McCormick sales up 6%

McCormick sales up 6

McCormick & Co. Inc. (NYSE: MKC), a global leader in flavor, today reported sales and profit results for the first quarter ended Feb. 28, 2014, and reaffirmed its financial outlook for fiscal year 2014.

  • McCormick grew first quarter sales 6 percent, with solid increases in both its consumer and industrial businesses.
  • Earnings per share rose 9 percent to $0.62 from $0.57 in the year-ago period, led by an 11 percent increase in operating income.
  • For fiscal year 2014, the company reaffirmed its plans to grow sales 3 percent to 5 percent and report earnings per share in a $3.22 to $3.29 range.

Chairman’s remarks
Alan D. Wilson, chairman, president and CEO, commented, "Our first quarter result was a great start to 2014 with higher sales, a profit result that was ahead of our initial outlook, and strong cash flow. McCormick's leadership position in growing categories, employee engagement around the world, and focus on performance are driving these results and have us well-positioned for further success.

"Key elements of our consumer business growth strategy include brand building, scalable innovation and expansion of our geographic footprint. With progress in each of these areas, we grew consumer business sales and operating income 8 percent in the first quarter. We invested an additional $7 million of brand marketing during the quarter to connect with consumers through digital marketing and other media and to support our launch of innovative new products around the world. From our strength in the coastal region, we expanded our geographic footprint into central China with the acquisition of WAPC in mid-2013, which contributed significantly to consumer business sales this period. In the U.S. consumer business, we are seeing early indications of effectiveness with actions underway to accelerate innovation, increase brand marketing support and develop more effective category leadership with retail customers. Our industrial business grew sales 4 percent in the first quarter of 2014, building on a recovery that began in the previous quarter. In the U.S., growth in sales to food and beverage companies more than offset weaker demand from quick service restaurants. In international markets, we had continued strength in industrial sales and profit growth in our Europe, Middle East and Africa (EMEA) region and improved results in China. Operating income for our industrial business increased 24 percent in the first quarter, reversing a significant decline in the year-ago period.

"For the total company, we grew operating income 11 percent and earnings per share 9 percent from the year-ago period, as a result of higher sales, a favorable business mix, our Comprehensive Continuous Improvement (CCI) program and diligent cost management. Cash flow from operations rose $45 million from the year-ago period. We are committed to returning a portion of cash to McCormick shareholders, and exceeded $100 million used for dividends and share repurchases in the first quarter."

First quarter 2014 results
McCormick's first quarter sales rose 6 percent from the year-ago period and in local currency the increase was 8 percent. The acquisition of WAPC, completed in May 2013, contributed 4 percent to this growth rate. Pricing actions and higher volume and product mix, largely accounted for the other half of this sales increase. The company grew sales in both its consumer and industrial businesses through product innovation, brand building and expanded distribution. In the first quarter, the rate of sales increase in international markets was particularly strong.

Cost savings from the company's CCI program, as well as a favorable mix of business, improved gross profit margin, which rose to 39.4 percent from 38.7 percent in the year-ago period. The company increased operating income 11 percent to $125 million in the first quarter of 2014. Higher sales and improved gross profit margin more than offset a $7 million increase in brand marketing this period. Earnings per share rose 9 percent to $0.62 in the first quarter of 2014 from $0.57 in the year-ago period, with the strong increase in operating income, offset in part by the unfavorable impact of a higher tax rate. Net cash provided by operating activities rose $45 million from the year-ago period, primarily as a result of lower retirement plan contributions.

2014 financial outlook
McCormick reaffirmed its financial outlook for 2014. The company anticipates growing sales 3 percent to 5 percent in local currency, which includes an incremental impact of the WAPC acquisition in the first half of the year. In addition, the company expects unfavorable foreign currency exchange rates to reduce sales by 1 percent in 2014, based on prevailing rates. Plans are underway to invest at least $25 million in increased brand marketing support to drive sales of new products, as well as core items. Following a $7 million increase in brand marketing support during the first quarter of 2014, the company anticipates increasing its spending by at least the same amount in the second quarter. These investments, in brand building and innovation, are funded in part by McCormick's CCI program which is expected to deliver at least $45 million of cost savings in 2014.

