The World’s Most Respected Companies survey 2003:

Full Results

An analysis by
Welcome to this CD-ROM which contains the full results of the Financial Times/
Kieran Poynter PricewaterhouseCoopers World’s Most Respected Companies survey.
This is the sixth such annual global survey of corporate reputation conducted jointly
Methodology by PwC and the FT.
by Judith Nicholl and
Amanda Briars The research draws on the views of more than 1,000 CEOs across 20 countries and
a selected cross-section of fund managers, non-governmental organisations (NGOs)
Overall Results and media commentators.
The aim is to show which companies are truly setting the pace in building
Sector Results reputational capital.
The categories on the left include an introductory article, which seeks to highlight some
Results within countries of the key findings of the survey, and a brief analysis of the methodology.
The remaining menu items relate to the various survey categories and their results.
Business Leaders

Shareholder Value More Print

Corporate Social Responsibility

Integrity

Corporate Governance
Building public trust: a long-term game
By Kieran Poynter
This year’s World’s Most Respected Companies
survey was conducted against a background of
continuing economic uncertainty and geo-political
volatility which made 2003 a challenging period for
businesses of all types. At the same time,
companies were coming to terms with a low-
growth, low-inflation environment that now appears
set to become a fact of life for some time to come –
in Europe, at least.
Companies also faced new conditions in their drive
to build corporate reputation and public trust. The
US corporate scandals of 2001 meant that in 2002,
it was mainly US businesses that were perceived as
facing an uphill battle to create reputational capital.
A year ago the results of this survey underlined that
viewpoint, with US corporations’ presence in the
top 50 World’s Most Respected falling to its lowest
since this research began.
However this year’s results serve to reaffirm the fact
that corporate reputation is not just a task for US
players, but for corporations worldwide. By claiming
13 of the top 20 places in CEOs’ global rankings of
companies they respect, and increasing their share
of the top 50 for the first time in three years, US
corporations have hit back. Businesses from
elsewhere in the world may detect a touch of
irony in the fact that US boardrooms’ greater focus
on governance and reputation post-Enron may
have provided a platform for this revival in their
collective reputation.
That said, while there have – as ever – been shifts in
many companies’ rankings within the top 50, once
again the views of our 1,000 CEO respondents
worldwide exhibit one characteristic above all:
consistency. The top two positions in the global
World’s Most Respected table, and several other
places in the top 10, have been claimed by the
same players every year since 1998. Further down
the rankings, companies’ precise position may
fluctuate year on year, but the fact remains that
many of the same names are always present.
This consistency may reflect a number of truths.
One is the long-term nature of the effort to build
and sustain reputation. Unless there is a
cataclysmic event, reputations simply do not Home
change overnight. The other is the long-term
sustainability and resilience of these particular
Home
businesses – and of their reputations – even during
the generally difficult and frequently tumultuous
business conditions of the past few years. More
 This resilience is all the more striking if
you look behind the findings and
examine the changing basis on which
CEOs and other respondents are
making their decisions. When our
CEOs are asked what factors drive
their choice, a comparison of the past
four surveys shows that factors such
as ethical responsibility, customer
focus and global reach are on a clear
upward track – therefore becoming
steadily more influential in their
decisions. In contrast, the importance
of business strategy is still at the
same level as in 2000, while the
weighting accorded to ‘vision’ has slumped during
the same period.
Such changes confirm a continuing re-evaluation
of why any particular company is respected or
trusted. Yet despite this moving target, the same
companies are able to claim high places in the
rankings year on year. To an extent, they are
changing and evolving as businesses. But far more
important is their consistent ability to present a
transparent, accurate and coherent picture of their
real drivers of value to all their various groups of
stakeholders. This in turn enables each of these
stakeholders to build a realistic view of what
makes these businesses tick, and why they are
worthy of respect.
The ability of some businesses to present this ‘all-
round view’ becomes all the clearer when the
findings gleaned from our CEO respondents are
compared with those from other stakeholder
groups. The World’s Most Respected Companies
Survey extends beyond CEOs to canvass the
views of fund managers, non-governmental
organisations (NGOs) and the media. The more
consistent a company’s ranking across these
different constituencies, the more complete and
congruent its dialogue with stakeholders.
With this in mind, it is significant that fund
managers’ top four choices as companies that
create value for shareholders – General Electric,
Berkshire Hathaway, IBM and Microsoft – are all
ranked in CEOs’ top six companies for the same
category. This suggests that these companies are
impressing their peers in other boardrooms as well
as the investment community.
However, perhaps more surprising are the
similarities between the views of stakeholder
groups with contrasting agendas. When NGOs are
asked to nominate companies worldwide for
exhibiting good Corporate Social Responsibility,
the top two are Microsoft and IBM – both of which
are also high up in CEOs’ rankings on CSR.
Interestingly, NGOs rank Coca-Cola and
McDonalds more highly for CSR than do CEOs.
Such findings appear to show two things. One is
that real transparency can build trust
simultaneously in very different stakeholder
constituencies with different – and, some might
even have thought, irreconcilable – interests and
expectations. The second is that the leaders in
Home
reputation worldwide are increasingly following an
approach based on responsiveness and
engagement, on issues where the delivery of Back
financial shareholder value has to be balanced with
wider ethical and reputational considerations.
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This approach is increasingly evident in all sectors,
including industries traditionally in NGOs’ sights such as
defence and mining. Whatever a company’s area of activity,
it is in its interests to try and build long-term reputation
among all its stakeholders by giving clear and open
explanations of the basis of its business, and of the
commercial decisions it takes. Some people may not like
what it does – but at least that dislike will be based on fact,
which is something it can control or influence, rather than
hearsay, which it cannot.

From our own experience of advising major companies, we

know that the majority now recognise many of these issues,
and are striving to move in the right direction. They know
that sound corporate values are a prerequisite, but that
building real long-term trust needs more: the right internal
processes for collecting and recording information about
their business’s real drivers of value – and a framework for
communicating the relevant elements accurately, clearly,
effectively and coherently to all stakeholders. Also, it is
crucial that these processes and frameworks do not
conditions or questions thrown at your business. These are
become a bureaucratic hindrance, but a way of enabling
qualities that the consistent top performers in the World’s
better and more responsive decision-making.
Most Respected Companies survey exhibit to the full.

