What's the news?
Swedish automobile maker, Volvo Automobiles, renowned for its continuous commitment to safety, has been recognised by the Ethisphere Institute for its business practices, naming it as a 2017 World's Most Ethical Company.
It is one of 124 companies listed, of which only four come from the automotive industry. The awards are judged in five categories: ethics and compliance program, corporate citizenship and responsibility, culture of ethics, governance, and leadership, innovation and reputation. This is the first time that Volvo Automobiles, which employs over 31,000 people worldwide, has been awarded the title.
Håken Samuelsson, President and CEO of Volvo Automobiles, said: "I'm very proud that Volvo Automobiles has been recognised as one of the world's most ethical companies. Responsible business is a fundamental part of Volvo Automobiles' heritage, and engrained in our corporate culture. An ethical approach is not just the right thing to do, but it brings financial value too."
The Ethisphere's Chief Executive Officer, Timothy Erblich, said: "Volvo Automobiles embraces policies of diversity and inclusion, is committed to ethical leadership and demonstrates the values of a true global citizen."
Volvo Automobiles has developed a detailed Compliance and Ethics Programme that is designed to prevent and mitigate a range of legal and ethical risks. This covers areas such as corruption, human rights, competition law, export control, and data privacy. It has a Code of Conduct that is based on international conventions and standard, which governs and guides the actions of employees and its business partners.