The company reaffirmed projected 2014 earnings per share of $3.22 to $3.29. In this projection, higher sales, a favorable mix of business and CCI cost savings are expected to more than offset a significantly higher tax rate and an estimated $0.01 per share of special charges. In the second quarter of 2014, the company expects earnings per share to increase only slightly from the year-ago period as a result of several factors, including higher brand marketing support and weakness in demand from quick service restaurants in the U.S. Another year of strong cash flow is anticipated in 2014, with a significant portion expected to be returned to McCormick's shareholders through dividends and share repurchases.


TSI China to host Innovation Ingredient Symposium

TSI China to host Innovation Ingredient Symposium

TSI China is proud to announce its keynote sponsor status for a technical symposium covering bone, joint and muscle health to run concurrently with the upcoming Food Ingredient China trade show in Shanghai. TSI China is the Chinese-based subsidiary of TSI Group Ltd., a world-class manufacturer of innovative and functional health products for human consumption.

This highly anticipated symposium features a keynote presentation on supplements and joint health from Dr. Jason Theodosakis from the University of Arizona College of Medicine. Dr. Theodosakis is one of the world's foremost authorities on arthritis treatment and the author of the number-one New York Times bestseller, The Arthritis Cure.

Other scheduled speakers include Dr. John Rathmacher of Iowa-based Metabolic Technologies, Inc. (MTI), Dr. Rodney Benjamin of Washington-based Bergstrom Nutrition, and Mr. Charles Ray of Minneapolis-based Cargill North America. MTI and Bergstrom Nutrition join key symposium sponsor TSI China as associated sponsors of the symposium.

"At TSI, we're on the leading edge of innovation in this field and we look forward to working with our international innovation partners to create a dynamic discussion around the newest research in bone, joint and muscle health," said Joe Zhou, CEO of TSI Group Ltd.

Zhou added "This symposium is also a unique opportunity for our partners to introduce their international market leading, branded ingredients directly to China’s consumer brand partners. It is a prime audience for showcasing our market collaboration strategy with our valuable partners: MTI, Bergstrom Nutrition and Cargill North America”

TSI China will use the symposium as a platform for the formal release of four market leading, functional ingredients that will be introduced at the symposium to the local Chinese market:

  • OptiMSM® is the purest and only GRAS-designated, MSM (methylsulfonylmethane). A unique four-stage distillation process is used to ensure optimal purity, quality and consistency. OptiMSM is made exclusively in the USA, and manufactured in a dedicated cGMP-compliant, ISO-registered facility for maximum traceability.
  • HMB® - The leading trademarked brand of the leucine derivative -beta-hydroxy-beta-methylbutyrate (HMB) is clinically proven to increase muscle protein synthesis while decreasing muscle breakdown resulting in improved strength, endurance and recovery. HMB is a leading ingredient found in sports nutrition and muscle health products, and HMB is manufactured in an NSF GMP certified facility.
  • PUREFLEX® - Premium brand of Chondroitin sulfate ingredients that are used in dietary supplement, functional food and pharmaceutical products around the world. PUREFLEX® is manufactured in a world-class facility, grades of PUREFLEX® are GRAS and kosher certified, as well as NSF, EDQM and TGA GMP certified.
  • Regenasure® - The only vegetarian glucosamine produced in the U.S. in a GMP manufacturing facility, it is a shellfish free, vegetarian glucosamine ingredient, certified GRAS and kosher pareve and kosher for Passover.

    The symposium will take place on March 26 from 13:00 to 20:00 in Huangpu Hall, The Grand Kempinski Hotel Shanghai. More than 70 Chinese and foreign delegates have confirmed their participation in this symposium.

    For more information about TSI China, please contact Kevin Le at  

FMC to split into two companies

FMC to split into two companies

FMC Corp. (NYSE: FMC) announced plans to separate into two independent public companies, New FMC, which will be comprised of FMC's Agricultural Solutions and Health and Nutrition segments and FMC Minerals, which will be comprised of FMC's current Minerals segment. The company expects the separation, which remains subject to final board approval and other customary conditions, will take the form of a tax-free distribution of shares to existing FMC shareholders. FMC Corp. expects to complete the separation in early 2015, and each company is expected to be listed on the New York Stock Exchange.