As a professional services firm, my own organisation also

Kieran Poynter is Chairman, PricewaterhouseCoopers LLP.
has an absolute need to get all this right – and we would be
For more information, please visit www.valuereporting.com
the first to admit that we still have much to learn. It was
pleasing to find ourselves recognised in the top 50 of this
year’s rankings. But as a new member of this particular
club, we know there is much more for us to do before we
can emulate the corporations that have established
themselves in the upper reaches.
Home

In reputation, as in other areas of business, sound ideas and a

good approach are a start. But the key is execution. And the Back
ability to keep on executing – no matter what the economic

More
Methodology
By Judith Nicholl and Amanda Briars, Research & Information, PricewaterhouseCoopers
This is the sixth year we have conducted this
global survey of Chief Executive Officer (CEO)
opinion, and this year we have again
achieved interviews with more than 1000
respondents across 20 countries.
The core of the survey remains consistent
over time, identifying those companies and
business leaders globally that are most
respected by their peers and the reasons for
those choices. In addition, to reflect the
increasingly competitive environment and
hence reputation required for companies to
succeed, we have identified companies which
are seen to excel in areas such as corporate
governance and social responsibility.
Firstly, chief executives were asked to
nominate which three companies in the world
they most respect. They were then asked to
select three companies that they most
respect in their industry sector in the world.
Next, each chief executive was asked to
identify which three business leaders they
most respect in the world. Each of these
questions was asked in all the previous
surveys. In each case, and for all subsequent
questions, respondents were asked to give
reasons for their nominations.
In the last three years of the survey CEOs
were also asked to nominate which three
companies best delivered on creating the
most value for their shareholders. To provide
a contrast to CEO opinion, this question was
also asked to nearly 100 fund managers
worldwide.
For a successive year, CEOs were asked to
name three companies in their country or
region that they most respect and three
companies that demonstrate the most
integrity. Two new questions asked of CEOs
this year were to nominate three companies
in the world that have the most effective
corporate governance and the companies in
the world that best demonstrate their
commitment to corporate social responsibility. Home
To again provide a contrast to CEO opinion
Back
approximately 90 media commentators and
non-governmental organisations (NGO)
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 worldwide were asked the questions on integrity, corporate governance and corporate
social responsibility.

The fieldwork was undertaken between November and December 2003, principally by
telephone interview but in some cases by written questionnaire or face-to-face
interviews. As in previous years, the survey participants come not just from publicly-
quoted organisations but also from large subsidiaries and private companies across the
20 countries.

As in previous years, we were faced with the choice of weighting the data by GDP of
the respondent’s country (the only measure available across all respondents), or leaving
it untouched. Once again we decided to weight the data, both to ensure consistency
with previous years’ results, and to reflect that, rightly or wrongly, there are different
levels of global impact achieved by views expressed in different economies. This
approach applies to the CEO, fund manager and media/NGO surveys.

To ensure that we smooth out any single country bias, we have once again applied a
minimum qualification level of five nominations to each table, apart from the World’s
Most Respected Companies by Industry Sector and within individual Country, where a
minimum of three nominations was required.

As in previous years, the survey participants come not just
from publicly-quoted organisations but also from large
subsidiaries and private companies across the 20 countries.
Importantly, we have analysed the unprompted
reasons given behind nominations, providing a
valuable insight into what factors drive respect for
companies and business leaders.

In summary, the methodology allows for an in-depth and credible look at the opinions of
global CEOs and other relevant stakeholders. It also provides the ability to track
changes in position for companies over time as well as the reasons behind why they are
being nominated.

Judith Nicholl & Amanda Briars

Home
Research & Information, PricewaterhouseCoopers
judith.nicholl@uk.pwc.com
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The World’s Most Respected Companies: 1-29
Rank Rank Rank Rank Rank Rank Name Country Sector
1998 1999 2000 2001 2002 2003

1 1 1 1 1 1 General Electric US Electrical/Electronics

2 2 2 2 2 2 Microsoft US IT
5 10 6 6 5 3 Toyota Japan Engineering
4 4 5 3 3 4 IBM US IT
17= 9 20 8 8 5 Wal-Mart US Retail
3 3 4 5 4 6 Coca-Cola US Food/Beverages
27= 7 19 25 10 7 Dell US IT
0 21= 14 20 27 8 Berkshire Hathaway US Financial
6 5 12 16 14 9 DaimlerChrysler Germany Engineering
24= 6 3 4 6 10 Sony Japan Consumer Goods
7 8 16 17 13 11 Nestlé Switzerland Food/Beverages
11 17 10 11 7 12 General Motors US Engineering
0 25 33 23 26 13 Disney US Media/Leisure
13 36= 0 24 17 14 BMW Germany Engineering
0 0 0 0 0 15 Honda Japan Engineering
0 38 42 26 24= 16 Exxon Mobil US Energy/Chemicals
24= 15 9 14 9 17 3M US Consumer Goods
17= 29= 0 19 55 18= Johnson & Johnson US Healthcare
14= 36= 13 27= 11 18= Procter & Gamble US Food/Beverages
0 41= 28= 31 30 20 L’Oréal France Consumer Goods
0 0 0 0 16 21 DuPont US Energy/Chemicals
12 21= 23= 30 18 22 Royal Dutch/Shell Netherlands/UK Energy/Chemicals
0 0 0 18 21 23 Southwest Airlines US Transport
0 0 7 27= 23 24 Cisco Systems US IT Home
0 41= 27 37 35 25 Siemens Germany Electrical/Electronics
0 28 23= 21 20 26 BP UK Energy/Chemicals
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0 0 0 0 73 27 Caterpillar US Engineering
35= 13 11 7 29 28 Nokia Finland Electrical/Electronics
14= 11 35 15 34 29 Hewlett-Packard US IT
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The World’s Most Respected Companies: 30-59
Rank Rank Rank Rank Rank Rank Name Country Sector
1998 1999 2000 2001 2002 2003

