Lincoln Electric Holdings Inc., has been recognised by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as one of the 2019 World’s Most Ethical Companies.
Lincoln Electric has been recognised for the second consecutive year and is the only honouree in the Machine Tools & Accessories industry category.
In 2019, 128 honourees were recognised spanning 21 countries and 50 industries. The 13th class of honourees profoundly illustrate how companies continue to be the driving force for improving communities, building capable and empowered workforces, and fostering corporate cultures focused on ethics and a strong sense of purpose.
“We are honoured to receive this recognition,” said Christopher L. Mapes, Chairman, President and Chief Executive Officer of Lincoln Electric. “Our organisation’s guiding principle is the ‘Golden Rule’ and we are proud of our strong culture of integrity, ethics and our commitment to excellence in everything we do.”
“Today, employees, investors and stakeholders are putting their greatest trust in companies to take leadership on societal issues. Companies that take the long view with a purpose-based strategy are proven to not only outperform but last,” said Ethisphere’s Chief Executive Officer, Timothy Erblich. “I congratulate everyone at Lincoln Electric for earning this recognition.”
Methodology and 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 standardised 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 programme (35%), culture of ethics (20%), corporate citizenship and responsibility (20%), governance (15%) and leadership and reputation (10%). All companies that participate in the assessment process receive their scores, providing them with valuable insights into how they stack up against leading organisations.
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