Pierre Brondeau, FMC Corp. president, CEO and chairman, said: "FMC has proactively managed its portfolio during the last four years as part of Vision 2015, including a realignment of our reporting segments early last year. Our decision to separate into two independent companies is a natural progression of our strategy. We believe that creating two companies, each with its own publicly-listed equity, will enable the management of each company to pursue its own strategy. This will give each company greater focus on the success factors that are most important to its business and allow the adoption of a capital structure that is appropriate to its business profile.

"The creation of two independent companies will deliver meaningful benefits to each of the businesses, the communities in which we operate and all of our stakeholders. Our customers will continue to have collaborative relationships with financially strong organizations that are focused on meeting their needs, and our employees will have new career opportunities."

New FMC will be led by Pierre Brondeau, president, CEO and chairman, and Paul Graves will be the executive vice president and CFO. Mark Douglas, president of Agricultural Solutions, and Mike Smith, vice president and global business director of Health and Nutrition, will continue in their current roles.

FMC Minerals' leadership team will be led by a new CEO who will be announced in the coming months. Andrew Sandifer, FMC Corp.'s current vice president of Strategic Development, will join the FMC Minerals executive leadership team as CFO. Ed Flynn will be chief operations officer for FMC Minerals. Tom Schneberger and Eric Norris will continue in their current executive leadership roles for Alkali Chemicals and Lithium, respectively.

New FMC, comprised of FMC Agricultural Solutions and FMC Health and Nutrition segments, will be a technology-based and customer-driven company with deep application expertise. Based on the midpoint of the company's February 2014 outlook, combined revenue and earnings for the Agricultural Solutions and Health and Nutrition segments are expected to be approximately $3.35 billion, up 16 percent over 2013, and $815 million, up 15 percent over 2013, respectively. New FMC is expected to maintain a strong balance sheet and financial policies consistent with FMC Corp.'s current credit rating.

FMC Agricultural Solutions is a science-based business, serving growers worldwide. Growers look to FMC Agricultural Solutions for innovative crop-protection products developed from science-based innovation, field development, applications expertise and toxicology that, on a crop-by-crop, region-by-region basis, enhance quality and yield.

FMC Health and Nutrition develops products from natural sources that provide texture, stability and natural color solutions for food applications, while also producing binders, coatings and high-purity, high-concentration omega-3 for pharmaceutical and nutraceutical applications. Customers rely on FMC Health and Nutrition for its technical excellence, innovative products and collaborative R&D approach.

FMC Minerals
FMC Minerals will be comprised of the current FMC Minerals segment, which includes the Alkali Chemicals and Lithium businesses. Based on the midpoint of the company's February 2014 outlook, revenue and earnings for the FMC Minerals segment are expected to be approximately $1.0 billion, up 7 percent over 2013, and $153 million, up 19 percent over 2013, respectively. FMC Minerals is expected to generate strong cash flow and have the financial flexibility to pursue select investment opportunities. FMC Minerals will maintain FMC Corp.'s disciplined approach to capital deployment and will continue to focus on sustainable, safe and ethical extraction of minerals, process efficiencies, and manufacturing and customer service excellence.

Both the Alkali Chemicals and Lithium businesses are structurally advantaged minerals businesses, with cost-advantaged operations. Both businesses compete in attractive markets. The Alkali Chemicals business is the largest global producer of natural soda ash, using low-cost technologies to extract trona ore to produce soda ash and related products used in the glass, chemical processing and detergent industries. The Lithium business is the only brine-to-metals producer with a broad global product portfolio, selling into the energy storage, pharmaceuticals, polymers and industrial markets. Underlying market demand for lithium remains strong, driven by growth in energy storage from electric vehicle adoption and other applications.

Bank of America Merrill Lynch and Goldman Sachs are acting as financial advisors to FMC Corp. on the proposed transaction and Wachtell, Lipton, Rosen & Katz is serving as legal advisor to the company.


New fMRI study shows Zembrin eases the mind

New fMRI study shows Zembrin eases the mind

PLT Health Solutions Inc. and HG&H Pharmaceuticals Pty. Ltd. announced the publication of a clinical trial that used functional Magnetic Resonance Imaging (fMRI) technology to study the effects of acute (short-term) supplementation with Zembrin® on the “threat circuitry” of the human brain. The double-blind placebo-controlled crossover trial conducted with 16 healthy university students showed that 25 mg of Zembrin reduced anxiety-related activity of the amygdala and its associated anxiety circuitry within two hours of administration. These results provide the first evidence for the areas of brain where Zembrin’s anti-anxiety activity acts, and confirmation of the potential for Zembrin to help in the management of stress.