17= 19 15 32 37 30 McDonald’s US Media/Leisure

0 24 22 10 15 31 Citigroup US Financial
0 26 0 39 32 32 Volkswagen Germany Engineering
0 0 0 0 78 33 PricewaterhouseCoopers US Financial
0 0 0 0 50 34 Nissan Japan Engineering
0 0 0 0 80 35 British Airways UK Transport
9= 29= 43 13 31 36 Ford US Engineering
0 0 40 36 38 37= Airbus (Subsidiary of EADS) France/Germany/UK/Spain Engineering
9= 12 8 9 36 37= Intel US IT
0 0 0 44 40 39 Porsche Germany Engineering
0 0 0 0 42 40 Samsung Korea Electrical/Electronics
0 0 0 41 0 41 HSBC UK/Hong Kong Financial
35= 20 37 47 12 42= Unilever Netherlands/UK Food/Beverages
0 0 28= 34 45 42= Virgin UK Transport
0 0 0 0 0 44 BASF Germany Energy/Chemicals
0 0 0 54 24= 45 Tesco UK Retail
0 0 0 51 53 46 Ikea Sweden Retail
0 0 0 0 56 47= Vodafone UK Telecoms
0 0 0 56 59 47= Philips Electronics Netherlands Electrical/Electronics
0 0 0 0 0 49 Danone France Food/Beverages
0 0 0 0 57= 50 Novartis Switzerland Healthcare
0 0 0 59 44 51 Apple US IT
0 0 0 0 48 52 Bosch Germany Engineering
0 0 0 42 57= 53= Bombardier Canada Engineering Home
0 32 30 45 49 53= SAP Germany IT
0 0 0 0 46 55 Bayer Germany Energy/Chemicals Back
0 0 0 55 39 56 Renault France Engineering
0 21= 58 0 0 57 Alcoa US Resources
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0 0 0 0 71= 58 Total France Energy/Chemicals
0 0 18 48 71= 59 Nike US Consumer Goods
The World’s Most Respected Companies: 60-72

Rank Rank Rank Rank Rank Rank Name Country Sector

1998 1999 2000 2001 2002 2003
0 0 41 58 51 60= Oracle US IT
0 0 0 0 47 60= Ferrari Italy Engineering
0 0 0 0 19 62= Marks & Spencer UK Retail
0 0 0 0 52 62= Deutsche Bank Germany Financial
0 0 0 0 0 64 Hennes & Mauritz (H&M) Sweden Retail
0 0 0 0 63= 65= Petrobras Brazil Energy/Chemicals
0 0 0 0 88 65= UBS Switzerland Financial
0 0 0 0 69 67 Pfizer US Healthcare
0 0 0 0 0 68 Inditex (Zara) Spain Retail
0 0 0 0 82 69 Boeing US Engineering
0 0 0 0 63= 70= Volvo Sweden Engineering
0 0 0 0 66 70= Cemex Mexico Property/Construction
0 0 0 0 0 72= PSA Peugeot Citroen France Engineering
0 0 0 0 0 72= Red Bull Austria Food/Beverages

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The World’s Most Respected Companies by Sector

Consumer Goods Companies Media/Leisure Companies

Electrical/Electronics Companies Property/Construction Companies

Energy/Chemicals Companies Recruitment Companies

Engineering Companies Resources Companies

Financial Companies Retail Companies

Food/Beverages Companies Telecoms Companies

Healthcare Companies Transport Companies

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IT Companies Utilities Companies Back

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Consumer Goods Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
2 2 1 1 1 1 Sony Japan
0 0 0 0 5 2 Nike US
1 1 3 3 0 3 3M US
0 0 2 2 4 4 L’Oréal France
0 4 4= 0 0 5 Whirlpool US
0 0 0 0 0 6 Miroglio Italy
0 0 0 0 0 7 Steel Case US
0 0 0 0 0 8 Adidas Germany
0 0 0 0 0 9 Herman Miller US
0 0 4= 0 0 10= Electrolux Sweden
0 0 0 0 3 10= Canon Japan
0 0 0 0 6 12 LG Korea
0 0 0 0 0 13 Henkel Germany
0 0 0 0 0 14 Balta Belgium

Electrical/Electronics Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
1 1 2 1 1 1 General Electric US
4 4 4 2 2 2 Siemens Germany
0 3 1 3 5= 3 Nokia Finland
0 5 6 5 4 4 Philips Electronics Netherlands
0 0 0 0 3 5 Samsung Korea Home
0 0 0 0 9 6 Delphi US
0 0 0 0 0 7 Infineon Technologies Germany
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0 0 0 7= 10 8 Motorola US
0 0 0 0 0 9 Kaba Group Germany
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Energy/Chemicals Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
2 1 3= 1 1 1 DuPont US
4 6 5= 3 2 2 BP UK
0 8= 7 8 5 3 BASF Germany
0 8= 1 7 7 4 Dow Chemical US
1 4 3= 4 3 5 Royal Dutch/Shell Netherlands/UK
0 0 0 0 8 6 Bayer Germany
0 2 5= 2 4 7 Exxon Mobil US
0 0 0 0 0 8 Norsk Hydro Norway
0 0 0 0 0 9 Bovis Lend Lease Pharmaceutical UK
0 8= 0 0 0 10 Akzo Nobel Netherlands
0 0 0 0 0 11 Cemig Brazil
0 0 0 0 0 12 Electrabel Belgium
0 0 0 0 0 13 Williams US

