Lincoln Electric Holdings Inc. has been recognized by the Ethisphere Institute,as one of the 2018 World's Most Ethical Companies. Ethisphere describes itself as a “global leader in defining and advancing the standards of ethical business practices.”
Lincoln Electric has been recognized as one of only two honorees in the machine tools & accessories industry by Ethisphere.
In 2018, 135 honorees were recognized by Ethisphere, spanning 23 countries and 57 industries. The 12th class of honorees had record levels of involvement with their stakeholders and their communities around the world, according to the company. Measuring and improving culture, leading authentically and committing to transparency, diversity and inclusion were all priorities for honorees.
“We are honored to receive this recognition,” said Christopher L. Mapes, chairman, president and CEO of Lincoln Electric. “Lincoln Electric was founded on the ‘Golden Rule’ and leads with integrity as a core value that guides our team, our '2020 Vision and Strategy' and our commitment to excellence in everything we do.”
“While the discourse around the world changed profoundly in 2017, a stronger voice emerged,” said Timothy Erblich, Ethisphere's CEO. “Global corporations operating with a common rule of law are now society's strongest force to improve the human condition. This year we saw companies increasingly finding their voice. The World's Most Ethical Companies in particular continued to show exemplary leadership. I congratulate everyone at Lincoln Electric for being recognized as one of the World's Most Ethical Companies.”
Methodology & Scoring
The World's Most Ethical Companies assessment is based upon the Ethisphere Institute's Ethics Quotient (EQ) framework, which offers a quantitative way to assess a company's performance in an objective, consistent and standardized manner. The information collected provides a comprehensive sampling of definitive criteria of core competencies rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
Scores are generated in five key categories: ethics and compliance program (35 percent), corporate citizenship and responsibility (20 percent), culture of ethics (20 percent), governance (15 percent) and leadership, innovation and reputation (10 percent). All companies that participate in the assessment process receive their scores, providing them with valuable insights into how they stack up against leading organizations.