Current Issues in Business Ethics 2019 Addressed by Associate Professor Boz Bostrom

Current Issues in
Business Ethics – 2019
Boz Bostrom
Associate Professor of Accounting/Finance
College of Saint Benedict / Saint John’s University
    (612) 414-9629
February 14, 2019
bbostrom@csbsju.edu
1
Learning Objectives
Learn about the ethical attitudes of others
Understand current ethical violations and learn how to avoid them
Learn about examples and pitfalls of unethical leadership
Learn about examples and benefits of ethical leadership
Ethics and the law
 
Introduction to Ethics
What are ethics?
Moral principles
Rules of conduct followed by an individual or group
4
Why be ethical?
Compliance with rules, regulations, codes
Stakeholder confidence, trust and loyalty
Social acceptance / respect of peers
Personal pride
5
United Airlines Debacle
Flight booked to capacity
Additional crew members “needed” to fly
United asked for volunteers / $800 compensation
No volunteers – Dept of Transportation guidelines allow
passengers to be denied entry
But…passenger was already on plane
https://www.youtube.com/watch?v=VrDWY6C1178
United Airlines Debacle
Were United’s actions legal? Still unclear…but possibly.
Were United’s actions ethical?
Your thoughts?
Public reaction / impact on United’s value
What alternatives did they have?
Pro’s/con’s
Ethical Attitudes
 
8
Gallup Poll – rate honesty and ethical standards
“high” or “very high”
Accountants
Auto Mechanics
Business executives
Judges
Lawyers
Medical doctors
Members of congress
Military officers
Newspaper reporters
Nurses
Police officers
9
December 2017 – 1,000+ adults in the US (accountants
% from Dec 2015)
Gallup Poll – rate honesty and ethical standards
“high” or “very high”
 
10
82%
71%
65%
56%
43%
39%
32%
25%
18%
16%
11%
December 2017 – 1,000+ adults in the US (accountants
% from Dec 2015)
Gallup Poll – rate Accountants’ honesty and ethical
standards high or very high
11
Current Ethical Violations
 
Ethical decision making model
 
1.
Identify the ethical issue(s) involved
2.
Identify the two “clear” options
3.
Consider how stakeholders would be affected by these two clear options
4.
Use moral imagination to come up with “hybrid” options – usually the best
result
Consider your ‘blind spots’ / Discuss with independent parties
5.
Finalize and communicate decision
6.
Change decision if needed
13
Case Study
 
One of your friends knows you are smart when it comes to finances
and has asked for your advice in structuring their investment into a
startup company
The startup company refuses to produce financial statements, but
has a number of high profile and seemingly trustworthy board
members
You have heard rumors that the startup company’s product is not
performing as well as advertised
How do you advise your friend?
 
14
Theranos / Elizabeth Holmes
 
15
Timeline
 
Founded in 2003 by Holmes, a Stanford dropout
Claimed it had a product which could run dozens of blood tests
from a finger prick
Would save dollars and get results to patients more quickly
Over $700M raised from an investors - $9B valuation
Major partnerships with Walgreen’s and Safeway
Board of Directors
Channing Robertson, a chemical-engineering professor at Stanford
George Shultz (former Secretary of State)
William Perry (former Secretary of Defense)
Henry Kissinger (former Secretary of State)
Sam Nunn (former U.S. Senator)
Bill Frist (former U.S. Senator and heart-transplant surgeon)
Gary Roughead (Admiral, USN, retired)
James Mattis (General, USMC, later Trump’s Secretary of Defense)
Richard Kovacevich (former Wells Fargo Chairman and CEO)
Riley Bechtel (chairman of the board and former CEO at Bechtel Group)
Problems
 
Many people within the company and at customers/investors
raised red flags that the products did not work as advertised
Fired
Nondisclosure agreements
Threatened with lawsuits
Suicide
CEO/founder in a secret romantic relationship with company’s
President
Began to unravel with October 2015 WSJ article
Company’s products not accurate
Company used competitors’ products
Charges
 
