Volvo recognised as world’s most ethical company in 2017 and it is one of the four automotive companies featured in the list
Swedish premium car manufacturer Volvo Cars have been recognised as a 2017 World’s Most Ethical Company by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. This is the first time, Volvo has achieved this feat and it one of the four auto manufacturers among a total of 124 companied selected from around the world.
While selecting the companies, five key categories were followed by the institute. These are – ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%).
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Speaking about the achievement, President and CEO of Volvo Cars, Mr. Håkan Samuelsson said, it is a very proud moment for Volvo to be recognised as one of the world’s most ethical companies. He also said that responsible business is the fundamental part of the company’s rich heritage. The company says, this assessment process has helped the brand to improve its Compliance & Ethics program.
The Swedish automaker has a comprehensive Compliance and Ethics Program aiming at preventing and mitigating a range of legal and ethical risks, covering areas such as corruption, human rights, competition law, export control and data privacy. This includes a Code of Conduct, based on international conventions and standards, which governs and guides the actions of the employees and business partners of the company.
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Apart from making and selling premium luxury cars, the automaker claims that it is committed towards fostering a culture of ethical leadership. It launched a new training program for the managers, focusing on responsible and ethical business practices. More than 400 employees have received training under this program till date.