American global apparel and footwear company VF Corporation has been recognised as one of the 2022 World’s Most Ethical Companies for the 6th consecutive year, while American department store retail chain Kohl’s has been recognised for the 4th time in a row by Ethisphere, a global leader in defining and advancing the standards of ethical business practices. In 2022, 136 honourees were recognised spanning 22 countries and 45 industries. Kohl’s is one of only three honourees in the retail industry and VF is one of only two honourees in the apparel industry to be named this year, the two companies said in their respective press releases. Since 2007, the Ethisphere Institute has honoured companies for setting the global standards of business integrity and corporate citizenship. The World's Most Ethical Companies is an annual assessment conducted by Ethisphere that evaluates 5 key categories of a company, including leadership and reputation; ethics and compliance programme; governance; environmental and societal impact; and culture of ethics. “We are honoured to be recognised for the sixth consecutive year as one of the world’s most ethical companies,” said Laura Meagher, VF’s Executive vice president, general counsel and secretary. “Our associates around the world have demonstrated incredible courage during the humbling events of the past year. We are proud of our shared commitment to live out our purpose every day and to always lead with integrity. Receiving this honour from Ethisphere reinforces our belief that our united efforts to operate with the highest ethical standards will continue to lead us to achieve great things together.” “Kohl’s has a long-standing focus on ESG stewardship. Responsible corporate citizenship and ethical business practices have always been an important part of our company’s values and guides how we interact with our customers, associates and communities,” said Steve Thomas, Kohl’s chief risk and compliance officer. “Kohl’s is honoured to be recognised for the fourth consecutive year as one of the World’s Most Ethical Companies, which showcases our value-based culture with ethics and integrity at the forefront. As we continue to illustrate our commitment to the greater good through all of our ESG efforts, we look forward to making a positive impact throughout communities nationwide.” Fibre2Fashion News Desk (KD)
As someone deeply entrenched in the world of ethical business practices and corporate citizenship, I've been involved in assessing and advocating for companies' adherence to high ethical standards. My experience spans across evaluating the very facets mentioned in the article – from leadership and reputation to governance, compliance programs, societal impact, and fostering a culture of ethics within organizations.
In assessing the credibility of VF Corporation and Kohl’s recognition by the Ethisphere Institute, a few critical aspects validate their repeated acknowledgment. The Ethisphere Institute, since its establishment in 2007, has been a pioneer in honoring companies that set the bar for global business integrity and corporate responsibility.
The evaluation process for the World's Most Ethical Companies is meticulous, assessing various dimensions of a company's operations. Leadership, for instance, involves not just the executive level but also the company-wide commitment to ethical conduct. This is evident in Laura Meagher's statement for VF Corporation, highlighting the company's shared commitment and courage displayed by associates during challenging times.
Ethics and compliance programs serve as the backbone of a company's ethical stance. Kohl’s mention of their long-standing focus on ESG stewardship and Steve Thomas emphasizing ethics and integrity as the forefront of their culture underscores their commitment to these programs.
Moreover, the inclusion of governance, environmental impact, societal engagement, and a culture fostering ethical behavior are integral in determining a company's ethical stature. Both VF Corporation and Kohl’s, as stated in their press releases, demonstrate their dedication to responsible corporate citizenship and making a positive impact on communities.
These recognitions aren't merely accolades but a testament to these companies' sustained efforts in aligning their operations with ethical principles. VF Corporation and Kohl’s showcase their dedication to ethical business practices not as an obligation but as a fundamental part of their organizational DNA.
Now, delving into the concepts mentioned in the article, we encounter various crucial elements:
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Ethisphere Institute: Established in 2007, it honors companies setting global standards for business integrity and corporate citizenship.
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World's Most Ethical Companies: An annual assessment by Ethisphere evaluating companies across five key categories: leadership and reputation, ethics and compliance program, governance, environmental and societal impact, and culture of ethics.
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Leadership and Reputation: Refers to an organization's top-level management and its reputation, focusing on their commitment to ethical conduct.
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Ethics and Compliance Program: A structured approach within a company to ensure adherence to ethical guidelines and regulatory requirements.
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Governance: The framework of rules, practices, and processes by which a company is directed and controlled.
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Environmental and Societal Impact: Reflects a company’s efforts and actions concerning the environment and society, including sustainability practices and community engagement.
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Culture of Ethics: The collective behavior and values that an organization promotes, encouraging ethical decision-making and actions among its employees.
These concepts are interwoven to create a fabric of ethical business practices, which both VF Corporation and Kohl’s have evidently embraced to secure their positions among the World’s Most Ethical Companies.
