Ethics Inside” label, which they receive only if Ethisphere determines that “its compliance and ethics activities are demonstrably better than competitors.” We’ll leave it to others to sort out this issue, but Ethisphere has made changes to become more transparent and has changed its advisory panel. The history of these changes are on its website, unfortunately several links are not functioning properly so we could not attain the desired background information.

Despite the above, we like the WME list for a few reasons:

  • several of the companies on the list have been recognized by other organizations as being socially responsible.
  • the list has few Banks and other industries that have been scandal-ridden, providing additional comfort to us.
  • Ethisphere automatically excludes companies operating in “sin industries” such as alcohol, tobacco and firearms.
  • while it’s true that the qualifying companies simply fill out a questionnaire, Ethisphere has a process to ween down the list including utilizing independent verification.
  • Any organization, public or private, large or small, for profit or not-for-profit can participate.  Other lists have become filled with large public companies (and we generally feel that small, and/or private companies are more socially responsible).
  • Any company that has had significant legal trouble over the past five years is excluded from the list.

2013’s World’s Most Ethical Companies list:
This year, a record 145 companies made it on the list, with 43 of those headquartered outside the U.S.  Since 2007, 23 companies have made it on the list every year.  Readers take note! They include:

  • American Express
  • Fluor
  • General Electric
  • Milliken & Company
  • Patagonia
  • Rabobank
  • Starbucks

We can vouch for several of the companies above as they are well-regarded in CSR circles.  Full List (by Industry) is below:

2013 World’s Most Ethical Companies

Aerospace & Defense

Rockwell Collins USA
The Aerospace Corporation USA

Agriculture

Ethical Fruit Company Ltd UK

Apparel

Gap Inc USA
H & M Hennes & Mauritz AB Sweden

Automotive

Cummins Inc. USA
Delphi USA
Ford Motor Company USA
Johnson Controls, Inc. USA

Banking

National Australia Bank Australia
Old National Bank USA
Westpac Banking Corporation Australia

Business Services

Accenture Ireland
Capgemini France
Dun & Bradstreet USA
Paychex, Inc. USA
Salesforce.com USA
William E. Connor & Associates Ltd. Hong Kong

Chemicals

Ecolab USA
H.B. Fuller USA
The Mosaic Company USA
The Sherwin-Williams Company USA

Computer Hardware

Hitachi Data Systems USA
Intel Corporation USA

Computer Software

Adobe System Incorporated USA
Microsoft Corporation USA
Symantec Corporation USA
Teradata Corporation USA
Wipro Ltd India

Construction

CRH plc Ireland
Granite Construction Inc. USA

Consumer Electronics

Ricoh Japan
Texas Instruments USA
Xerox Corporation USA

Consumer Products

Colgate-Palmolive Company USA
Hasbro USA
Henkel AG Germany
Kao Corporation Japan
Kimberly-Clark Corporation USA
Mattel USA
SCA Sweden
illycaffe Italy

Diversified Industries

General Electric Company USA

E-commerce

eBay USA

Electronics

Applied Materials USA
Premier Farnell plc UK
Rockwell Automation USA
Schneider Electric France

Energy And Utilites: Natural Gas

Encana Corporation Canada
NiSource Inc USA
Sempra Energy USA
Spectra Energy Corp USA

Energy And Utilities: Electric

ABB Asea Brown Boveri Ltd Switzerland
EDP Energias de Portugal Portugal
ENMAX Corporation Canada
National Grid UK / USA
NextEra Energy USA

Energy And Utlities: Water

Northumbrian Water Group UK

Energy: Oil

Alyeska Pipeline Service Company USA

Engineering And Design

AECOM USA
CH2M Hill USA
Fluor Corporation USA
Parsons Corporation USA

Environmental Services

The Nature Conservancy USA
Waste Management USA

Financial Services

American Express USA
NYSE Euronext Netherlands / USA
TSYS USA
Thrivent Financial for Lutherans USA
Visa Inc. USA

Food And Beverage

All Good Organics New Zealand
Kellogg Company USA
PepsiCo USA

Food Service

ARAMARK USA

Forestry, Paper And Packaging

International Paper USA
Stora Enso Finland
Weyerhauser Company USA

Health And Beauty

L’OREAL France
Natura Cosmeticos Brazil
Shiseido Company, Limited Japan

Healthcare Services

Baptist Health South Florida USA
Cleveland Clinic USA
Hospital Corporation of America USA
Novation USA
Premier, Inc. USA
Sharp HealthCare USA

Industrial Manufacturing

Atlas Copco AB Sweden
Deere & Company USA
Eaton Corporation USA
Honeywell International Inc. USA
Kennametal Inc. USA
Milliken & Company USA
The Timken Company USA

