A number of insurance companies with major offices in Connecticut were recognized for their corporate ethics in an annual list called the 2014 World’s Most Ethical Companies.
The Hartford Financial Services Group, Knights of Columbus, ING U.S., Massachusetts Mutual Life Insurance Co. and Swiss Re all made the list.
This is the eighth year the Ethisphere Institute has evaluated whether companies are ethical. The institute describes itself as an independent research center that promotes best practices in corporate ethics and compliance.
The institute recognized 144 companies around the globe out of approximately 600 that submitted detailed materials for the evaluation process. The competition did not require a fee, or membership, and was open to any company.
Here is an explanation of how the institute assesses corporate ethics:
The World’s Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ framework. The Ethics Quotient framework has been developed over years of effort to provide a means to assess an organization’s performance in an objective, consistent and standardized way. Rather than measuring all aspects of corporate governance, risk, sustainability, compliance and ethics, Ethisphere collects a comprehensive sampling of definitive date in core competencies. The Ethics Quotient framework and methodology was determined, vetted and refined by the expert advice and insights gleaned from Ethisphere’s network of thought leaders and from the World’s Most Ethical Company Methodology Advisory Panel. Scores are generated in five key categories: ethics and compliance program (25%), reputation, leadership and innovation (20%), governance (10%), corporate citizenship and responsibility (25%), and culture of ethics (20%).
“Global economic and social challenges from anti-corruption to security and privacy are accelerating the need for companies and organizations to embrace ethics and governance as critical business imperatives,” Ethisphere Institute CEO Tim Erblich said in a statement.
“Failure to establish the highest ethical business standards and practices throughout an organization can result in unacceptable consequences that include both human impacts and operational risks. These organizations have taken this challenge head on and recognize that leading ethical business practices present an unprecedented opportunity to deliver significant tangible and intangible organizational benefits,” Erblich said.