Ethisphere has revealed the 136 companies that have earned the coveted designation of the ‘World’s Most Ethical Companies’ in 2025.
Representing 19 countries and 44 industries, these honourees exemplify business integrity and ethical leadership. Honourees have demonstrated a commitment to ethical business practices through robust programmes that positively impact employees, communities and broader stakeholders while contributing to sustainable, long-term business growth. This year marks the 19th anniversary of the World’s Most Ethical Companies list from Ethisphere, the global leader in defining and advancing the standards of ethical business practices.
“Now more than ever, businesses play a critical role in fostering trust with employees, customers and investors,” said Erica S. Byrne, Chief Strategy Officer and Executive Chair at Ethisphere. “The companies on this year’s list have consistently demonstrated that strong ethics and corporate responsibility are foundational to long-term success.”
IMPACT OF INTEGRITY ON PERFORMANCE
New data from Ethisphere’s research reveals that publicly traded honourees have outperformed their peers by 7.8%, proving that strong ethics drive long-term success. This data represents the margin by which publicly traded honourees outperformed a comparable index of global companies over a five-year period from January 2020 to January 2025.
“For the many years that Ethisphere has tracked the equity performance of public honouree companies, the Ethics Premium has shown consistently that the programmes and practices behind a World’s Most Ethical Companies recognition are also market-tested for success,” Byrne added. “The Ethics Premium proves without a doubt that strong ethics really is good business.”
LONG-STANDING HONOUREES & FIRST-TIMERS
Eleven companies on this year’s list have received the honour for the first time. Six companies have been recognised 19 times – every year since the list started back in 2007. They include Aflac, Ecolab, International Paper, Kao Corporation, Milliken & Company and PepsiCo.
Commenting on the honour, Aflac’s Chairman and CEO Dan Amos, said: “For the last 19 years Ethisphere has shone a bright light on the positive impact of being an ethical company. I am honoured that Aflac’s contributions have once again earned us a spot on their prestigious World’s Most Ethical Companies list. As a company that values purpose-driven profits, we know that being an industry leader is not enough. We must adhere to core values that build the trust of consumers, investors, our employees and our valued sales teams, which we have done for nearly 70 years.”
“We are honoured to be named one of the World’s Most Ethical Companies by Ethisphere for the 19th consecutive year,” shared Halsey Cook, President and CEO of Milliken & Company. “Ethical behaviour is not just a goal but a fundamental part of who we are and how we operate.”
MAKING THE WORLD SAFER & DOING WHAT IS RIGHT
“At International Paper, Ethics is a company value that is central to our mission of making the world safer and more productive, one sustainable packaging solution at a time,” added Andy Silvernail, Chairman and CEO of International Paper. “Being named one of the 2025 World’s Most Ethical Companies nineteen times is a testament to our team’s focus on creating a great place to work by doing the right things, in the right ways, for the right reasons, all of the time.”
“Ecolab’s high performance stems from our commitment to doing what’s right, the right way,” said Christophe Beck, Chairman and CEO of Ecolab. “Our team’s dedication to operating responsibly and serving our customers with integrity is what fuels our growth and enables our positive impact.”
ETHICAL LEADERSHIP INSIGHTS
“Congratulations to this year’s class of honourees. These organisations understand that strong ethics is good business. Integrity-driven companies outperform financially, create talent-rich work environments, and build trust,” remarked Byrne. “Thank you for your hard work.”
Here are just a few insights from some of the CEOs and senior executives from the companies honoured in this year’s list.
Clarios
“We are thrilled to be recognised as one of the World’s Most Ethical Companies for the third year in a row,” said Mark Wallace, President and CEO of Clarios. “This honour is a testament to the dedication and integrity of our nearly 18,000 team members worldwide. Their commitment to our core values and ethical standards drives our mission to create sustainable and innovative energy solutions.”