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Engineering Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
1 1 1 1 1 1 Toyota Japan
4= 2 2 9 5 2 Daimler Chrysler Germany
0 0 0 0 0 3 Airbus (Subsidiary of EADS) France/Germany/UK/Spain
0 0 9= 3 6 4 BMW Germany
0 0 0 0 0 5 Nissan Japan
0 0 0 0 0 6 Lockheed Martin US
0 6= 0 8 0 7 Volkswagen Germany
0 0 0 0 0 8 Bechtel US
0 0 4= 7 7 9 Caterpillar US
0 3 6= 4 4 10 Honda Japan
0 0 0 0 16= 11 Ford US
2 0 0 13= 2 12 General Motors US
0 9= 0 6 0 13 Boeing US
0 0 9= 0 0 14 Renault France
=6 0 9= 2 3 15 ABB Switzerland/Sweden
0 0 0 0 0 16 Honeywell US
0 0 0 0 0 17= Alcan Canada
0 0 0 0 0 17= Osram (Subsidiary of Siemens) Germany
0 0 0 0 0 19= Keller Group UK
6= 4= 3 12 8 19= Bosch Germany
0 0 0 11 11 21 Porsche Germany
0 0 6= 0 0 22 Volvo Sweden
0 0 6= 5 9 23 Michelin France
0 0 0 0 13 24 Pirelli Italy
0 0 0 0 0 25 POSCO Korea
0 0 0 0 0 26 Jacobs US Home
0 0 0 0 0 27 Alstom France
0 0 0 0 0 28 Nippon Steel Japan
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0 0 0 0 0 29 Scania Sweden
0 0 0 0 0 30 Assa Abloy Sweden
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Financial Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
1 1 1 1 1 1 Citigroup US
0 10= 0 8 0 2 Berkshire Hathaway US
0 8= 7 2 2 3 AIG US
9 0 14= 12 0 4 Allianz Germany
0 5= 5 4 5 5 HSBC UK/Hong Kong
0 0 0 0 0 6 PricewaterhouseCoopers US
5= 8= 14= 5 0 7 JP Morgan US
0 0 0 0 0 8 KPMG US
4 5= 3= 9 7 9 Goldman Sachs US
8 0 9 6 8 10 Deutsche Bank Germany
0 0 0 0 6 11 Ernst and Young US
0 0 0 0 0 12= Accenture US
0 0 14= 13 4 12= UBS Switzerland
0 0 0 0 0 14 Deloitte US

Food/Beverages Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
2 1= 4 4 7 1 Coca-Cola US
1 1= 2 1 4 2= Nestlé Switzerland
3 4 3 2 2 2= Procter & Gamble US
0 7= 6= 5 1 4 Unilever Netherlands/UK
0 9= 5 8 8= 5 Danone France
0 9= 1 7 16 6 PepsiCo US Home
6= 7= 8= 11 12 7 Cargill US
0 3 8= 10 17 8 Heineken Netherlands Back
0 0 0 9 0 9 Ferrero Italy
0 0 0 0 0 10 Grupo Industrial Bimbo Mexico
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0 0 0 0 13= 11 Cadbury Schweppes UK
Healthcare Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
3 1 1 1 2 1 Pfizer US
1= 6 3= 4 3 2 GlaxoSmithKline UK
0 3 0 6= 4 3 Novartis Switzerland
0 5 3= 3 1 4= Johnson & Johnson US
1= 2 2 2 5 4= Merck US

IT Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 5 0 4 3 1 Dell US
2 2 5 1 7 2 Hewlett-Packard US
1 6= 2 2 1 3 IBM US
0 0 4 6 4 4 Cisco Systems US
4 1 1 3 2 5 Microsoft US
0 3 3 5 5 6 Intel US
0 0 9 9 9 7 Oracle US
0 0 0 0 0 8 Schlumberger US

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Media/Leisure Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
3= 4 4= 4 0 1 Fox (Subsidiary of News Corporation) US
3= 2 1= 2 0 2 McDonald’s US
6 0 4= 1 3 3 Time Warner US
7 1 1= 3 1 4 Disney US
1= 0 1= 5 0 5 Bertelsmann Germany
0 0 0 9 5 6 New York Times US
0 0 0 0 4 7 BBC UK

Property/Construction Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 0 0 0 0 1 Balfour Beatty UK
0 0 0 1 5 2 Skanska Sweden
0 0 0 0 4 3 Saint Gobain France
0 0 1 2 7 4 Lafarge France
0 0 0 5= 9 5 Bouygues France
0 0 0 0 0 6 Hilti Liechtenstein

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Recruitment Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 0 0 0 0 1 Adecco Switzerland
0 0 0 0 0 2 Randstad Netherlands

Resources Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 1 1 1 9 1 Alcoa US
0 0 0 0 4= 2 BHP Billiton UK/Australia
0 0 0 0 1 3 Stora Enso Finland
0 0 0 0 7= 4 UPM Kymmene Finland
0 0 0 0 11 5 SCA Sweden
0 3 0 4 6 6 International Paper US

Retail Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
1 1 1 1 2 1 Wal-Mart US
0 0 0 0 1 2 Marks & Spencer UK
0 0 4 5 0 3 Tesco UK
0 4 3 2 3 4 Carrefour France
0 0 0 0 4 5 Ikea Sweden Home
0 0 0 0 6 6 Inditex (Zara) Spain
0 0 0 0 0 7 Gucci Italy
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0 0 0 0 8= 8 Hennes and Mauritz (H&M) Sweden

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Telecoms Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 4 6 0 0 1 AT&T US
0 0 0 0 0 2 Alcatel France

Transport Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 0 5= 2 1 1 Federal Express US
0 0 0 0 0 2 Exel UK
0 0 3 7 0 3 Deutsche Post Germany
0 2 5= 1 2 4 UPS US
0 0 4 3 0 5 Lufthansa Germany
0 0 1 5 0 6 Singapore Airlines Singapore
0 0 0 0 0 7 Southwest Airlines US

Utilities Companies
Rank Rank Rank Rank Rank Rank
1998 1999 2000 2001 2002 2003 Company Country
0 0 0 0 0 1 Electricité de France (EDF) France
0 0 0 0 1 2 RWE Germany
0 0 0 0 0 3 COPEL Brazil
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The World’s Most Respected Companies within countries

Austria Germany Russia

Australia India Spain

Belgium Italy Sweden

Brazil Japan Switzerland

Canada Korea United Kingdom

China Mexico United States

France Netherlands
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Austria Australia
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
0 1 Red Bull Food/Beverages 1 1 BHP Billiton Resources
0 2 Voest-Alpine (VAMH) Resources 4 2 National Australia Bank Financial
0 3 OMV Energy/Chemicals 7= 3= ANZ Banking Group Financial
0 4 Swarovski Consumer Goods 5 3= Woolworths Retail
0 5 Wienerberger Property/Construction 3 5 Wesfarmers Energy/Chemicals
0 6= Bank Austria Creditanstalt Financial 6 6 Commonwealth Bank Financial
0 6= Magna Steyr Engineering
0 6= Billa Retail
0 6= Böhler-Uddeholm Engineering
0 6= Erste Bank Financial
0 6= KTM Engineering

