Connecticut’s politicians may not always behave, but The Hartford, General Electric, Xerox and more than a dozen other corporations have burnished the state’s image by scoring among the world’s most ethical businesses for 2011.
Those Connecticut-based outfits, plus at least 15 more out-of-state corporations with sizable operations and locations in and across the state, such as Henkel AG (formerly Loctite Corp. in Rocky Hill) Jones Lang LaSalle, Best Buy, Whole Foods and Starbucks Coffee Co., made The Ethisphere Institute list of the world’s 110 most ethical companies.
Moreover, the institute says there is a correlation between ethics and profitability for companies on the list. If indexed together, the most ethical have routinely and significantly outpaced the Standard & Poor’s 500 every year since the list debuted in 2007.
On average, the most ethical outperformed the S&P 500 by 7.3 percent each year. So far this year, the Ethisphere Class of 2011 has already surpassed the index, the institute said.
Hartford Financial Services Group Inc., which just two years ago struggled financially and needed a $3.4 billion federal bailout and a $2.5 billion capital infusion from a German insurer, is on the list for the fourth straight year. It has since repaid the bailout.
“We are committed to conducting all of our business operations according to the highest standards of honesty, integrity and respect for individuals,” Chairman, President and CEO Liam E. McGee said in a statement. “Every day we strive to demonstrate to stakeholders that their trust in The Hartford is well placed.”
In all, 74 of the 110 repeat on this year’s list.
Other ethical companies with sizable Connecticut presences include: Target, H&M stores, United Parcel Service, Manpower, T-Mobile USA, Thomson Reuters, Swiss Re, Aflac, Marriott International and Waste Management. Â