SEC report in March 2018
“Massive fraud”
Company claimed it had $100M in revenues. Actually was $100,000
Holmes settled - $500k fine, forfeiture of (worthless) shares, barred from
leadership positions with a public company for 10 years
June 2018 - Charged with wire fraud and conspiracy to commit wire
fraud
“Investors and doctors and patients were defrauded.”
“Defendants were aware of the unreliability and inaccuracy of their
products, but concealed that information”
Up to 20 years in prison
Case Study
You work at the manager level for your organization
You receive an email from a senior leader asking you to pull together an
analysis
In scanning the email chain, you see some confidential financial information
unrelated to the task you have been asked to complete
You realize the senior leader probably didn’t mean to send you that
confidential information
What do you do?
20
Lifetime Fitness Insider
Trading Scandal
Timeline
Shane Fleming
VP of Sales at Lifetime Fitness
Feb 23, 2015 – In-house lawyer tells Fleming
that LTM is being acquired. Fleming passes info
along to a friend and business partner, Bret
Beshey
Agreed that Beshey would trade (or tell others to do
so) and share profits with Fleming
Brett’s phone call to brokerage firm
“If you are trading, and I’ve heard of, uh, companies that are trading
and eventually they sometimes are bought and they go private and
the company will buyout all of the existing stock that is outstanding,
you know.  So how does that work?  Like, say for example if I had, uh,
if I had just bought options on a stock, if I bought, uh, options on a
stock, and say I bought the options, like say I bought March 25s on
it. . . . If I bought calls, for the March 25 and say that went up to, say
the company, say the stock was trading at like 20, uh, say it was
trading at 24 and my options are at 25, and say the company gets
bought for 30, then do they cover the outstanding options?”
Timeline
Feb 24 – March 5 – Information passed to 7 more individuals.
About 2,300 call options purchased (along with a small amount of
shares)
Stock price around $58 per share, options mainly purchased at $65/share
Almost all would expire in less than one month
March 5 (after close of trading) – Wall Street journal reports LTM
will be purchased.
Share price jumps to as high as $69 per share. Most options sold
March 16 – LTM announced deal. Stock jumps to $71 per share
Final options sold
June 10 – LTM sold / de-listed
Was it worth it?
About $900,000 of total gains
Fleming received $10,000
Beshey netted $15,000
The biggest profiteer was Eric Weller (over $500,000) who didn’t
give his “up-line” any cash, but instead…
Now what?
Shane - Pled guilty to a count to commit securities fraud
Up to 5 years in prison / $250,000 fine
Future employment of all involved
Ages 28 to 54
Family / personal shame and guilt
Linklaters
 
Linklaters is a global law firm, with nearly 3,000 lawyers and
partners working in 30 offices in 20 countries
Menglu Wang graduated from Harvard Law and began working for
Linklaters in 2015
Fei Yen
31 year old MIT research scientist
 
Linklaters
 
Sibanye Gold and Steinhoff International Holdings were clients of
Linklaters and acquired publicly traded companies, including
Stillwater Mining
Wang worked on these transactions
Yen obtained information about the transactions, setup a
brokerage account under mother’s name, and traded
About $120,000 of profits
Linklaters
 
SEC noticed unusual trades and investigated Yen
Found various google searches:
“how sec detect unusual trade”
“insider trading in an international account”
Article - “Want to Commit Insider Trading? Here's How Not to Do it”
Linklaters
 
July 2017 – Yen arrested
March 2018 – Yan sentenced to 15 months in prison and must
forfeit the $120,000
Wang – suspended, then fired from Linklaters
Her lawyer: “There were a number of innocent bystanders. She is
one of them. She is not a target. It’s an unfortunate side effect that
she lost her job.”
How were Yen and Wang affiliated?
Unethical Leadership
 
Case Study
You are in upper (but not top) management at your organization and you hope
to continue to advance up the chain
Your top manager, a superstar performer, has become increasingly “edgy”
Rough language
Jokes about employees of other genders, ethnicities, etc.
Comments of a sexual nature
You have dropped some subtle hints that the manager should tone it down
Their reply, “Maybe I should go somewhere I am more welcome.”
This manager’s strong performance has greatly helped your own performance
metrics and has you positioned for your next promotion
What do you do?
Uber – Initial Success
2009 - Founded
2016 - $4 billion revenue, $69 billion
valuation
The Infamous “Miami E-mail”
From: 
Travis Kalanick
Date: Friday, October 25, 2013
Subject: 九 Info: URGENT, URGENT - READ THIS NOW OR
ELSE!!!!!
To: Uber Team
Hey guys, I wanted to get some important information out
there. I've put together a Q&A that we can use when other
folks ask what we're doing here, and have some DOs and
DON'Ts for our time here in Miami.
You better read this or I'll kick you’re ass.
The Infamous “Miami E-mail”
I have gotten a list of concerns from the legal department. I have
translated these concerns into a clear set of common sense
guidelines. I've also added a few items of my own.
The Infamous “Miami E-mail”
DON’T’s
 