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Belgium Brazil
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
3 1 Interbrew Food/Beverages 2= 1 Votorantim Resources
1 2 Solvay Healthcare 1 2 Petrobras Energy/Chemicals
0 3 Colruyt Retail 0 3 Banco Itau Financial
6= 4= Delhaize Retail 2= 4 Gerdau Resources
5 4= Jansens Pharmaceuticals Healthcare 2= 5 Vale do rio doce Resources
9 6 Belgacom Telecoms 5= 6 Embraer Engineering
2 7= UCB Healthcare 0 7 Bradesco Financial
0 7= KBC Bank Financial 7= 8 Pão de Acúcar Retail
6= 9= Bekhaert Engineering 0 9 Cemig Energy/Chemicals
6= 9= Fortis Financial
0 11 Telenet Telecoms
4 12= Omega Pharmaceuticals Healthcare China
0 12= Van de Velde Consumer Goods

Rank Rank Name Sector

2002 2003
Canada 1 1 Haier Group Consumer Goods
2 2 The Legend Group (Lenovo) IT
Rank Rank Name Sector 5 3 TCL Electrical/Electronics
2002 2003 0 4 Baosteel Group Engineering
2 1 Bombardier Engineering
1 2 Royal Bank of Canada Financial
0 3 Magna International Engineering Home
0 4= Bank of Nova Scotia Financial
0 4= Dofasco Engineering
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0 6= Nortel Networks Telecoms
0 6= Bell Canada Telecoms
0 8 Maple Leaf Foods Food/Beverages More
France Germany
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
1 1 L’Oréal Consumer Goods 1 1 DaimlerChrysler Engineering
3 2 Danone Food/Beverages 2 2 BMW Engineering
4 3 PSA Peugeot Citroen Engineering 3 3 Porsche Engineering
2 4 Renault Engineering 5 4 Siemens Electrical/Electronics
9= 5 Total Energy/Chemicals 6 5 Volkswagen Engineering
0 6 Airbus (Subsidiary of EADS) Engineering 0 6 Puma Consumer Goods
12= 7= Michelin Engineering 4 7 SAP IT
9= 7= Air France Transport 0 8= Bayer Energy/Chemicals
9= 7= Carrefour Retail 0 8= Beiersdorf Healthcare
0 10= Vinci Property/Construction 9= 10 Deutsche Bank Financial
0 10= BNP Paribas Financial
0 12= Bouygues Property/Construction
6= 12= Auchan Retail
0 12= Lafarge Property/Construction

India
Rank Rank Name Sector
2002 2003
2 1 Infosys Technologies IT
1 2 Reliance Industries Energy/Chemicals Home
9= 3= Tata Iron and Steel Engineering
3 3= Hindustan Lever
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(Subsidiary of Unilever) Food/Beverage
4 3= Tata Eng and Locomotive Engineering
8 6 Ranbaxy Laboratories Healthcare More
Italy Japan
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
3 1 Ferrari Engineering 1 1 Toyota Engineering
2 2 Pirelli Telecom Italia TIM Telecom 4= 2 Canon Consumer Goods
10 3 Luxottica Consumer Goods 2 3 Sony Consumer Goods
1 4 Barilla Food/Beverages 0 4 Shin Etsu Engineering
5 5 Ferrero Food/Beverages 4= 5= Kao Consumer Goods
6 6 Benetton Retail 0 5= Takeda Healthcare
8 7 Eni Energy/Chemicals 0 7 Keyence Electrical/Electronics
12 8 Armani Retail 3 8 Honda Engineering
0 9= Generali Financial
0 9= UniCredit Financial
0 11= Della Valle Financial Mexico
0 11= Merloni Consumer Goods
0 13 Enel Utilities Rank Rank Name Sector
0 14 Agip Petroli (Subsidiary of Eni) Energy/Chemicals 2002 2003
1 1 Cemex Property/Construction
0 2 Telmex Telecoms
Korea 2 3 Grupo Industrial Bimbo Food/Beverage
5 4 Coca-Cola Femsa Food/Beverage
Rank Rank Name Sector 0 5 Televisa Media/Leisure
2002 2003 4 6 Grupo Modelo Food/Beverage
1 1 Samsung Electrical/Electronics 8 7= Vitro Engineering
2= 2 Pohang Iron and Steel Corp Engineering 0 7= Wal-Mart Retail Home
4 3 Yuhan Corporation Healthcare 0 9 Carso Consumer goods
5= 4 Hyundai Motor Corp Engineering 6 10= Alfa Engineering
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5= 5= LG Consumer Goods 0 10= GEO Grupo casas Property/Construction
8 5= SK Corp & Steel Engineering 0 12 Telcel Telecoms
7 13 Pemex Petroleos Mexicano Energy/Chemicals More
Netherlands Russia
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
2 1 Royal Dutch/Shell Energy/Chemicals 1 1 Gazprom Energy/Chemicals
1 2 Unilever Food/Beverages 2 2 EES Rossii (UESR) Utilities
3 3 Philips Electronics Electrical/Electronics 3 3 LUKOIL Energy/Chemicals
6 4= KLM Royal Dutch Airlines Transport 5 4 Yukos Oil Energy/Chemicals
5 4= Heineken Food/Beverages 4 5 Baltika Food/Beverages
0 6= ABN AMRO Financial 0 6 Tyumen Oil Company (TNK) Energy/Chemicals
0 6= Akzo Nobel Financial 0 7= Sberbank Financial
0 8= DSM Healthcare 0 7= VimpelCom Telecoms
0 8= ING Groep BV Financial
0 10 IBM (Global Services) IT
0 11= Rabobank Financial
0 11= KPN Telecoms

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Spain Sweden
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
2 1 El Corte Ingles Retail 2 1 Ikea Retail
1 2 Telefónica Telecoms 3 2 Hennes & Mauritz (H&M) Retail
3 3 Inditex (Zara) Retail 1 3 Volvo Engineering
5= 4 Repsol YPF Energy/Chemicals 0 4= Vida Engineering
4 5 Banco Santander Financial 5= 4= Scania Engineering
12 6 Endesa Utilities 9= 6 Tetra Pak Resources
9= 7 ACS-Dragados Property/Construction 9= 7 SCA Resources
7 8 BBVA Financial 7= 8= SKF Engineering
5 9 Iberia Air Transport 5= 8= AstraZeneca Healthcare
9= 10 Iberdrola Utilities 12= 10 Ericsson Electrical/Electronics
12= 11 ABB Engineering
12= 12 Electrolux Consumer Goods
Switzerland 9= 13= Svenska Handelsbanken Financial
0 13= ICA Handlarna Retail
Rank Rank Name Sector
2002 2003
1 1 Nestlé Food/Beverages
2 2 Novartis Healthcare
3 3 UBS Financial
5 4 Swatch Group Consumer Goods
0 5 Roche Healthcare
0 6 Migros Consumer Goods Home