Infosys
“Infosys is deeply honoured to be recognized as one of the 2025 World’s Most Ethical Companies by Ethisphere. This prestigious accolade, awarded to us for the fifth consecutive year, is a testament to the unwavering values of ethics, integrity, and responsible business practices that we uphold,” shared Salil Parekh, CEO and Managing Director, Infosys. “It reflects our steadfast commitment to ethical governance and our dedication to being a global leader in ethical standards. We remain committed to setting the benchmark for excellence in ethics and integrity, striving to be the best in our industry.”
TrueBlue
“We are incredibly proud to be recognised as one of the World’s Most Ethical Companies,” said Taryn Owen, President and CEO. “Our dedication to ethical decision-making and responsible business practices has always been integral to our mission.”
Aptiv
“Aptiv has been recognised for 13 years in a row as one of the World’s Most Ethical Companies, a testament to our commitment to doing the right thing, the right way,” said Kevin Clark, Chair and CEO.
Cognizant
“Cognizant is proud to be recognized as one of the World’s Most Ethical Companies for the first time by Ethisphere,” said Ravi Kumar S, CEO at Cognizant. “This recognition is a testament to our dedication to ethics and integrity in everything we do and the deep responsibility we take in our work and the outcomes we deliver for our clients, company and community. Our values form the bedrock of our strong culture and have enabled us to differentiate Cognizant as a trusted partner and employer of choice.”
Eaton
“We are honoured to be recognised once again as one of the World’s Most Ethical Companies. This is not something we take for granted. It is something we strive to earn each year,” said Joe Rodgers, Senior Vice President, Global Ethics and Compliance.
Kimberly-Clark
“This long-standing recognition reflects the deep commitment of our global teams to lead with integrity and uphold our values every day,” said Grant McGee, General Counsel at Kimberly-Clark.
TE Connectivity
“TE Connectivity is committed to developing innovative technology that creates a safer, more sustainable, productive and connected future, all while upholding the highest ethical standards,” said CEO Terrence Curtin. “I am very pleased with how our teams worldwide embody our core values and principles. This ongoing recognition from Ethisphere not only honours our dedication but also serves as a powerful reminder to always lead with integrity in everything we do.”
Sony Group Corporation
“We are deeply honoured to be recognised as one of the World’s Most Ethical Companies for seven consecutive years. Sony holds ‘Integrity & Sincerity’ as one of its important values,” said Kenichiro Yoshida, Chairman and CEO.
Kellanova
“At Kellanova, we believe that trust is built through transparency, integrity, and a deep commitment to doing what’s right. Every day, we work to create better days and a place at the table for everyone,” said Steve Cahillane, Chairman, President and CEO.
Grupo Bimbo
“This recognition reaffirms Grupo Bimbo’s commitment to ethics, integrity and transparency. Acting ethically goes beyond following rules. It is about having the conviction to do and say the right thing,” said Ignacio Stepancic, Global Compliance Director.
Assurant
“As a values-led organisation, operating with ethics and integrity contributes meaningfully to our success and builds trust with all stakeholders, including our world-renowned client partners,” said Assurant President and CEO Keith Demmings. “Being named one of the World’s Most Ethical Companies for the second consecutive year is a testament to the unwavering commitment of our employees and grounded by Assurant’s values of common sense and common decency, which are fundamental to how we operate every day.”
Avangrid
“Avangrid is committed to a code of ethics which serves as the foundation for how we do business,” said Pedro Azagra, Avangrid CEO. “We are proud to once again have earned this recognition as one of the World’s Most Ethical Companies. For seven consecutive years, Avangrid and Iberdrola have demonstrated our commitment to operating with the highest ethical standards. We will continue to uphold these principles as industry leaders in driving positive change in the global business community.”
US Steel
“As US Steel’s Chief Ethics & Compliance Officer, it is my profound honour to acknowledge our recognition as one of Ethisphere’s 2025 World’s Most Ethical Companies. This accolade is a testament to how our values and S.T.E.E.L. Principles guide our employees’ actions across all our facilities and from one generation to the next,” said Duane Holloway, Senior Vice President, General Counsel, and Chief Ethics & Compliance Officer of US Steel.
