Australia’s Wesfarmers in List of World’s Most Ethical Companies
Thursday, 24th May 2007 at 1:53 pm
Wesfarmers in Western Australia has featured as the only Australian owned company in a list of the World’s Most Ethical Companies by Ethisphere magazine in the US.
And according to the Magazine, the winners of the World’s Most Ethical Companies are standouts. Each forces other companies to follow its leadership or fall behind. Each uses ethical leadership as a profit driver.
In assembling the 2007 rankings of the World’s Most Ethical Companies, the researchers and editors of Ethisphere say they examined more than 5,000 companies across 30 separate industries looking for true ethical leadership.
It examined companies in relational context to their industries and for influential leadership that moved others to change or follow.
Companies were measured in a rigorous eight-step process and then scored against nine distinct ethical leadership criteria.
In revealing the list, the publishers say they were asked "How can McDonald’s be on the list?" The answer they say is that the food service industry is the largest industry in the world – and McDonald’s has clearly stood apart in introducing healthier food fare, sustainable packaging, food safety, and ethical purchasing practices.
Wesfarmers is the only Australian company to make the list. They did so under the heading of Diversified Industries where the company is joined by General Electric (US), Koch Industries (US), and Tata Group (India).
Wesfarmers Limited is a major diversified Australian public company with operating business interests in home improvement products and building supplies, coal mining, gas processing and distribution, industrial and safety product distribution, chemicals and fertilisers manufacture and insurance. Wesfarmers also has other interests in private equity and other activities.
Headquartered in Perth, Wesfarmers’ activities are currently focused in Australia and New Zealand. Since its public listing in 1984, Wesfarmers’ assets have grown from $400 million to over $7 billion and earnings have increased from $9 million to over $600 million.
Keith Kessells, General Manager of Corporate Affairs at Wesfarmers says Wesfarmers believes that ethical conduct goes to the heart of business success.
He says that in a world where companies are increasingly under scrutiny for the way in which they conduct their business it is impossible to overestimate the importance of a good reputation.
Kessells says the theme of Wesfarmers’ last major group management conference was "Sustainable Success: Integrity, Innovation & Implementation". It is no accident that "integrity" was the first mentioned characteristic. Without that, he says you can forget the rest.
He says the company is pleased to have made the Ethisphere list and looks forward to maintaining a high standard of business conduct.
You can find the Ethisphere list at www.ethisphere.com