The award recognizes organizations that continue to raise the bar on ethical leadership and corporate behavior. World's Most Ethical Company honorees understand the correlation between ethics, reputation and daily interactions with their brand and that the award belongs as much to their associates as it does to them.
"Ethical business practices are a core value at Timken, and it's something our associates worldwide embrace and demonstrate every day," said chairman of the board Ward J. "Tim" Timken, Jr. "To be honored in this way again is a tribute to our 19,000 employees, who are committed to making our brand one that can be trusted."
To determine the winners, Ethisphere uses in-depth research and a multi-step analysis of companies' business practices that includes reviewing codes of ethics, litigation and regulatory infraction histories; evaluating investment in innovation and sustainable business practices; examining activities designed to improve corporate citizenship; and studying nominations from senior executives, industry peers, suppliers and customers.
"The entire community of World's Most Ethical Companies believe that customers, employees, investors and regulators place a high premium on trust and that ethics and good governance are key in earning it," said Ethisphere's chief executive officer, Timothy Erblich. "Timken is a member of an exclusive community committed to driving performance through leading business practices. We congratulate everyone at Timken for this extraordinary achievement."
About Ethisphere Institute The research-based Ethisphere Institute is a leading international think tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability. Ethisphere Magazine, which publishes the globally recognized World's Most Ethical Companies Ranking, is the quarterly publication of the Institute. Ethisphere provides only third-party verifications of compliance programs and ethical cultures that include: Ethics Inside® Certification, Compliance Leader Verification™ and Anti-Corruption Program Verification™. More information on the Ethisphere Institute, including ranking projects and membership, can be found at http://www.ethisphere.com.
About The Timken Company The Timken Company (NYSE: TKR; www.timken.com), a global industrial technology leader, applies its deep knowledge of materials, friction management and power transmission to improve the reliability and efficiency of industrial machinery and equipment all around the world. The company engineers, manufactures and markets mechanical components and high-performance steel. Timken® bearings, engineered steel bars and tubes—as well as transmissions, gearboxes, chain, related products and services—support diversified markets worldwide. With sales of $4.3 billion in 2013 and approximately 19,000 people operating from 28 countries, Timken makes the world more productive and keeps industry in motion.
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SOURCE The Timken Company