Pacific Life
“Being recognised as a 2025 World’s Most Ethical Company is a testament to our continued commitment to our ethics and compliance programs and reflective of our collective efforts across the enterprise,” said Pacific Life President and CEO Darryl Button. “This honour represents our employees’ dedication to doing what is right for our customers, people and communities. Long-term recognition of these efforts reinforces our resolve to continue prioritizing ethics, demonstrating that our values-driven approach is integral to our success.”
Paychex
“Doing business the right way is a responsibility of every member of the Paychex team,” said Prabha Sipi Bhandari, Paychex Chief Legal Officer, Chief Ethics Officer and Secretary. “In order to achieve our goals and organizational aspirations, we continually recommit ourselves to upholding the highest ethical standards. This dedication drives a steadfast pursuit of best practices in governance and our continuous focus on living our company values for the benefit of all stakeholders.”
Oshkosh Corporation
“We are honoured to be recognised as one of the World’s Most Ethical Companies for the 10th consecutive year,” said Ignacio A. Cortina, Executive Vice President, Chief Legal and Administrative Officer of Oshkosh Corporation. “This achievement reflects our unwavering commitment to integrity, ethical leadership and responsible business practices across our global operations. We are dedicated to a culture where ethics and values guide every decision we make.”
Lincoln Financial
“Integrity exemplifies who we are as a company and has always been woven into our culture,” said Ellen Cooper, Chairman, President and CEO of Lincoln Financial. “Leading with ethics is an important component of our core values, and our employees live this value every day in their decision-making, communication and service to our customers, stakeholders and colleagues. This honour is a true testament to our employees’ dedication.”
NW Natural Holdings
“This award is the result of our dedication to integrity in our business operations and our unwavering commitment to the customers and communities we serve,” said David H. Anderson, CEO of NW Natural Holdings. “Our employees live our core values every day, and we are very proud to be named as one of the World’s Most Ethical Companies for a fourth straight year.”
HCLTech
“HCLTech has institutionalized high standards of governance and transparency across its business. It is gratifying to receive this recognition for our commitment to conducting ourselves ethically in everything we do,” said Olaf Casperson, Chief Ethics and Compliance Officer at HCLTech.
US Bank
“Our employees are focused every day on doing the right thing for our clients, communities and shareholders,” said Andy Cecere, US Bank Chairman and CEO. “Their efforts and their commitment to integrity earned this honour, and I am proud of what we have accomplished as an organisation.”
CHS
“This recognition reinforces our commitment to working with integrity and conducting business in an ethical manner,” says Jay Debertin, President and CEO. “I am proud of every one of our employees who made this possible by bringing our core value of integrity to life every day through their interactions with our owners, customers and communities.”
HCA Healthcare
“It is an honour to be named as a World’s Most Ethical Company again this year,” said Sam Hazen, CEO of HCA Healthcare. “This achievement is truly a reflection of the collective commitment of our colleagues to the culture and values of HCA Healthcare.”
Fifth Third
“We are honoured to receive this recognition from Ethisphere for the sixth time,” said Tim Spence, chairman, CEO and president of Fifth Third. “This award reflects our employees’ commitment to living our values every day and doing the right thing for our customers and communities.”
Lincoln Electric
“We are honoured to be recognised by Ethisphere for the seventh time for how we live and lead by the Golden Rule and prioritise integrity and ethics in all that we do,” said Steven B. Hedlund, Lincoln Electric’s Chair, President and Chief Executive Officer. “This award, and other recent recognitions reinforces our culture and commitment of operating to a higher standard.”
Cemex
“We are pleased to be among this select group of companies with a strong commitment to integrity, leadership, ethics, and compliance programmes,” said Fernando A. González, CEO of Cemex. “Ethics is a core value at Cemex, and this recognition highlights our employees’ contributions to fostering a culture of transparency and trust.”