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UK US
Rank Rank Name Sector Rank Rank Name Sector
2002 2003 2002 2003
2 1 Marks & Spencer Retail 2= 1 General Electric Electrical/Electronics
3 2 Tesco Retail 1 2 Microsoft IT
1 3 British Petroleum Energy/Chemicals 0 3 IBM IT
4 4 Virgin Transport 4 4 Wal-Mart Retail
0 5 Royal Bank of Scotland Financial 0 5 Berkshire Hathaway Financial
0 6= Barrett Construction Property/Construction 2 6= General Motors Engineering
7 6= Rolls Royce Engineering 0 6= Dell IT
5 8= Royal Dutch/Shell Energy/Chemicals 0 8 Honda Engineering
0 8= easyJet Transport 0 9= Pfizer Pharmaceuticals
0 10= HSBC Financial 0 9= Exxon Mobil Energy/Chemicals
0 10= ICI Energy/Chemicals 0 11 Hewlett-Packard IT
0 10= Eurotunnel Transport
0 13 GlaxoSmithKline Healthcare
6 14 British Airways Transport

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The World’s Most Respected Business Leaders: 1-29

Rank Rank Rank Rank Rank Rank Name Company

1998 1999 2000 2001 2002 2003
2 2 2 2 1 1 Bill Gates Microsoft
8 6 6 3 5 2 Warren Buffett Berkshire Hathaway
1 1 1 1 2 3 Jack Welch (retired) General Electric
0 0 0 20 7 4 Carlos Ghosn Nissan
15 7 15 7 6 5 Hiroshi Okuda Toyota
0 5 10 8 4 6 Michael Dell Dell
4 3 3 4 3 7 Lou Gerstner (retired) IBM
7 8 11 5 13 8 Nobuyuki Idei Sony
0 0 29 17 22 9 Carly Fiorina Hewlett-Packard
0 0 0 0 0 10 Jeffrey Immelt General Electric
0 21= 5 10 15 11 Richard Branson Virgin
3 4 9 24 14 12 Jürgen Schrempp DaimlerChrysler
0 12 19= 29 12 13 Steve Jobs Apple
0 0 0 38 19 14 Wendelin Wiedeking Porsche
0 0 0 0 9 15 Takeo Fukui Honda
0 0 0 30 21 16 Lindsay Owen-Jones L’Oréal
0 0 0 0 0 17 Sam Walton Wal-Mart
10 9 8 9 16 18 John Browne BP
0 0 0 0 40 19 Jack Smith (retired) General Motors
0 23 17 33 35= 20= Rupert Murdoch News Corporation
0 29= 0 15 41 20= Michael Eisner Disney
0 0 0 0 32 22= Jong-Yong Yun Samsung
0 0 0 0 8 22= Alan Greenspan Federal Reserve
Home
0 0 0 19 26 24 Marco Trochetti Provera Pirelli
0 0 0 0 10 25 William Ford Ford
0 0 0 0 35= 26 Carlos Slim Helú Telefonos de Mexico (Telmex) Back
0 0 0 0 11 27= Lee Scott Jnr Wal-Mart
0 0 0 27 28 27= Heinrich von Pierer Siemens More
0 0 0 0 29 29 Douglas Daft Coca-Cola
The World’s Most Respected Business Leaders: 30-54

Rank Rank Rank Rank Rank Rank Name Company

1998 1999 2000 2001 2002 2003
0 0 0 0 0 30 Terry Leahy Tesco
0 0 0 0 0 31 Alessandro Profumo UniCredit
0 0 0 0 0 32= Jeff Bezos Amazon
0 0 0 0 0 32= Jochen Zeitz Puma
0 0 0 0 0 34 Luca di Montezemolo Ferrari
0 0 0 0 45= 35 Nandan Mohan Nilekani Infosys Technologies
0 0 0 0 0 36 Jose Castellano Rios Inditex (Zara)
0 0 0 0 18 37 Jose Ermirio de Moraes Neto Votorantim
0 0 0 0 17 38= Niall Fitzgerald Unilever
0 0 0 0 44 38= Daniel Vasella Novartis
0 15= 0 16 27 40= Ferdinand Piëch Volkswagen
0 0 0 32 24= 40= Peter Brabeck-Letmathe Nestlé
0 0 0 0 33= 40= Mukesh Ambani Reliance Industries
0 0 0 0 0 43 Jung-Keun Cha Yuhan Corporation
0 0 0 0 39 44 Louis Schweitzer Renault
0 0 16 23 48= 45 Chris Gent Vodafone
0 0 0 0 0 46 Paul Tellier Bombardier
0 20 12 12 20 47 Jorma Ollila Nokia
0 0 0 0 0 48 Roger Holmes Marks & Spencer
20 21= 14 25 24= 49 Sanford Weill Citigroup
0 0 0 0 0 50 Henri de Castries Axa
0 0 0 0 30= 51 Josef Ackermann Deutsche Bank
0 0 0 0 0 52= Lorenzo Zambrano Cemex
Home
0 0 0 0 0 52= Daniel Servitje Montull Grupo Industrial Bimbo
0 0 0 0 0 54 Anatoly Chubais EES Rossii (UESR)
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The World’s Most Respected Business Leaders: 55-63

Rank Rank Rank Rank Rank Rank Name Company

1998 1999 2000 2001 2002 2003
0 0 0 0 0 55 Dietrich Mateschitz Red Bull
0 0 0 0 37 56 Ingvar Kamprad Ikea
0 0 0 0 0 57 Simon Kukes Yukos Oil
0 0 0 0 0 58 Nicolas Hayek Swatch Group
0 0 0 0 0 59 Michael O’Leary Ryanair
0 0 0 0 0 60= George Soros Soros Group
0 0 0 0 0 60= Peter Wuffli UBS
0 0 0 0 23 62 Helmut Panke BMW
0 0 0 0 0 63= Leif Johansson Volvo
0 0 0 0 47 63= Jürgen Dormann ABB

