Fortune’s 100 Best Companies to Work For
Ethics Statements: The Top Three
Fortune’s Number One: SAS
SAS moved up from number twenty on Fortune’s list last year to take the number one spot this
year. The company provides business analytic software and services and posted a 2009 revenue of over
$2 billion. According to Fortune, SAS has offers quite an array of benefits to its staff, including an onsite
child care and onsite fitness center, low cost health insurance, unlimited sick days, and even its own
medical center providing free care for employees. They have a nondiscrimination policy that includes
sexual orientation, and they provide domestic partner benefits for same-sex couples. They offer job
sharing, a compressed work week, and telecommuting work options. In return for this investment in the
lives of their employees, their turnover is the lowest in the industry at 2%.1
SAS has an explicit code of ethics applying to everyone in the company, with a goal of “honesty,
fairness and accountability in every decision and action.” There are specific procedures for handling
violations of this code. Below is a summary of the code.2
Responsibility: They hold employees responsible for immediately reporting violations to their
supervisors, and in return they promise no retaliation for good-faith reports. Included is an option
developed by their legal division for anonymous reporting, if an employee prefers such
anonymity.
Legality: They expect compliance with law, and they state that if local or foreign law differs from
company policy, the more restrictive policies should apply. They affirm compliance with (1)
anti-boycott laws concerning economic boycotts not condoned by the United States; (2) antitrust
and competition laws; and (3) export laws. They also affirm (4) refusal to condone or participate
in the corrupt practices of foreign governments according to the Foreign Corrupt Practices Act,
which forbids such practices; and (5) insider trading.
Dealings with those Outside the Company: SAS affirms that it will not (1) engage in corporate
espionage; (2) bribe commercial customers in order to retain their business; or (3) make false or
unfair claims about competitors or their own products.
Dealings within the Company: SAS states that employees should (1) refrain from conflicts of
interests and immediately disclose them if they arise; (2) protect and safeguard all proprietary
1
http://money.cnn.com/magazines/fortune/bestcompanies/2010/snapshots/1.html
2
The code can be found in its entirety at
http://www.sas.com/corporate/corpgovernance/sascodeofethics_2006.pdf.
information, with particular attention to source code (being a software company); (3) safeguard
spending authority and ensure authorization to sign a contract or commit to any spending before
any such commitment is made; and (4) change, add to, or subtract from any signed agreements
without authorization.
Responsibilities to Fellow Employees: SAS requires that all company members be treated with
respect. They have a diversity policy that specifies pregnancy and sexual orientation as well as
race, religion, national origin, gender, age, and physical disability. They expressly prohibit not
only sexual harassment but harassment based upon any of the aforementioned diversity
considerations. This prohibition against harassment includes “unlawful harassment in any form,
whether physical, verbal, or non-verbal.”
Enforcement: SAS has a General Counsel with primary responsibility for enforcing this code.
Fortune’s Number Two: Edward Jones
Notably for Fortune, although salaries were frozen, the investment company Edward Jones
managed to avoid closing any offices or laying off any employees during the current recession. Their
posted 2008 revenue is close to $4 billion. They have a turnover of 9%. Like SAS, their diversity policy
includes sexual orientation, and they provide domestic partner benefits to same-sex couples. They do not
provide the heath and child care benefits of SAS standards, but they do offer job sharing, a compressed
work week, and telecommuting work options.3
This company’s code of ethics is less detailed, primarily containing information on its dealings in
securities trading.4 Calling their traders “associates,” the company states the following.
Duties to Clients: Edward Jones affirms a fiduciary duty to each client for whom it conducts
business, with all associates expected to put their clients’ needs ahead of their own. They are
specifically expected to (1) avoid conflicts of interest, whether actual or only apparent or
potential; and (2) refrain from personal benefit in their dealings with clients.
Legality: The code states that all associates as required to comply with applicable laws.
Privacy: All associates are expected to be diligent in safeguarding clients’ information.
Accountability: (1) All associates are required to provide written affirmation that they have read
and understood the company’s policies, and this affirmation must be renewed annually. (2)
3
http://money.cnn.com/magazines/fortune/bestcompanies/2010/snapshots/2.html.
4
This code can be found here:
http://www.edwardjones.com/groups/ejw_content/@ejw/documents/web_content/web100511.pdf.
Associates are required to provide annual holdings reports and quarterly transaction reports to the
company’s Chief Compliance Officer. (3) Certain transactions (no further specification is given)
require “pre-clearance,” i.e. prior approval, from the Chief Compliance Officer.
Enforcement: The Chief Compliance Officer is required to review transactions and reports and
enforce the company’s ethics code. He or she is further required to conduct reviews or
investigations of any apparent violations and determine whether action should be taken.
Fortune’s Number Three: Wegmans Food Markets
Wegmans, in business for 94 years, has the amazing quality of never having had a layoff. Last
year they were number five on Fortune’s list, and they are a previous top spot winner, in 2005.
According to their press release, the company has been on the list for ten consecutive years.5 Over 10%
of the company’s work force has been there more than 15 years. Like the two companies above them on
Fortune’s list, their diversity policy includes sexual orientation, and they provide domestic partner
benefits to same-sex couples. Like both Edward Jones and SAS, the provide job sharing, a compressed
work week, and telecommuting work options. Their turnover is a mere 4%, and their 2008 revenue
amounts to 4.8 billion 6
In 2007, Wegmans was named one of the “World’s Most Ethical Companies” by Ethisphere
Magazine.7 While a specific code of ethics is in play, it is not available over the internet. However, the
company clearly has a serious ethical code.
Diversity: They have a strong commitment to diversity, as evidenced by their own
website. They say, “We view diversity as more than a moral obligation or business
necessity—it is a business opportunity.” They have numerous diversity awards to show
for this commitment.8
5
www.wegmans.com
6
http://money.cnn.com/magazines/fortune/bestcompanies/2010/snapshots/3.html.
7
www.wegmans.com; ethisphere.com
8
http://www.wegmans.com/webapp/wcs/stores/servlet/CategoryDisplay?storeId=10052&identifier=CATEGORY_13
61
Environmentalism: A clear commitment to the environment, including recycling and
sustainable resources, is evident. They campaign for responsible use of the environment
and even link to TakeMarlinOffTheMenu.org.9
Commitment to Consumers: They are concerned with food safety and take extra
precautions to ensure high quality. Claiming that “food safety is everyone’s business,”
they provide detailed information for consumers on their website.10
Community Involvement: They donate to community food banks and even spell out the
steps to request donations.11
9
http://www.wegmans.com/webapp/wcs/stores/servlet/CategoryDisplay?categoryId=281079&storeId=10052&cat
alogId=10002&langId=-1
10
http://www.wegmans.com/webapp/wcs/stores/servlet/CategoryDisplay?categoryId=280975&storeId=10052&cat
alogId=10002&langId=-1
11
http://www.wegmans.com/webapp/wcs/stores/servlet/CategoryDisplay?categoryId=256541&storeId=10052&cat
alogId=10002&langId=-1