The Hartford
“We are honoured to be recognized again for our industry-leading commitment to ethical business conduct,” said Karmela Malone, Chief Ethics and Compliance Officer at The Hartford. “The Hartford’s strength is built on centuries of trust from the customers, businesses, workers, and people we support every day. This recognition as one of the World’s Most Ethical Companies underscores our employees’ dedication to upholding the highest standards of ethics and compliance.”
AECOM
“It is a privilege to be recognised once again as one of the World’s Most Ethical Companies, underscoring our leadership in the industry and our steadfast dedication to integrity, ethics, and compliance in everything we do,” said Troy Rudd, AECOM’s Chairman and CEO. “This recognition reflects the high standards we uphold across our business and the impact our teams make every day as they deliver innovative, high-quality solutions that shape a better future for our clients and communities.”
Trane Technologies
“At Trane Technologies, we uphold the highest legal, moral and ethical standards for our team members and business partners, always expecting them to do what’s right,” said Dave Regnery, Chair and CEO of Trane Technologies. “Being recognised by Ethisphere as one of the World’s Most Ethical Companies is a tremendous honour. We are grateful for this acknowledgement, which reflects our commitment to maintaining the highest standards in our work as we strive to challenge what’s possible for a sustainable world.”
Western Digital
“As a global organisation, we work hard to embed ethical business practices into our business operations,” said Joe Santosuosso, VP and Chief Compliance Officer at Western Digital. “This recognition for the seventh year in a row is a testament to our philosophy that the way we do business is as important as the products we make.”
Flex
“We are incredibly proud to be a World’s Most Ethical Companies honouree once more,” said Andy Powell, Senior Vice President and Deputy General Counsel, Chief Ethics and Compliance Officer, Flex. “This recognition is a credit to our global workforce and reflects our shared commitment to ethical business practices and doing the right thing. We will continue our efforts to foster a culture of integrity and hold ourselves to the highest ethical standards for our customers, employees, and other stakeholders.”
Henry Schein
“Henry and Esther Schein founded our Company in 1932 with a sense of purpose and commitment to enduring values – including upholding the highest ethical standards – that are key to business success,” said Stanley M. Bergman, Chairman of the Board and Chief Executive Officer of Henry Schein. “Our values help to build trusted relationships that are the foundation to enable us to adapt to changing markets and evolving needs of our customers. We thank Ethisphere for recognising Team Schein’s longstanding effort to be successful in business while creating positive impact through helping make the world healthier, together.”
JLL
“As one of JLL’s three core values. ethics is a key pillar of our culture and trust, fairness and accountability are the foundation of our daily operations,” said Alan Tse, JLL’s Chief Legal Officer and Corporate Secretary. “By embracing these principles, we’re not only enhancing our business practices, but also creating a positive impact that touches our clients, colleagues and communities, paving the way for collective success and growth.”
LAM Research
“We are proud to be recognised as one of the World’s Most Ethical Companies by Ethisphere for the third year in a row, a testament to Lam’s continued dedication to doing business the right way,” said Pearl Del Rosario, Chief Compliance Officer at Lam Research. “Our focus on honesty, integrity, respect and transparency is deeply ingrained in our Core Values and the Ethics and Compliance programme that underpins our operations and commitment to our customers around the world.”
WM
“A big part of WM’s value is how we choose to operate with ethics at the centre,” said Jim Fish, President and CEO of WM. “With WM being named to the Ethisphere list once again, we are confident we are on the right path to continue to best serve our customers and provide a workplace our employees can be proud of.”
Leidos
“We are gratified that Ethisphere has again recognized Leidos for our commitment to ethics, integrity, and responsible business practices,” said Tom Bell, Leidos CEO. “Our employees embody these values every day, ensuring we operate with trust and accountability in everything we do.”
Frontera Energy
“I am very proud of the hard work and commitment made by our employees, management and board to conduct business in a safe, ethical and socially responsible manner. It is because of our collective efforts that we have been proudly recognised as a World’s Most Ethical Companies honouree for 5 consecutive years,” said Orlando Cabrales, Chief Executive Officer of Frontera.
