Saudi company among ‘world's most ethical’ firms
Dubai, March 24, 2014
Saudi Arabia-based International Hospitals Construction Company (IHCC) is the only firm in the region among the 144 global companies which have been rated on the ethical front, said a report.
The ranking was published by the Ethispere Institute, an independent centre of research promoting best practices in corporate ethics and compliance, said the Emirates 24/7 report.
IHCC has completed projects in Saudi Arabia, Yemen, Egypt, UAE, Bangladesh and Sudan.
The ‘World's Most Ethical Company’ rankings recognise companies that go beyond making statements about doing business ethically and translate those words into action, said the report.
The 144 honourees this year represent 41 industries, with 105 companies from the US and 38 based outside.
"In today's complex global economy, it can be increasingly challenging for companies to meet performance expectations, while addressing the varying regulatory, compliance and sustainability needs across geographies and cultures,” Tim Erblich, CEO of Ethisphere Institute was quoted as saying.
"Global economic and social challenges from anti-corruption to security and privacy are accelerating the need for companies and organisations to embrace ethics and governance as critical business imperatives. Failure to establish the highest ethical business standards and practices throughout an organisation can result in unacceptable consequences that include both human impacts and operational risks,” he said.
The assessment is based on the institute’s Ethics Quotient framework. It collects a comprehensive sampling of definitive data in core competencies, rather than measuring all aspects of corporate governance, risk, sustainability, compliance and ethics, said the report.
The scores were generated in five key categories: ethics and compliance programme (25 per cent), reputation, leadership and innovation (20 per cent), governance (10 per cent), corporate citizenship and responsibility (25 per cent), and culture of ethics (20 per cent), it added.