1) No lives should begin or end at 九
2) We do not have a budget to bail anyone out of jail. Don't
be that guy. #CLM
3) Do not throw large kegs off of tall buildings. Please talk
to Ryan McKillen and Amos Barreto for specific insights on
this topic.
4) TBA
5) Drugs and narcotics will not be tolerated unless you have
the appropriate medicinal licensing.
6) There will be a $200 puke charge for any public displays on
the Shore Club premises. Shore Club will be required to send
pictures as proof.
The Infamous “Miami E-mail”
DON’T’s
7) DO NOT TALK TO PRESS. Send all press inquiries to Andrew -
anoyes@uber.com Additionally, stay vigilant about making sure
people don't infiltrate our event. If and when you find yourself talking
to a non-Uber (look for the wristband), keep confidential stuff
confidential... no rev figures, driver figures, trip figures... don't talk
about internal process, and don't talk about initiatives that have not
already launched.
The Infamous “Miami E-mail”
DON’T’s
4) Do not have sex with another employee UNLESS a) you have
asked that person for that privilege and they have responded with an
emphatic "YES! I will have sex with you" AND b) the two (or more) of
you do not work in the same chain of command. Yes, that means
that Travis will be celibate on this trip. #CEOLife #FML
Uber – Recent Concerns
Feb 19, 2017 – Blogpost discussing sexual harassment
Not taken seriously when reported to management
Feb 28, 2017 – Dashcam video of CEO arguing with driver
June 6, 2017 – Uber fires 20 employs when investigation reveals
harassment
June 8, 2017 – Miami E-mail surfaces (sent October 2013)
June 20, 2017 – CEO resigns
Investors cut valuations by 15%
Ethical Leadership
 
Indra Nooyi
Chair and CEO of PepsiCo
Born and raised in India
Undergrad in India / Master’s from Yale in 1980
Joined PepsiCo in 1994 as a Senior VP of
Strategic Planning
Became CFO, then President, then Chair and
CEO in 2006
How many of the Fortune 500 CEO’s are
women?
41
Benefits of ethical
leadership
 
Quick Questions
How ethical is senior leadership at your employer?
How ethical is your direct supervisor?
Do you love your job?
Do you plan to stay at your company for a long time?
Do you work hard for your company?
 
Ethical Leadership in the Accounting
Profession – July 2018 Survey
Survey Results - Details
Survey – Other Findings
 
Only 26% strongly agreed that they loved their job, but that figure
jumps to 43% for those who strongly agreed that senior leadership
and director supervisors were very ethical
Directly asked if the ethical environment impacts:
Love for job – 4.4
Plans to stay with company – 4.4
Work ethic – 4.1 (women 4.3, men 4.0)
I have someone I can talk to about ethical issues – 4.6
But staff only 4.1
Survey – Other Findings
 
Ethics impacts recommendation for:
Promotions – 4.7
Suppliers – 4.3
Customers – 4.3
How ethical are you compared to the average CPA?
56% said at least somewhat more ethical
58% men, 52% women
51% tax, 76% audit
78% of those under 30
Only 2% said at least somewhat less ethical
What do the following 18 companies have in common?
11 or 12 of the past 12 years
49
Investment returns
10 year compounded annual total growth of S&P 500 Index?
Median 10 year compounded annual growth of “ethical”
companies?
50
Final Tips
 
Discuss decisions with others
Have a long-term view. STP = LTG
Avoid financial and other pressures which can increase ethical pressures
Assume your decision will be publicized
Be willing to walk away from an unhealthy environment
Slide Note
Embed
Share

Explore key topics in business ethics for 2019 as presented by Associate Professor Boz Bostrom, including ethical attitudes, violations, and leadership examples. Delve into the importance of ethics, ethical decision-making, and the case study of the United Airlines debacle. Gain insights from a Gallup poll on honesty and ethical standards across various professions in the US.


Uploaded on Sep 07, 2024 | 2 Views


Download Presentation

Please find below an Image/Link to download the presentation.

The content on the website is provided AS IS for your information and personal use only. It may not be sold, licensed, or shared on other websites without obtaining consent from the author. Download presentation by click this link. If you encounter any issues during the download, it is possible that the publisher has removed the file from their server.