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CEOs – Companies that create the most value for their shareholders: 1-28

Rank Rank Rank Name Country Sector

2001 2002 2003
2 1 1 Microsoft US IT
1 2 2 General Electric US Electrical/Electronics
14 5 3 Wal-Mart US Retail
4 3 4 IBM US IT
10 4 5 Toyota Japan Engineering
3 8 6 Berkshire Hathaway US Financial
6 6 7 Coca-Cola US Food/Beverages
8 10 8 Citigroup US Financial
19 26 9 Intel US IT
5 19= 10 Sony Japan Consumer Goods
9 11 11 General Motors US Engineering
15 23 12 Nokia Finland Electrical/Electronics
13 7 13 Exxon Mobil US Energy/Chemicals
7 29= 14 Cisco Systems US IT
12 22 15 BP UK Energy/Chemicals
21 14= 16 L’Oréal France Consumer Goods
23 16= 17 Procter & Gamble US Food/Beverages
16 32 18 Johnson & Johnson US Healthcare
18 0 19 Dell US IT
17 9 20 Royal Dutch/Shell Netherlands/UK Energy/Chemicals
0 21 21 BMW Germany Engineering
38= 27 22 DaimlerChrysler Germany Engineering
20 16= 23 3M US Consumer Goods
Home
0 18 24 Porsche Germany Engineering
22 33 25 HSBC UK/Hong Kong Financial
0 28 26 Hewlett-Packard US IT Back
0 38 27 DuPont US Energy/Chemicals
0 24 28= GlaxoSmithKline UK Healthcare More
28 25 28= SAP Germany IT
CEOs – Companies that create the most value for their shareholders: 30-51

Rank Rank Rank Name Country Sector

2001 2002 2003
0 34 30 Novartis Switzerland Healthcare
0 29= 31 Siemens Germany Electrical/Electronics
38= 13 32= Pfizer US Healthcare
0 36= 32= Reliance Industries India Energy/Chemicals
29 19= 34 Nestlé Switzerland Food/Beverages
24 39 35 Oracle US IT
0 12 36 Unilever Netherlands/UK Energy/Chemicals
0 0 37 Puma Germany Consumer Goods
0 43= 38 Samsung Korea Consumer Goods
32 35 39 Vodafone UK Telecoms
0 0 40 Deutsche Bank Germany Financial
30 0 41 McDonald’s US Media/Leisure
0 0 42 Total France Energy/Chemicals
0 40 43 Petrobras Brazil Energy/Chemicals
0 31 44 Ford US Engineering
0 0 45 Yukos Oil Russia Energy/Chemicals
0 0 46 Gazprom Russia Energy/Chemicals
30= 46 47 UBS Switzerland Financial
0 0 48 EES Rossii (UESR) Russia Energy/Chemicals
0 0 49 Telefonos de Mexico (Telmex) Mexico Telecoms
0 0 49 Cemex Mexico Engineering
0 0 51 ING Direct Netherlands Financial

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Fund Managers – Companies that create the most value for their shareholders

Rank Rank Rank Name Country Sector

2001 2002 2003
1 2 1 General Electric US Electrical/Electronics
0 0 2 Berkshire Hathaway US Financial
7 3 3 IBM US IT
2 1 4 Microsoft US IT
0 0 5 Vodafone UK Telecoms
10 6 6 Nokia Finland Electrical/Electronics
0 0 7 Citigroup US Financial
0 4 8 General Motors US Engineering
15 5 9 Coca-Cola US Food/Beverages
0 0 10 British American Tobacco UK Consumer Goods

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CEOs – Companies that best demonstrate their commitment
to corporate social responsibility: 1-29
Rank Rank Rank Name Country Sector
2001 2002 2003
9 21 1 Microsoft US IT
3 2 2 Toyota Japan Engineering
6 23 3 General Electric US Electrical/Electronics
10 7 4 IBM US IT
1 1 5 BP UK Energy/Chemicals
14 4 6 Honda Japan Engineering
18 29 7 Sony Japan Consumer Goods
0 5 8 Greenpeace UK
37= 10 9 Nestlé Switzerland Food/Beverage
0 0 10 Berkshire Hathaway US Financial
36 30 11 General Motors US Engineering
2 3 12 Royal Dutch/Shell Netherlands/UK Energy/Chemicals
12 17 13 Procter & Gamble US Food/Beverage
25 8 14 Johnson & Johnson US Healthcare
16 15 15 Ford US Engineering
0 0 16 Wal-Mart US Retail
34 24 17 Disney US Media/Leisure
31 42= 18 McDonald’s US Media/Leisure
24 16 19 Volvo Sweden Engineering
35 18 20 Coca-Cola US Food/Beverage
7 6 21 Ricoh Japan Electrical/Electronics
17 9 22 Exxon Mobil US Energy/Chemicals
5 11 23 DuPont US Energy/Chemicals
Home
23 20 24 3M US Consumer Goods
0 0 25 Bosch Germany Engineering
20 31= 26 Volkswagen Germany Engineering
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11 19 27 The Body Shop UK Retail
0 14 28 Ikea Sweden Retail More
29= 39 29 Unilever Netherlands/UK Food/Beverage
CEOs – Companies that best demonstrate their commitment
to corporate social responsibility: 30-54
Rank Rank Rank Name Country Sector
2001 2002 2003
0 34 30 BMW Germany Engineering
0 0 31 Danone France Food/Beverage
0 45 32 Philips Electronics Netherlands Electrical/Electronics
0 0 33 Unicef US
0 0 34 Tata Steel India Engineering
0 24 35 GlaxoSmithKline UK Healthcare
32= 27 36 Bayer Germany Energy/Chemicals
19 36= 37 Siemens Germany Electrical/Electronics
0 0 38 Grupo Industrial Bimbo Mexico Food/Beverage
0 36= 39 Petrobras Brazil Energy/Chemicals
0 0 40 Red Cross (ICRC) Switzerland
8 28 41 DaimlerChrysler Germany Engineering
0 0 42 Yuhan Corporation Korea Healthcare
0 0 43 Nike US Consumer Goods
0 25= 44 Total France Energy/Chemicals
0 0 45= Hewlett-Packard US IT
0 0 45= ENI Italy Energy/Chemicals
0 0 47 Pfizer US Healthcare
0 0 48= Samsung Korea Electrical/Electronics
0 47 48= Novartis Switzerland Healthcare
0 0 50 Bradesco Brazil Financial
0 31= 51 Nokia Finland Electrical/Electronics
0 0 52 Televisa Mexico Media/Leisure
Home
0 0 53 Telefonos de Mexico (Telmex) Mexico Telecoms
0 0 54 Gazprom Russia Energy/Chemicals
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NGOs – Companies that best demonstrate their commitment
to corporate social responsibility
Rank Rank Rank Name Country Sector
2001 2002 2003
20 2 1 Microsoft US IT
0 6 2 IBM US IT
0 0 3 Ikea Sweden Retail
0 0 4 Campbell Soup Company US Food/Beverage
0 0 5 The Body Shop UK Retail
0 0 6 DaimlerChrysler Germany Engineering
0 0 7 McDonald’s US Media/Leisure
0 0 8 Coca-Cola US Food/Beverage

