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Covalence Ethical Ranking 3rd Quarter 2007

Geneva, Switzerland, October 27, 2007 --( Geneva-based Covalence is publishing today its quarterly ethical reputation ranking, giving the best ranked companies as well as those companies which have made the most progress in the third quarter of 2007. An overview of hot issues across sectors is also given.

The main results across sectors are:

> Unilever, Toyota and HSBC top Ethicalquote ranking

> Toyota, Coca-Cola and IBM register best progress during Q3 2007

> Wal-Mart, Coca-Cola and Toyota show best Reported Performance

Twenty multinational companies are analyzed in ten major sectors; the top ten performing companies are ranked in each category: Best EthicalQuote Score (positive minus negative news, cumulated from 1 January 2002 to 30 September 2007), Best Ethical Progress (positive minus negative news, cumulated from 1 July to 30 September 2007) and Best Reported Performance (positive news only, cumulated from 1 July to 30 September 2007).

Best EthicalQuote Score and Best EthicalQuote Progress are given by confronting positive and negative news. Best Reported Performance is calculated by quantifying positive news only – it shows how companies report on their ethical performance without considering criticisms and demands. Some companies being highly targeted by activists have a low EthicalQuote Score while at the same time ranking high in terms of Reported Performance. One can assume that “ethical demands” (negative news i.e. stakeholder issues, campaigns, expectations) stimulate “ethical offers” (positive news i.e. initiatives, reporting, communication by companies).

Contact Information
Antoine Mach
+41 22 800 08 55

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