Kingsport, TENN.,‚ March 20, 2014 ‚¬ Eastman Chemical Company (NYSE:EMN) announced today that it has been recognized by the Ethisphere‚® Institute as a 2014 Worlds Most Ethical Company‚® for its efforts to continually raise the bar on ethical leadership and corporate behavior.
Eastman is dedicated to conducting all business activities in accordance with the highest legal and ethical standards, stated David Golden, Senior Vice President, Chief Legal Officer, and Corporate Secretary for Eastman. For nearly 100 years, business ethics have been top priority for Eastman.‚ Ethics are critical to success because they build trust and confidence in our employees, customers, suppliers, and communities in which we work and live.‚ Receiving this prestigious recognition further reinforces the commitment to honesty, integrity and responsible corporate behavior inherent in the Eastman culture.
Eastman has a number of policies and initiatives in place that allow its team members to cultivate a culture of the highest integrity and ethical standards.‚ The company has an Office of Global Business Conduct, led by Eastmans Chief Legal Officer, which establishes the Code of Business Conduct. Globally, dedicated Eastman professionals are employed to support the company and its partners in doing business in the most ethical and compliant manner. ‚ The Code of Business Conduct outlines the laws, principles and guidelines all employees follow regarding honesty, integrity and responsible corporate behavior.
The company also has a third party Code of Conduct, called ‚¬Doing Business with Eastman, which outlines the high ethical standards that Eastman expects of its business partners. Annual training on the Code of Business Conduct is required for all employees. Additionally, the 24-hour available Business Conduct Helpline provides an anonymous means for employees and business partners to report suspected violations.
Worlds 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. Eastman is one of only three companies in the global chemical industry honored this year.
The entire community of Worlds 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 Ethispheres Chief Executive Officer, Timothy Erblich. Eastman joins an exclusive community committed to driving performance through leading business practices. We congratulate everyone at Eastman for this extraordinary achievement.
The World’s Most Ethical Company assessment is based upon the Ethisphere Institutes Ethics Quotient€ž¢ framework. The Ethics Quotient framework has been developed over years of effort to provide a means to assess an organizations 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. The Ethics Quotient‚ framework and methodology was determined, vetted and refined by the expert advice and insights gleaned from Ethispheres network of thought leaders and from the Worlds Most Ethical Company Methodology Advisory Panel.
Scores are generated in five key categories: ethics and compliance program (25%), reputation, leadership and innovation (20%), governance (10%), corporate citizenship and responsibility (25%) and culture of ethics (20%).
‚The full list of the 2014 World’s Most Ethical Companies can be found at http://ethisphere.com/worlds-most-ethical/wme-honorees/.
About Eastman Chemical Company
Eastman is a global specialty chemical company that produces a broad range of products found in items people use every day. With a portfolio of specialty businesses, Eastman works with customers to deliver innovative products and solutions while maintaining a commitment to safety and sustainability. Its market-driven approaches take advantage of world-class technology platforms and leading positions in attractive end-markets such as transportation, building and construction and consumables. Eastman focuses on creating consistent, superior value for all stakeholders. As a globally diverse company, Eastman serves customers in approximately 100 countries and had 2013 revenues of approximately $9.4 billion. The company is headquartered in Kingsport, Tennessee, USA and employs approximately 14,000 people around the world. For more information, visit www.eastman.com.
About the Ethisphere Institute
The Ethisphere‚® Institute is an independent center of research, best practices and thought leadership that promotes best practices in corporate ethics and governance and enables organizations to improve compliance, mitigate risk, and enhance relationships with employees, business partners, investors and the broad regulatory community. Ethisphere evaluates and benchmarks compliance and governance programs, honors superior achievement through its Worlds Most Ethical Companies‚® recognition program and publishes Ethisphere Magazine. Ethisphere is also the leading provider of independent verification of corporate ethics and compliance programs that include: Ethics Inside‚® Certification, Compliance Leader Verification€ž¢ and Anti-Corruption Program Verification€ž¢. More information about Ethisphere can be found at: www.ethisphere.com.