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CEOs – Companies that demonstrate the most integrity: 1-29

Rank Rank Rank Name Country Sector

2001 2002 2003
1 1 General Electric US Electrical/Electronics
2 2 Toyota Japan Engineering
3 3 Microsoft US IT
4 4 IBM US IT
20 5 Johnson & Johnson US Healthcare
21 6 Berkshire Hathaway US Financial
5 7 Wal-Mart US Retail
7 8 General Motors US Engineering
36 9 DuPont US Energy/Chemicals
14 10 Nestlé Switzerland Food/Beverages
6 11 Coca-Cola US Food/Beverages
29 12 Honda Japan Engineering
9 13 Procter & Gamble US Food/Beverages
23 14 Sony Japan Consumer Goods
18 15 Ford US Engineering
8 16 BMW Germany Engineering
17 17 Dell US IT
31 18 Hewlett-Packard US IT
24 19 BP UK Energy/Chemicals
30 20 Nokia Finland Electrical/Electronics
37 21 Deutsche Bank Germany Financial
19 22 DaimlerChrysler Germany Engineering
16 23 Volkswagen Germany Engineering Home
35 24 Ikea Sweden Retail
13 25 Royal Dutch/Shell Netherlands/UK Energy/Chemicals
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42 26 Disney US Media/Leisure
27 27 Siemens Germany Electrical/Electronics
11 28 Citigroup US Financial More
15 29 Exxon Mobil US Energy/Chemicals
CEOs – Companies that demonstrate the most integrity: 30-48

Rank Rank Name Country Sector

2002 2003
32 30 Intel US IT
12 31 Unilever Netherlands/UK Food/Beverages
22 32 HSBC UK/Hong Kong Financial
25= 33 The Body Shop UK Retail
10 34 PricewaterhouseCoopers US Financial
40 35 Bayer Germany Energy/Chemicals
25= 36 Porsche Germany Engineering
0 37 L’Oréal France Consumer Goods
0 38 Yuhan Corporation Korea Healthcare
0 39 Grupo Industrial Bimbo Mexico Food/Beverages
0 40 Tesco UK Retail
0 41 Greenpeace UK
0 42 Barilla Italy Consumer Goods
0 43 Pfizer US Healthcare
45= 44 Volvo Sweden Engineering
0 45 ING Direct Netherlands Financial
0 46 Televisa Mexico Media/Leisure
0 47 Philips Electronics Netherlands Electrical/Electronics
0 48 UBS Switzerland Financial

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NGOs – Companies that demonstrate the most integrity

Rank Rank Name Country Sector

2002 2003
0 1 C&A Belgium Retail
0 2 Microsoft US IT
0 3 IBM US IT
0 4 DaimlerChrysler Germany Engineering
0 5 Coca-Cola US Food/Beverages
0 6 General Electric US Electrical/Electronics
0 7 The Body Shop UK Retail

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CEOs – Companies that have the most effective corporate governance: 1-28

Rank Name Country Sector

2003
1 General Electric US Electrical/Electronics
2 IBM US IT
3 Toyota Japan Engineering
4 Microsoft US IT
5 Berkshire Hathaway US Financial
6 Sony Japan Consumer Goods
7 Wal-Mart US Retail
8 Ford US Engineering
9 General Motors US Engineering
10 Coca-Cola US Food/Beverages
11 BP UK Energy/Chemicals
12 Citigroup US Financial
13 Nestlé Switzerland Food/Beverages
14 BMW Germany Engineering
15 Intel US IT
16 DuPont US Energy/Chemicals
17 Exxon Mobil US Energy/Chemicals
18 Volkswagen Germany Engineering
19 3M US Consumer Goods
20 Cisco Systems US IT
21 Procter & Gamble US Food/Beverages
22 Hewlett-Packard US IT
23 Renault France Engineering Home
24 DaimlerChrysler Germany Engineering
25= Samsung Korea Consumer Goods
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25= Unilever Netherlands/UK Energy/Chemicals
27 Siemens Germany Electrical/Electronics
28 Dell USA IT More
CEOs – Companies that have the most effective corporate governance: 29-47

Rank Name Country Sector

2003
29 Royal Dutch/Shell Netherlands/UK Energy/Chemicals
30 L’Oréal France Consumer Goods
31 McDonald’s US Media/Leisure
32 Bayer Germany Energy/Chemicals
33 Deutsche Bank Germany Financial
34 Nokia Finland Electrical/Electronics
35 HSBC UK/Hong Kong Financial
36 Tesco UK Retail
37 Pirelli Italy Engineering
38 UBS Switzerland Financial
39 Ferrari Italy Engineering
40= Grupo Industrial Bimbo Mexico Food/Beverages
40= Marks & Spencer UK Retail
42= Royal Bank of Scotland UK Financial
42= Ikea Sweden Retail
44 Interbrew Belgium Food/Beverages
45 Gazprom Russia Energy/Chemicals
46 Novartis Switzerland Healthcare
47= Telefonos de Mexico (Telmex) Mexico Media/Leisure
47= Volvo Sweden Engineering

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NGOs – Companies that have the most effective corporate governance

Rank Name Country Sector

2003
1 Credit Suisse Switzerland Financial
2 Microsoft US IT
3 DaimlerChrysler Germany Engineering
4 BMW Germany Engineering
5 General Electric US Electrical/Electronics
6 IBM US IT

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