SPRINGFIELD, Mass., March 7, 2016 /PRNewswire/ -- Massachusetts Mutual Life Insurance Company (MassMutual) has been recognized by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as a 2016 World's Most Ethical Company®.
This year marks the tenth anniversary of Ethisphere and the World's Most Ethical Companies designation which recognizes those companies who align principle with action, work tirelessly to make trust part of their corporate DNA, and in doing so, shape future industry standards by introducing tomorrow's best practices today.
"I'm extremely pleased that, once again, MassMutual has been honored as a World's Most Ethical Company. Ethics and integrity are not only fundamental to our company's culture, they're core to how we run our business and top-of-mind in everything we do," said Roger Crandall, Chairman, President and CEO. "Every day, our policyowners and customers trust us to help provide them with financial security and peace of mind. This is a trust hard-earned from nearly 165 years of being there when they've needed us most, helping people secure their future and protect the ones they love."
This is the third consecutive year that MassMutual has been recognized. In 2014, MassMutual was the first mutual company in the life insurance industry category to be honored with this distinction. This year, the company remains the only mutual named World's Most Ethical in the life insurance industry category, underscoring the company's commitment to leading ethical business standards and practices.
"Companies rely on Ethisphere to continually raise and measure the standards of corporate behavior. Those that demonstrate leadership in areas like citizenship, integrity and transparency create more value for their investors, communities, customers and employees, thus solidifying a sustainable business advantage," explained Ethisphere's Chief Executive Officer, Timothy Erblich. "Congratulations to everyone at MassMutual for being recognized as a World's Most Ethical Company."
The World's Most Ethical Company assessment is based upon the Ethisphere Institute's Ethics Quotient™ (EQ) framework developed over years of research and vetted and refined by the expert advice from Ethisphere's World's Most Ethical Company Methodology Advisory Panel. The EQ offers a quantitative way to assess a company's performance in an objective, consistent and standardized way. 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%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%) and provided to all companies who participate in the process.