Insurance: Brokerage

Arthur J. Gallagher & Co. USA

Insurance: Health

Aflac Inc. USA
Blue Cross Blue Shield of North Carolina USA
Blue Shield of California USA
CareFirst BlueCross BlueShield USA
Wisconsin Physicians Service Insurance Corporation USA

Insurance: Property And Casualty

CUNA Mutual Group USA
Sompo Japan Insurance Inc. Japan
The Progressive Group of Insurance Companies USA

Insurance: Reinsurance

Swiss Re Switzerland

Leisure And Hospitality

Holland America Line USA
Marriott International, Inc. USA
Seabourn USA
The Rezidor Hotel Group Germany

Media

Thomson Reuters UK / USA
Time Warner Inc USA

Medical Devices

Becton Dickinson USA
Coloplast A/S Denmark
Henry Schein USA

Metals And Mining

Alcoa USA
Tata Steel Ltd India

Professional, Scientific And Technical Services

Concurrent Technologies Corporation USA
Gemological Institute of America (GIA) USA
Noblis USA

Real Estate

Jones Lang LaSalle Inc USA
Realogy Corporation USA
Unibail-Rodamco France

Restaurants And Cafes

Starbucks Coffee Company USA

Retail: Food Stores

SONAE Portugal
Safeway Inc. USA
The Co-operative Group USA
Whole Foods Market, Inc. USA

Retail: General

Marks and Spencer USA
Target USA

Retail: Specialty

OfficeMax USA
Petco Animal Supplies USA
Ten Thousand Villages USA

Staffing Services

ManpowerGroup USA
Robert Half International USA

Telecommunications Equipment

Cisco Systems USA
Juniper Networks USA

Telecommunications Services

Portugal Telecom Portugal
SingTel Singapore
T-Mobile USA USA

Transportation And Logistics

Autoridad del Canal de Panama Panama
Nippon Yusen Kaisha Japan
UPS USA

– See more at: http://ethisphere.com/worlds-most-ethical/wme-honorees/#sthash.cIl5fcq2.dpuf

2013 World’s Most Ethical Companies

Aerospace & Defense

Rockwell Collins USA
The Aerospace Corporation USA

Agriculture

Ethical Fruit Company Ltd UK

Apparel

Gap Inc USA
H & M Hennes & Mauritz AB Sweden

Automotive

Cummins Inc. USA
Delphi USA
Ford Motor Company USA
Johnson Controls, Inc. USA

Banking

National Australia Bank Australia
Old National Bank USA
Westpac Banking Corporation Australia

Business Services

Accenture Ireland
Capgemini France
Dun & Bradstreet USA
Paychex, Inc. USA
Salesforce.com USA
William E. Connor & Associates Ltd. Hong Kong

Chemicals

Ecolab USA
H.B. Fuller USA
The Mosaic Company USA
The Sherwin-Williams Company USA

Computer Hardware

Hitachi Data Systems USA
Intel Corporation USA

Computer Software

Adobe System Incorporated USA
Microsoft Corporation USA
Symantec Corporation USA
Teradata Corporation USA
Wipro Ltd India

Construction

CRH plc Ireland
Granite Construction Inc. USA

Consumer Electronics

Ricoh Japan
Texas Instruments USA
Xerox Corporation USA

Consumer Products

Colgate-Palmolive Company USA
Hasbro USA
Henkel AG Germany
Kao Corporation Japan
Kimberly-Clark Corporation USA
Mattel USA
SCA Sweden
illycaffe Italy

Diversified Industries

General Electric Company USA

E-commerce

eBay USA

Electronics

Applied Materials USA
Premier Farnell plc UK
Rockwell Automation USA
Schneider Electric France

Energy And Utilites: Natural Gas

Encana Corporation Canada
NiSource Inc USA
Sempra Energy USA
Spectra Energy Corp USA

Energy And Utilities: Electric

ABB Asea Brown Boveri Ltd Switzerland
EDP Energias de Portugal Portugal
ENMAX Corporation Canada
National Grid UK / USA
NextEra Energy USA

Energy And Utlities: Water

Northumbrian Water Group UK

Energy: Oil

Alyeska Pipeline Service Company USA

Engineering And Design

AECOM USA
CH2M Hill USA
Fluor Corporation USA
Parsons Corporation USA

Environmental Services

The Nature Conservancy USA
Waste Management USA

Financial Services

American Express USA
NYSE Euronext Netherlands / USA
TSYS USA
Thrivent Financial for Lutherans USA
Visa Inc. USA