E N D

Presentation Transcript


  1. Current Issues in Business Ethics 2019 Boz Bostrom Associate Professor of Accounting/Finance College of Saint Benedict / Saint John s University bbostrom@csbsju.edu (612) 414-9629 February 14, 2019 1

  2. Learning Objectives Learn about the ethical attitudes of others Understand current ethical violations and learn how to avoid them Learn about examples and pitfalls of unethical leadership Learn about examples and benefits of ethical leadership

  3. Ethics and the law

  4. Introduction to Ethics What are ethics? Moral principles Rules of conduct followed by an individual or group 4

  5. Why be ethical? Compliance with rules, regulations, codes Stakeholder confidence, trust and loyalty Social acceptance / respect of peers Personal pride 5

  6. United Airlines Debacle Flight booked to capacity Additional crew members needed to fly United asked for volunteers / $800 compensation No volunteers Dept of Transportation guidelines allow passengers to be denied entry But passenger was already on plane https://www.youtube.com/watch?v=VrDWY6C1178

  7. United Airlines Debacle Were United s actions legal? Still unclear but possibly. Were United s actions ethical? Your thoughts? Public reaction / impact on United s value What alternatives did they have? Pro s/con s

  8. Ethical Attitudes 8

  9. Gallup Poll rate honesty and ethical standards high or very high Accountants Auto Mechanics Business executives Judges Lawyers Medical doctors Members of congress Military officers Newspaper reporters Nurses Police officers December 2017 1,000+ adults in the US (accountants % from Dec 2015) 9

  10. Gallup Poll rate honesty and ethical standards high or very high 82% 71% 65% 56% 43% 39% 32% 25% 18% 16% 11% December 2017 1,000+ adults in the US (accountants % from Dec 2015) 10

  11. Gallup Poll rate Accountants honesty and ethical standards high or very high 50 45 40 35 30 25 20 15 10 5 0 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 11

  12. Current Ethical Violations

  13. Ethical decision making model 1. Identify the ethical issue(s) involved 2. Identify the two clear options 3. Consider how stakeholders would be affected by these two clear options 4. Use moral imagination to come up with hybrid options usually the best result Consider your blind spots / Discuss with independent parties 5. Finalize and communicate decision 6. Change decision if needed 13

  14. Case Study One of your friends knows you are smart when it comes to finances and has asked for your advice in structuring their investment into a startup company The startup company refuses to produce financial statements, but has a number of high profile and seemingly trustworthy board members You have heard rumors that the startup company s product is not performing as well as advertised How do you advise your friend? 14

  15. Theranos / Elizabeth Holmes 15

  16. Timeline Founded in 2003 by Holmes, a Stanford dropout Claimed it had a product which could run dozens of blood tests from a finger prick Would save dollars and get results to patients more quickly Over $700M raised from an investors - $9B valuation Major partnerships with Walgreen s and Safeway

  17. Board of Directors Channing Robertson, a chemical-engineering professor at Stanford George Shultz (former Secretary of State) William Perry (former Secretary of Defense) Henry Kissinger (former Secretary of State) Sam Nunn (former U.S. Senator) Bill Frist (former U.S. Senator and heart-transplant surgeon) Gary Roughead (Admiral, USN, retired) James Mattis (General, USMC, later Trump s Secretary of Defense) Richard Kovacevich (former Wells Fargo Chairman and CEO) Riley Bechtel (chairman of the board and former CEO at Bechtel Group)

  18. Problems Many people within the company and at customers/investors raised red flags that the products did not work as advertised Fired Nondisclosure agreements Threatened with lawsuits Suicide CEO/founder in a secret romantic relationship with company s President Began to unravel with October 2015 WSJ article Company s products not accurate Company used competitors products

  19. Charges SEC report in March 2018 Massive fraud Company claimed it had $100M in revenues. Actually was $100,000 Holmes settled - $500k fine, forfeiture of (worthless) shares, barred from leadership positions with a public company for 10 years June 2018 - Charged with wire fraud and conspiracy to commit wire fraud Investors and doctors and patients were defrauded. Defendants were aware of the unreliability and inaccuracy of their products, but concealed that information Up to 20 years in prison

  20. Case Study You work at the manager level for your organization You receive an email from a senior leader asking you to pull together an analysis In scanning the email chain, you see some confidential financial information unrelated to the task you have been asked to complete You realize the senior leader probably didn t mean to send you that confidential information What do you do? 20

