Management consulting firm The Ethisphere Institute published its 2016 list of the “world’s most ethical companies,” recognizing firms that promote ethical business standards and practices internally, enable managers and employees to make good choices, and shape future industry standards by introducing “tomorrow’s best practices today.” The list of more than 130 companies includes six firms from the electronic component and semiconductor industry.
Distributor Avnet, Inc. ranked alongside electronic component and semiconductor makers Applied Materials, Inc.; Intel Corp.; ON Semiconductor; TE Connectivity; and Texas Instruments.
The World's Most Ethical Company assessment is based on the Ethisphere Institute's Ethics Quotient (EQ) framework developed over years of research, and vetted and refined by the expert advice from Ethisphere's World's Most Ethical Company Methodology Advisory Panel. The EQ assess a company's performance in an objective, consistent, and standardized way, according to the organization. The information collected provides a sample of definitive criteria of core competencies; company scores are generated in five categories: ethics and compliance program, corporate citizenship and responsibility, culture of ethics, governance and leadership, innovation and reputation.
“Companies rely on Ethisphere to continually raise and measure the standards of corporate behavior. Those that demonstrate leadership in areas like citizenship, integrity, and transparency create more value for their investors, communities, customers, and employees, thus solidifying a sustainable business advantage," said Ethisphere's chief executive officer, Timothy Erblich.
Avnet leaders pointed to the firm’s culture of integrity, customer service, accountability, teamwork, and innovation as a key reason it was named to the list for the third straight year.
“We live these values every day, helping to make Avnet a global leader in socially responsible practices,” Avnet CEO Rick Hamada said in a statement announcing the honor. “Ethisphere's recognition reinforces the tremendous work by our team to meet the great responsibilities that come with Avnet's meaningful role in the broad base of technology markets we serve.”
“Avnet sees trust as the essential element that underlies everything we do in our company,” added Harvey Woodford, the company’s chief ethics and compliance officer. “We are committed to operating with the utmost integrity and choosing business partners that share this dedication. Being named one of the World's Most Ethical Companies is a great honor for our employees who strive to comply with the law and operate the right way to reduce our customers' and suppliers' costs and risks.”