Zembrin is the first patented, standardized and clinically studied extract of a unique selection of the South African plant Sceletium tortuosum. It is marketed to nutraceutical and functional food and beverage producers who are interested in incorporating this innovative, evidence-based ingredient in products that experientially support reduced anxiety, enhanced mood, and improved cognitive function. In a related development, PLT Health Solutions announced that HG&H Pharmaceuticals has been awarded U.S. Patent #8,552,051 covering the use of one of Zembrin’s key alkaloids—mesembrenone—for its PDE4 and serotonin-reuptake inhibition properties.

According to Barbara Davis, director of medical and scientific affairs at PLT Health Solutions, the new study gives further depth to the understanding of Zembrin as a dual 5-HT reuptake and PDE4 inhibitor in helping to manage stress. “Anxiety is characterized by hyper-responsivity to mild threats and the amygdala is the part of the brain that manages threat activity. This study is the first of its kind to directly examine the effects of these types of compounds on brain activity. It further supports the science on the mechanisms of action for Zembrin, and has pioneered the use of brain-imaging technology to evaluate and validate the activity of a plant used for centuries by the San people of southern Africa” she said. “We’re pleased to be able to offer this type of leading edge science to our customers in support of Zembrin as they look to create innovative consumer products,” she added. The study, entitled “Acute effects of Sceletium tortuosum (Zembrin), a dual 5-HT reuptake and PDE4 inhibitor, in the human amygdala and its connection to the hypothalamus” (Terberg, et. al. 2013) was conducted at the Department of Psychology at Utrecht University in the Netherlands and the Department of Psychiatry & Mental Health at the University of Cape Town in South Africa.

HG&H receives patent on use of sceletium and components for PDE4 inhibition
Zembrin is a patented, proprietary extract of the South African traditional medicinal plant Sceletium tortuosum. It is standardized to total alkaloid content and conforms to a defined alkaloid profile for four main actives: mesembrenone, mesembrenol, mesembranone and mesembrine. According to Seth Flowerman, director of business development, it is the unique “fingerprint” of Zembrin that is the subject of clinical trials, an extensive safety portfolio and the current patent portfolio.

“Zembrin is distinguished by its relatively low level of mesembrine and relatively high level of mesembrenone,” Flowerman said. “The U.S. patent recently awarded to HG&H Pharmaceuticals protects the modulation of 5-HT and PDE4 and the application of mesembrenone as a PDE4 inhibitor. The issuance of this patent underscores the unique composition and functionality of Zembrin as an ingredient. Combined with the continuing program of scientific support, it helps companies who incorporate Zembrin into their finished products differentiate themselves and build trust with consumers.”

For more information on the Zembrin fMRI clinical trial, contact PLT Health Solutions. 

Natural Foods Merchandiser

8 lessons in serving the Latino market learned during Expo West 2014

8 lessons in serving the Latino market learned during Expo West 2014

As Hispanics continue to be one of the fastest-growing ethnic groups in the United States, it makes perfect sense that business sectors including retail, food and entertainment direct their attention to this important consumer segment.

“Moving forward, the U.S. will become the first major post-industrial society in the world where minorities will be the majority,” Marcelo Suarez-Orozco, a global expert on immigration and dean of UCLA's Graduate School of Education & Information Studies, told the Associated Press in December. Latinos, which currently make up 17 percent of the population, will more than double in absolute numbers to reach almost one in three residents, according to the December analysis.

Unfortunately, some businesses just don’t know how to take the right steps to attract the Latino shopper, and some don’t do it at all. But you can’t afford to leave Hispanics out of your business plan just because you don’t know how to talk to them (us) because, guess what, there are other companies—competitors—willing to take the time to understand them (us).

Where do you begin? Roberto Siewczynski, executive vice president of CatapultVista, tackled this subject at the Seducing the Involved Latino Shopper session at Natural Products Expo West earlier this month. Here, I focus on eight points you need to know to get a piece of this important market, sprinkled with my own ideas and recommendations first as a Latina and second as a marketing specialist myself.