  21. Lifetime Fitness Insider Trading Scandal

  22. Timeline Shane Fleming VP of Sales at Lifetime Fitness Feb 23, 2015 In-house lawyer tells Fleming that LTM is being acquired. Fleming passes info along to a friend and business partner, Bret Beshey Agreed that Beshey would trade (or tell others to do so) and share profits with Fleming

  23. Bretts phone call to brokerage firm If you are trading, and I ve heard of, uh, companies that are trading and eventually they sometimes are bought and they go private and the company will buyout all of the existing stock that is outstanding, you know. So how does that work? Like, say for example if I had, uh, if I had just bought options on a stock, if I bought, uh, options on a stock, and say I bought the options, like say I bought March 25s on it. . . . If I bought calls, for the March 25 and say that went up to, say the company, say the stock was trading at like 20, uh, say it was trading at 24 and my options are at 25, and say the company gets bought for 30, then do they cover the outstanding options?

  24. Timeline Feb 24 March 5 Information passed to 7 more individuals. About 2,300 call options purchased (along with a small amount of shares) Stock price around $58 per share, options mainly purchased at $65/share Almost all would expire in less than one month March 5 (after close of trading) Wall Street journal reports LTM will be purchased. Share price jumps to as high as $69 per share. Most options sold March 16 LTM announced deal. Stock jumps to $71 per share Final options sold June 10 LTM sold / de-listed

  25. Was it worth it? About $900,000 of total gains Fleming received $10,000 Beshey netted $15,000 The biggest profiteer was Eric Weller (over $500,000) who didn t give his up-line any cash, but instead

  26. Now what? Shane - Pled guilty to a count to commit securities fraud Up to 5 years in prison / $250,000 fine Future employment of all involved Ages 28 to 54 Family / personal shame and guilt

  27. Linklaters Linklaters is a global law firm, with nearly 3,000 lawyers and partners working in 30 offices in 20 countries Menglu Wang graduated from Harvard Law and began working for Linklaters in 2015 Fei Yen 31 year old MIT research scientist

  28. Linklaters Sibanye Gold and Steinhoff International Holdings were clients of Linklaters and acquired publicly traded companies, including Stillwater Mining Wang worked on these transactions Yen obtained information about the transactions, setup a brokerage account under mother s name, and traded About $120,000 of profits

  29. Linklaters SEC noticed unusual trades and investigated Yen Found various google searches: how sec detect unusual trade insider trading in an international account Article - Want to Commit Insider Trading? Here's How Not to Do it

  30. Linklaters July 2017 Yen arrested March 2018 Yan sentenced to 15 months in prison and must forfeit the $120,000 Wang suspended, then fired from Linklaters Her lawyer: There were a number of innocent bystanders. She is one of them. She is not a target. It s an unfortunate side effect that she lost her job. How were Yen and Wang affiliated?

  31. Unethical Leadership

  32. Case Study You are in upper (but not top) management at your organization and you hope to continue to advance up the chain Your top manager, a superstar performer, has become increasingly edgy Rough language Jokes about employees of other genders, ethnicities, etc. Comments of a sexual nature You have dropped some subtle hints that the manager should tone it down Their reply, Maybe I should go somewhere I am more welcome. This manager s strong performance has greatly helped your own performance metrics and has you positioned for your next promotion What do you do?

  33. Uber Initial Success 2009 - Founded 2016 - $4 billion revenue, $69 billion valuation

  34. The Infamous Miami E-mail From: Travis Kalanick Travis Kalanick Date: Friday, October 25, 2013 Subject: Info: URGENT, URGENT - READ THIS NOW OR ELSE!!!!! To: Uber Team Hey guys, I wanted to get some important information out there. I've put together a Q&A that we can use when other folks ask what we're doing here, and have some DOs and DON'Ts for our time here in Miami. You better read this or I'll kick you re ass.

  35. The Infamous Miami E-mail I have gotten a list of concerns from the legal department. I have translated these concerns into a clear set of common sense guidelines. I've also added a few items of my own.

  36. The Infamous Miami E-mail DON T s 1) No lives should begin or end at 2) We do not have a budget to bail anyone out of jail. Don't be that guy. #CLM 3) Do not throw large kegs off of tall buildings. Please talk to Ryan McKillen and Amos Barreto for specific insights on this topic. 4) TBA 5) Drugs and narcotics will not be tolerated unless you have the appropriate medicinal licensing. 6) There will be a $200 puke charge for any public displays on the Shore Club premises. Shore Club will be required to send pictures as proof.