Wyndham Hotels & Resorts
“At Wyndham, we believe that you do well by doing good. That’s why our business decisions are driven by our values of Integrity, Accountability, Inclusivity, Caring and Fun and our Count on Me service culture,” stated Paul Cash, General Counsel and Chief Compliance Officer, Wyndham Hotels & Resorts. “By prioritising our values in everything that we do, we’re delivering on our mission of making hotel travel possible for all while building pride for our team members, owners, partners and guests.”
Thrivent
“Being recognised as one of the World’s Most Ethical Companies is a testament to Thrivent’s integrity, transparency and best-in-class ethics practices,” said Terry Rasmussen, President and CEO of Thrivent. “Our strong ethical culture is the foundation of the trust our workforce, financial advisors and clients place in us, enabling us to make a positive impact in our communities.”
Johnson Controls
“Doing business with integrity is something Johnson Controls takes seriously, and our employees around the world understand and actively embrace this in order to create winning solutions for our customers,” said Mara Murphy, Vice President, Chief Ethics & Compliance Office of Johnson Controls. “We are proud to be a global leader in ethical practices and look forward to continuing to serve our customers with the highest of standards in all we do.”
Grainger
“Doing the right thing not only informs how we do business, but also how we treat one another,” said Nancy Berardinelli-Krantz, Grainger’s SVP and Chief Legal Officer. “Operating with integrity has been core to who we are for almost a century and is essential to our long-term success.”
Timken
“At Timken, we focus on doing business the right way,” said Tarak B. Mehta, Timken President and CEO. “We’re committed to ethical practices, transparency and a culture of integrity. Congratulations to our employees for upholding this commitment and to all the other companies honoured with us.”
WORLD’S MOST ETHICAL COMPANIES
Ehisphere’s assessment for the list requires companies to provide 240+ different proof points on ethics and compliance, governance, a culture of ethics, environmental and social impact and initiatives supporting a strong value chain. This data undergoes qualitative analysis by a panel of experts who spend thousands of hours vetting each year’s applicants.
136 Most Ethical Companies honoured in 2025’s list (in alphabetical order) include:
- A. O. Smith Corporation (2-time honouree)
- Accenture (18-time honouree)
- ADM (6-time honouree)
- AECOM (9-time honouree)
- AES (12-time honouree)
- Aflac Incorporated (19-time honouree)
- Airbus (1-time honouree)
- Allianz Life Insurance Company of North America (6-time honouree)
- Anywhere Real Estate Inc (14-time honouree)
- Aptiv (13-time honouree)
- Assurant (2-time honouree)
- Autodesk (2-time honouree)
- Avangrid Inc (7-time honouree)
- Best Buy (11-time honouree)
- BMO (8-time honouree)
- Booz Allen (6-time honouree)
- Cambia Health Solutions (8-time honouree)
- Capgemini (13-time honouree)
- CareFirst BlueCross BlueShield (13-time honouree)
- CBRE (12-time honouree)
- Cementos Progreso (12-time honouree)
- Cemex (1-time honouree)
- Charoen Pokphand Group (5-time honouree)
- CHS Inc (1-time honouree)
- Clarios (3-time honouree)
- Cognizant (1-time honouree)
- Colgate-Palmolive Company (15-time honouree)
- Covenant Health (10-time honouree)
- Dana Incorporated (3-time honouree)
- Dell Technologies (13-time honouree)
- Eaton Corporation (14-time honouree)
- Ecolab (19-time honouree)
- EDP (14-time honouree)
- Elbit Systems of America (7-time honouree)
- Eli Lilly and Company (9-time honouree)
- FedEx Corporation (3-time honouree)