Food And Beverage

All Good Organics New Zealand
Kellogg Company USA
PepsiCo USA

Food Service

ARAMARK USA

Forestry, Paper And Packaging

International Paper USA
Stora Enso Finland
Weyerhauser Company USA

Health And Beauty

L’OREAL France
Natura Cosmeticos Brazil
Shiseido Company, Limited Japan

Healthcare Services

Baptist Health South Florida USA
Cleveland Clinic USA
Hospital Corporation of America USA
Novation USA
Premier, Inc. USA
Sharp HealthCare USA

Industrial Manufacturing

Atlas Copco AB Sweden
Deere & Company USA
Eaton Corporation USA
Honeywell International Inc. USA
Kennametal Inc. USA
Milliken & Company USA
The Timken Company USA

Insurance: Brokerage

Arthur J. Gallagher & Co. USA

Insurance: Health

Aflac Inc. USA
Blue Cross Blue Shield of North Carolina USA
Blue Shield of California USA
CareFirst BlueCross BlueShield USA
Wisconsin Physicians Service Insurance Corporation USA

Insurance: Property And Casualty

CUNA Mutual Group USA
Sompo Japan Insurance Inc. Japan
The Progressive Group of Insurance Companies USA

Insurance: Reinsurance

Swiss Re Switzerland

Leisure And Hospitality

Holland America Line USA
Marriott International, Inc. USA
Seabourn USA
The Rezidor Hotel Group Germany

Media

Thomson Reuters UK / USA
Time Warner Inc USA

Medical Devices

Becton Dickinson USA
Coloplast A/S Denmark
Henry Schein USA

Metals And Mining

Alcoa USA
Tata Steel Ltd India

Professional, Scientific And Technical Services

Concurrent Technologies Corporation USA
Gemological Institute of America (GIA) USA
Noblis USA

Real Estate

Jones Lang LaSalle Inc USA
Realogy Corporation USA
Unibail-Rodamco France

Restaurants And Cafes

Starbucks Coffee Company USA

Retail: Food Stores

SONAE Portugal
Safeway Inc. USA
The Co-operative Group USA
Whole Foods Market, Inc. USA

Retail: General

Marks and Spencer USA
Target USA

Retail: Specialty

OfficeMax USA
Petco Animal Supplies USA
Ten Thousand Villages USA

Staffing Services

ManpowerGroup USA
Robert Half International USA

Telecommunications Equipment

Cisco Systems USA
Juniper Networks USA

Telecommunications Services

Portugal Telecom Portugal
SingTel Singapore
T-Mobile USA USA

Transportation And Logistics

Autoridad del Canal de Panama Panama
Nippon Yusen Kaisha Japan
UPS USA

– See more at: http://ethisphere.com/worlds-most-ethical/wme-honorees/#sthash.cIl5fcq2.dpuf

23 companies have made the list all six years including: Aflac, American Express, Fluor, General Electric, Milliken & Company, Patagonia, Rabobank and Starbucks, among others. – See more at: http://ethisphere.com/worlds-most-ethical/wme-honorees/#sthash.qkFP2mzV.dpuf
23 companies have made the list all six years including: Aflac, American Express, Fluor, General Electric, Milliken & Company, Patagonia, Rabobank and Starbucks, among others. – See more at: http://ethisphere.com/worlds-most-ethical/wme-honorees/#sthash.qkFP2mzV.dpuf