  37. The Infamous Miami E-mail DON T s 7) DO NOT TALK TO PRESS. Send all press inquiries to Andrew - anoyes@uber.com Additionally, stay vigilant about making sure people don't infiltrate our event. If and when you find yourself talking to a non-Uber (look for the wristband), keep confidential stuff confidential... no rev figures, driver figures, trip figures... don't talk about internal process, and don't talk about initiatives that have not already launched.

  38. The Infamous Miami E-mail DON T s 4) Do not have sex with another employee UNLESS a) you have asked that person for that privilege and they have responded with an emphatic "YES! I will have sex with you" AND b) the two (or more) of you do not work in the same chain of command. Yes, that means that Travis will be celibate on this trip. #CEOLife #FML

  39. Uber Recent Concerns Feb 19, 2017 Blogpost discussing sexual harassment Not taken seriously when reported to management Feb 28, 2017 Dashcam video of CEO arguing with driver June 6, 2017 Uber fires 20 employs when investigation reveals harassment June 8, 2017 Miami E-mail surfaces (sent October 2013) June 20, 2017 CEO resigns Investors cut valuations by 15%

  40. Ethical Leadership

  41. Indra Nooyi Chair and CEO of PepsiCo Born and raised in India Undergrad in India / Master s from Yale in 1980 Joined PepsiCo in 1994 as a Senior VP of Strategic Planning Became CFO, then President, then Chair and CEO in 2006 How many of the Fortune 500 CEO s are women? 41

  42. Benefits of ethical leadership

  43. Quick Questions How ethical is senior leadership at your employer? How ethical is your direct supervisor? Do you love your job? Do you plan to stay at your company for a long time? Do you work hard for your company?

  44. Ethical Leadership in the Accounting Profession July 2018 Survey Senior leadership is Senior leadership is ethical ethical Direct supervisors Direct supervisors are ethical are ethical Strongly agree Strongly agree 52% 52% 59% 59% Agree Agree 40% 40% 35% 35% Neutral, disagree, or Neutral, disagree, or strongly disagree strongly disagree 8% 8% 5% 5%

  45. Survey Results - Details I plan to stay I plan to stay at my company at my company for a long time for a long time (4.1) (4.1) I work very I work very hard for my hard for my company company (4.6) (4.6) I love my I love my job job (3.9) (3.9) Senior leadership is Senior leadership is ethical ethical Strongly agree Strongly agree 4.3 4.3 4.4 4.4 4.8 4.8 Agree Agree 3.7 3.7 3.9 3.9 4.5 4.5 Neutral, disagree, Neutral, disagree, strong disagree strong disagree 3.0 3.0 3.1 3.1 4.1 4.1

  46. Survey Other Findings Only 26% strongly agreed that they loved their job, but that figure jumps to 43% for those who strongly agreed that senior leadership and director supervisors were very ethical Directly asked if the ethical environment impacts: Love for job 4.4 Plans to stay with company 4.4 Work ethic 4.1 (women 4.3, men 4.0) I have someone I can talk to about ethical issues 4.6 But staff only 4.1

  47. Survey Other Findings Ethics impacts recommendation for: Promotions 4.7 Suppliers 4.3 Customers 4.3 How ethical are you compared to the average CPA? 56% said at least somewhat more ethical 58% men, 52% women 51% tax, 76% audit 78% of those under 30 Only 2% said at least somewhat less ethical

  48. What do the following 18 companies have in common? Accenture Accenture Kao Corporation Kao Corporation Aflac Incorporated Aflac Incorporated Marriott International, Inc. Marriott International, Inc. Cummins Inc. Cummins Inc. Milliken & Company Milliken & Company Deere & Company Deere & Company PepsiCo, Inc. PepsiCo, Inc. Ecolab Inc Ecolab Inc Premier Inc Premier Inc Fluor Corporation Fluor Corporation Starbucks Coffee Company Starbucks Coffee Company GE GE Symantec Corporation Symantec Corporation International Paper Company International Paper Company Texas Instruments Incorporated Texas Instruments Incorporated Johnson Controls, Inc. Johnson Controls, Inc. Xerox Corporation Xerox Corporation

  49. 11 or 12 of the past 12 years 49

  50. Investment returns 10 year compounded annual total growth of S&P 500 Index? Median 10 year compounded annual growth of ethical companies? 50

Related


More Related Content

giItT1WQy@!-/#giItT1WQy@!-/#giItT1WQy@!-/#giItT1WQy@!-/#giItT1WQy@!-/#