Latinos are more than just a language. For so long, marketing companies have focused on reaching Latino shoppers by language, but  the common phrase “se habla Español,” is not only a poorly written phrase but one that speaks, “you don’t understand us.” Listen up retailers and manufacturers: Latinos are more than just a language; you reach us through culture and creating marketing campaigns that are culturally relevant to us.

Take a step back to understand Latino shoppers. Understanding where Latinos are coming from, their habits and how they shop in their countries of origin will give you a better picture of how to get the Hispanic market. Go to the source of why Latinos act certain ways when shopping, and by doing this, you can focus your marketing campaigns effectively.

When you target Latinos, you are not targeting individuals, you are targeting collectives; Latinos shop as a family even when we are alone. Your program needs to be rolled out with face-to-face interactions.

Latinos get inspired by culture. We are bicultural and sometimes tricultural or even more; that means more chances for an occasion (holidays, cultural celebrations, special events) that will get us into your store.

Latinos are more visual. Show your products and their sources, how they came to your shelf. For instance, maybe your product is made by artisans in Africa or by a local farmer. Bring that story to your shopper, connect them with ingredients they can pronounce and feel proud to buy.  

Latinos buy value. Communicate your value proposition. A lot of companies believe that Latinos don’t spend a lot of money on shopping, well we do, it is just that we have to find an item’s value: Why am I going to buy your product and not a generic one that might be cheaper? Make the value of your products crystal clear, identify those points that make them unique and set them apart from the bunch.

Engage your shoppers in the store. Sampling helps tremendously, just make sure that the person managing a station really knows the product and can not only offer a taste but show the value of the product to potential customers. Touch screen panels are a very modern and interactive way to engage with your shoppers as are playing visual, fun engaging videos on a big screen. These technology moves wrap three of these tips into one: Go visual, communicate your value and engage your customer.

The new generation retains the cultural aspect of shopping behaviors. The equation is simple: minorities in general make up almost half of all millennials—with Latinos accounting for nearly 25 percent of them and growing at the fastest pace. Craft your millennial strategy to include the Latinos’ growing population and potential shoppers.

My personal recommendation to you is to develop the strategy and hire a “champion” that not only speaks Spanish, but someone that understands cultura, and knows where Latinos are coming  from in order to maximize your marketing strategy and point it in the right direction.

Daily Baez blogs at and covered Natural Products Expo West as a part of the We.Blog editorial team.

In The Raw launches Sugar In The Raw Organic White

In The Raw launches Sugar In The Raw Organic White

To meet the demand for wholesome and eco-conscious ingredients, In The Raw®, the preeminent provider of better-for-you sweeteners, introduces Sugar In The Raw Organic White™, a 100 percent USDA Organic certified, non-GMO verified, Eco-Social certified unbleached cane sugar. National distribution will begin in March 2014, in leading grocery chains and specialty health food stores throughout the United States including A&P/Pathmark, HEB, Key Foods, Krasdale, Price Chopper, Roundy's, Wegmans, Winn Dixie/BiLo and

Sugar In The Raw Organic White is packaged in a 24-ounce, resealable, environmentally friendly recyclable bag and has a suggested retail price of $3.84. A more wholesome alternative to refined white sugar, Sugar In The Raw Organic White comes exclusively from certified organic sugar cane fields. The cane juice is squeezed from freshly cut sugar cane stalks, evaporated, crystallized and washed. The results are natural-white colored crystals that are not bleached and a granulation that blends, browns and dissolves easily. Home cooks will love the authentic sugarcane flavor and versatility, using it for any recipe that calls for sugar, from baked goods and sauces to delectable desserts.

"We are thrilled to offer a wholesome alternative to refined white sugar. We understand that our consumers are increasingly health and eco-conscious and we want to meet that demand by providing the best ingredients available. Because Sugar In The Raw Organic White is Eco-Social certified, USDA Organic and non-GMO, it's a good choice for you and the environment too," said Steven Eisenstadt, CEO of Cumberland Packing Corp. 

The In The Raw brand continues to lead innovation and growth in the sweetener category with a robust portfolio of wholesome sweetener options, including Sugar In The Raw®, zero-calorie Stevia In The Raw® and Monk Fruit In The Raw®, and USDA Organic Certified Agave In The Raw®. The strategy for the brand is to continue to build the In The Raw family of products, and to provide healthy options for consumers looking for better ways to eat right and to enjoy the sweet life.