Aerospace & Defense
Rockwell Collins  USA The Aerospace Corporation  USA
Agriculture
Ethical Fruit Company Ltd  UK
Apparel
Gap Inc  USA H & M Hennes & Mauritz AB  Sweden
Automotive
Cummins Inc.  USA Delphi  USA Ford Motor Company  USA Johnson Controls, Inc.  USA
Banking
National Australia Bank  Australia Old National Bank  USA Westpac Banking Corporation  Australia
Business Services
Accenture  Ireland Capgemini  France Dun & Bradstreet  USA Paychex, Inc.  USA Salesforce.com  USA William E. Connor & Associates Ltd.  Hong Kong
Chemicals
Ecolab  USA H.B. Fuller  USA The Mosaic Company  USA The Sherwin-Williams Company  USA
Computer Hardware
Hitachi Data Systems  USA Intel Corporation  USA
Computer Software
Adobe System Incorporated  USA Microsoft Corporation  USA Symantec Corporation  USA Teradata Corporation  USA Wipro Ltd  India
Construction
CRH plc  Ireland Granite Construction Inc.  USA
Consumer Electronics
Ricoh  Japan Texas Instruments  USA Xerox Corporation  USA
Consumer Products
Colgate-Palmolive Company  USA Hasbro  USA Henkel AG  Germany Kao Corporation  Japan Kimberly-Clark Corporation  USA Mattel  USA SCA  Sweden illycaffe  Italy
Diversified Industries
General Electric Company  USA
E-commerce
eBay  USA
Electronics
Applied Materials  USA Premier Farnell plc  UK Rockwell Automation  USA Schneider Electric  France
Energy And Utilites: Natural Gas
Encana Corporation  Canada NiSource Inc  USA Sempra Energy  USA Spectra Energy Corp  USA
Energy And Utilities: Electric
ABB Asea Brown Boveri Ltd  Switzerland EDP Energias de Portugal  Portugal ENMAX Corporation  Canada National Grid   UK / USA NextEra Energy  USA
Energy And Utlities: Water
Northumbrian Water Group  UK
Energy: Oil
Alyeska Pipeline Service Company  USA
Engineering And Design
AECOM  USA CH2M Hill  USA Fluor Corporation  USA Parsons Corporation  USA
Environmental Services
The Nature Conservancy  USA Waste Management  USA
Financial Services
American Express  USA NYSE Euronext   Netherlands / USA TSYS  USA Thrivent Financial for Lutherans  USA Visa Inc.  USA
Food And Beverage
All Good Organics  New Zealand Kellogg Company  USA PepsiCo  USA
Food Service
ARAMARK  USA
Forestry, Paper And Packaging
International Paper  USA Stora Enso  Finland Weyerhauser Company  USA
Health And Beauty
L’OREAL  France Natura Cosmeticos  Brazil Shiseido Company, Limited  Japan
Healthcare Services
Baptist Health South Florida  USA Cleveland Clinic  USA Hospital Corporation of America  USA Novation  USA Premier, Inc.  USA Sharp HealthCare  USA
Industrial Manufacturing
Atlas Copco AB  Sweden Deere & Company  USA Eaton Corporation  USA Honeywell International Inc.  USA Kennametal Inc.  USA Milliken & Company  USA The Timken Company  USA
Insurance: Brokerage
Arthur J. Gallagher & Co.  USA
Insurance: Health
Aflac Inc.  USA Blue Cross Blue Shield of North Carolina  USA Blue Shield of California  USA CareFirst BlueCross BlueShield  USA Wisconsin Physicians Service Insurance Corporation  USA
Insurance: Property And Casualty
CUNA Mutual Group  USA Sompo Japan Insurance Inc.  Japan The Progressive Group of Insurance Companies  USA
Insurance: Reinsurance
Swiss Re  Switzerland
Leisure And Hospitality
Holland America Line  USA Marriott International, Inc.  USA Seabourn  USA The Rezidor Hotel Group  Germany
Media
Thomson Reuters   UK / USA Time Warner Inc  USA
Medical Devices
Becton Dickinson  USA Coloplast A/S  Denmark Henry Schein  USA
Metals And Mining
Alcoa  USA Tata Steel Ltd  India
Professional, Scientific And Technical Services
Concurrent Technologies Corporation  USA Gemological Institute of America (GIA)  USA Noblis  USA
Real Estate
Jones Lang LaSalle Inc  USA Realogy Corporation  USA Unibail-Rodamco  France
Restaurants And Cafes
Starbucks Coffee Company  USA
Retail: Food Stores
SONAE  Portugal Safeway Inc.  USA The Co-operative Group  USA Whole Foods Market, Inc.  USA
Retail: General
Marks and Spencer  USA Target  USA
Retail: Specialty
OfficeMax  USA Petco Animal Supplies  USA Ten Thousand Villages  USA
Staffing Services
ManpowerGroup  USA Robert Half International  USA
Telecommunications Equipment
Cisco Systems  USA Juniper Networks  USA
Telecommunications Services
Portugal Telecom  Portugal SingTel  Singapore T-Mobile USA  USA
Transportation And Logistics

Autoridad del Canal de Panama  Panama Nippon Yusen Kaisha  Japan UPS  USA –  

Ethisphere originally began in 2007 as an online industry e-newsletter published by corporate compliance and ethics training and consulting firm, Corpedia – See more at: http://ethisphere.com/about/history/#sthash.N5WGoylI.dpuf
Ethisphere originally began in 2007 as an online industry e-newsletter published by corporate compliance and ethics training and consulting firm, Corpedia – See more at: http://ethisphere.com/about/history/#sthash.N5WGoylI.dpuf
Ethisphere originally began in 2007 as an online industry e-newsletter published by corporate compliance and ethics training and consulting firm, Corpedia – See more at: http://ethisphere.com/about/history/#sthash.N5WGoylI.dpuf
Ethisphere originally began in 2007 as an online industry e-newsletter published by corporate compliance and ethics training and consulting firm, Corpedia – See more at: http://ethisphere.com/about/history/#sthash.N5WGoylI.dpuf
Ethisphere originally began in 2007 as an online industry e-newsletter published by corporate compliance and ethics training and consulting firm, Corpedia – See more at: http://ethisphere.com/about/history/#sthash.N5WGoylI.dpuf