Allianz and Aflac were found to be the two insurance companies to crack The Ethisphere Institute's "World's Most Ethical Companies" list, according to a research think-tank.
The Ethisphere Institute describes itself as a "think-tank dedicated to the research and promotion of profitable best practices in governance, business ethics, compliance and corporate social responsibility."
The institute said its process to determine the most ethical companies "included reviewing the companies' codes of ethics, litigation and regulatory infraction histories; evaluating the investment in innovation and sustainable business practices; looking at activities designed to improve corporate citizenship; studying nominations from senior executives, industry peers, suppliers and customers; and working with consumer action groups for feedback." Questionnaires of the companies were also conducted.
"The process was rigorous, and we are confident that the organizations included in the 2008 ranking are the standouts in their industries, forcing their competitors to take a long, hard look at their own efforts–and shortcomings," said Alex Brigham, executive director of Ethisphere Institute. "These companies make a concerted effort to ensure ethical practices remain a top business priority."
Allianz, based in Germany, is a global services provider of insurance, banking and asset management. It offers both property-casualty and life and health products.
Aflac sells a variety of supplemental life and health insurance products. According to the Ethisphere Institute's Web site, Aflac was selected as one of the select ethical organizations in focus.
The Web site quoted Dan Amos, Aflac CEO, as saying, "This company was founded with the premise that if you take care of your employees, they will take care of the company. This principle has proven true for more than 50 years as Aflac has grown from a small family business to a Fortune 500 company."
He added, "As a public company there is a responsibility to tell people what is happening regardless of whether the news is particularly good or bad. At Aflac, it is our custom to tell the people what we are doing and why we are doing it to limit any surprises in the future. As a publicly traded company, our actions impact the lives of shareholders, and since they own our company, they have a right to know what lies ahead."
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