Scientists determine what we all already knew: Real food is good

New York Times food writer Michael Pollan's 2007 maxim--"Eat food, not too much, mostly plants"--never sounded more relevant than now, thanks to ... well ... science.

A March 2014 paper from scientific publication Annual Reviews asks the very important question: "Can We Say What Diet Is Best for Health?" Now we can. Sort of.

Authored by Yale University's Prevention Research Center researchers Dr. David Katz and Stephanie Meller, the paper asserts that, "A diet of minimally processed foods close to nature, predominantly plants, is decisively associated with health promotion and disease prevention."

Okay. First off, duh-doy

Second, always question the merit of a scientist who gives a good pull quote. Should we call this paper capital-S Science? Or is it simply the qualified and what James Hamblin of The Atlantic calls the "dispassionate appraisal" of a group of scientists? And is Dr. David Katz actually a dispassionate observer here?

Katz is partly responsible for the creation of the Overall Nutrtitional Quality Index (ONQI), the nutrient-centric algorithm that forms the basis of the NuVal Nutritional Scoring System.

He's also a wit and good for a pull quote. As he tells The Atlantic's Hamblin: "If you don’t do that, the best thing in the whole damn food supply is Total cereal. Total is basically a completely vapid flake delivery system for multivitamins. You could skip the cereal and take the multivitamin.

Expo West 2014 editor's picks: Vegan

The level of innovation in the vegan category at Natural Products Expo West was truly impressive. From chocolate garbanzo bean spread to bacon flavored coconut, companies are climbing to new heights with animal product-free foods. New Hope editors Elisa Bosley and Jenna Blumenfeld show off the four vegan products went above and beyond at the show.

Clean Label

Clean Label: Insider Term, or New "Natural"

Clean Label: Insider Term, or New "Natural"

Clean Label - Webinar: Demons & Deities and the Evolution of Natural Products Formulation?

Learn About Formulating Clean Label Products

”Clean label” is emerging industry nomenclature that refers 1) specifically to a packaged good’s lack of common synthetic, highly processed, or potentially harmful additives—artificial flavors, high-fructose corn syrup, triclosan, and the like—and 2) generally to the package’s inclusion of values driven certifications and call-outs, such as non-GMO, organic, vegan, free-from, and others.

The term “Clean Label”—like “natural”—has no formal industry or regulatory definition, and until recently was generally unknown among manufacturers and marketers in the food and nutrition spaces.

So is “Clean Label” the new “natural”? A complex question without easy answers. Explore the topic in our Clean Label content program for manufacturers - find out whether you should use the term on your product labels, and the concept is relevant to your formulations.


And check out our Clean Label INFOGRAPHIC - an excellent at-a-glance tool to share with your networks and engage customers. Use it online and print it for your break room!


Ingredion named a World's Most Ethical Company

Ingredion named a World's Most Ethical Company

Ingredion Inc. (NYSE:INGR), a leading global provider of ingredient solutions to diversified industries, announced that it has been recognized by the Ethisphere Institute, an independent center of research promoting best practices in corporate ethics and governance, as a 2014 World’s Most Ethical Company®.

This is the first time that Ingredion has been honored with this award, which recognizes organizations that continue to raise the bar on ethical leadership and corporate behavior. Ingredion is one of only five companies in the food and beverage products industry honored this year.

“It is a tremendous honor to be named one of the World’s Most Ethical Companies,” said Ingredion CEO Ilene Gordon. “Every day we strive to live up to the highest standards of ethical business conduct and this recognition confirms that we are succeeding. From our directors and executive leaders to our dedicated employees around the world, I am proud of all who are committed to advancing our long-standing reputation as an ethical company.”

“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. “Ingredion joins an exclusive community committed to driving performance through leading business practices. We congratulate everyone at Ingredion for this extraordinary achievement.”

The World's Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ framework. The Ethics Quotient framework has been developed over years of effort to provide a means to assess an organization’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. The Ethics Quotient framework and methodology was determined, vetted and refined by the expert advice and insights gleaned from Ethisphere’s network of thought leaders and from the World’s Most Ethical Company Methodology Advisory Panel.

Scores are generated in five key categories: ethics and compliance program (25 percent), reputation, leadership and innovation (20 percent), governance (10 percent), corporate citizenship and responsibility (25 percent) and culture of ethics (20 percent).

The full list of the 2014 World's Most Ethical Companies can be found at