- Fifth Third Bank (6-time honouree)
- Flex (3-time honouree)
- Fortive Corporation (1-time honouree)
- Frontera Energy (5-time honouree)
- General Motors (6-time honouree)
- Genpact (7-time honouree)
- Grupo Bimbo (9-time honouree)
- HCA Healthcare Inc (15-time honouree)
- HCLTech (2-time honouree)
- Health Care Service Corporation (10-time honouree)
- Henry Schein (14-time honouree)
- Hewlett Packard Enterprise (7-time honouree)
- Hitachi (1-time honouree)
- HP Inc (6-time honouree)
- Hubbell Incorporated (5-time honouree)
- Iberdrola (12-time honouree)
- IBM (7-time honouree)
- IndusInd Bank Limited (2-time honouree)
- Infosys Limited (5-time honouree)
- Ingredion (11-time honouree)
- Intel Corporation (15-time honouree)
- International Paper (19-time honouree)
- J.M. Smucker Co (2-time honouree)
- JLL (18-time honouree)
- John Deere (18-time honouree)
- Johnson Controls (18-time honouree)
- Kao Corporation (19-time honouree)
- Kellanova (17-time honouree)
- Kimberly-Clark (10-time honouree)
- Kohl’s (7-time honouree)
- L’Oréal (16-time honouree)
- Lam Research (3-time honouree)
- Leidos (8-time honouree)
- Lincoln Electric (7-time honouree)
- Lincoln Financial (4-time honouree)
- Linde PLC (7-time honouree)
- Lonza (4-time honouree)
- Magna International Inc (4-time honouree)
- Manpower Group (16-time honouree)
- Mastercard (10-time honouree)
- Medtronic (3-time honouree)
- Micron Technology (3-time honouree)
- Milliken & Company(19-time honouree)
- Natura Cosmeticos S/A (14-time honouree)
- Noblis (13-time honouree)
- Nokia (9-time honouree)
- Northumbrian Water Group (14-time honouree)
- Northwell Health (10-time honouree)
- nVent (2-time honouree)
- NW Natural Holdings (4-time honouree)
- Oshkosh (10-time honouree)
- Pacific Life (8-time honouree)
- Parsons Corporation (16-time honouree)
- Paychex, Inc (17-time honouree)
- PepsiCo, Inc (19-time honouree)
- Pfizer Inc (4-time honouree)
- Premier, Inc (18-time honouree)
- Principal Financial Group (14-time honouree)
- Prudential Financial (11-time honouree)
- Republic Services (7-time honouree)
- Rockwell Automation (17-time honouree)
- Royal Caribbean Group (10-time honouree)
- Salesforce (16-time honouree)
- Schneider Electric (14-time honouree)
- SeAH Holdings Corporation (2-time honouree)
- SERTECPET (5-time honouree)
- ServiceNow, Inc (2-time honouree)
- Signet Jewelers (1-time honouree)
- SK Hynix (1-time honouree)
- Sodexo (2-time honouree)
- Sony Group Corporation (7-time honouree)
- Southwire Company, LLC (2-time honouree)
- TE Connectivity (11-time honouree)
- Teradata Corporation (16-time honouree)
- The Allstate Corporation (11-time honouree)
- The Goodyear Tire & Rubber Company (2-time honouree)
- The Hartford (16-time honouree)
- The Hershey Company (4-time honouree)
- The Timken Company (14-time honouree)
- Thrivent (14-time honouree)
- TIAA (11-time honouree)
- Trane Technologies (2-time honouree)
- TrueBlue Inc (1-time honouree)
- U.S. Bank (11-time honouree)
- United States Steel Corporation (4-time honouree)
- Unum Group (5-time honouree)
- UPMC (7-time honouree)
- Verizon (2-time honouree)
- VF Corporation (9-time honouree)
- Visa (13-time honouree)
- Voya Financial, Inc (12-time honouree)
- W.W. Grainger, Inc (1-time honouree)
- Western Digital (7-time honouree)
- Weyerhaeuser company (16-time honouree)
- William E. Connor & Associates Ltd (14-time honouree)
- WM (16-time honouree)
- Workday (5-time honouree)
- Wyndham Hotels & Resorts (5-time honouree)
- Xcel Energy (6-time honouree)
- Zimmer Biomet (1-time honouree)
Click here to find out more and check out the full list of the 2025 World’s Most Ethical Companies.
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