The Ethisphere Institute has named Henry Schein among its 2018 World’s Most Ethical Companies tabulation. This is the seventh consecutive year that Henry Schein has been recognized by the Ethisphere Institute, and it is the only honoree in the Healthcare Products category.
The full list comprises 135 companies spanning 23 countries and 57 industries, all noted for their record levels of involvement with their stakeholders and communities. Measuring and improving culture, leading authentically, and committing to transparency, diversity, and inclusion all were priorities among those honored.
“Since our founding in 1932, we have pursued the ideal of doing well by doing good, and we remain steadfast in our belief that great success can be achieved by serving the needs of society, holding ourselves to the highest ethical standards, and building our continued success on a foundation of trust and teamwork,” said Stanley M. Bergman, chairman of the board and chief executive officer (CEO) of Henry Schein.
“While the discourse around the world changed profoundly in 2017, a stronger voice emerged. Global corporations operating with a common rule of law are now society’s strongest force to improve the human condition. This year we saw companies increasingly finding their voice,” said Timothy Erblich, Ethisphere’s CEO.
“Henry Schein, in particular, has been a powerful voice in expanding access to healthcare in underserved communities around the world, and I congratulate Team Schein for being recognized as one of the world’s most ethical companies,” said Erblich.
The Ethisphere Institutes also notes that operating with integrity leads to greater financial performance. When indexed, the world’s most ethical companies of 2018 outperformed the United States Large Cap Index over 5 years by 10.72% and over 3 years by 4.88%. Ethisphere calls this the “Ethics Premium.”
The 2018 list was based on the Ethisphere Institute’s Ethics Quotient framework, which offers a quantitative way to assess a company’s performance in an objective, consistent, and standardized manner. The collected data 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 5 categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%), and leadership, innovation, and reputation (10%). All companies that participate in the assessment process receive their scores, providing them with insights into how they stack up against leading organizations.