July 11, 2020

CSRWire.com The Corporate Social Responsibility Newswire

news by category

CSR News

The Principal Financial Group Recognized as One of ''World's Most Ethical Companies''

Submitted by: Principal Financial Group, Inc.

Categories: Ratings & Awards, Business Ethics

Posted: May 29, 2007 – 03:13 PM EST


Global financial services firm one of just 100 companies honored by Ethisphere Magazine

May 29 /CSRwire/ - DES MOINES, Iowa--(BUSINESS WIRE)--May 29, 2007--The Principal Financial Group(R) announces its position as one of the "World's Most Ethical Companies" by Ethisphere Magazine, a national publication dedicated to illuminating the important correlation between ethics and profit. The elite list of fewer than 100 companies was selected from several thousand organizations analyzed over a six-month period.

Companies included on the list are recognized for their strong leadership in ethics and compliance, advancement of industry discourse on social and ethical issues, and positive engagement in the communities in which they operate.

"The Principal is honored to be recognized in such a special and significant way. We attribute this achievement to our more than 15,000 employees world-wide and their dedication to living our company's core value of integrity," said J. Barry Griswell, chairman and chief executive officer of the Principal Financial Group. "Doing what we say we're going to do, operating in an ethical manner and doing our best to support the communities where our employees and customers live and work are top-of-mind for us. We're thrilled to be included on this prestigious list."

The process for selecting the list included reviewing companies' codes of ethics, litigation and regulatory infraction histories; evaluating investment in innovation and sustainable business practices; looking at companies' activities to improve corporate citizenship; studying nominations from senior executives, industry peers, suppliers and customers; and working with consumer action groups for feedback and rating.

"This was a rigorous process that identified a select group of companies that were unequalled in their industries for their commitment to ethical leadership and corporate social responsibility. These organizations go beyond making statements about doing business ethically; they translate those words into action," said Alex Brigham, executive editor of Ethisphere Magazine.

"Doing what's right for our employees, customers and shareholders is what drives our work at The Principal, with a strong foundation of giving back," noted Larry Zimpleman, president and chief operating officer of The Principal. "It's our honor to be recognized for doing the right thing, both for our business and for our communities."

Paying It Forward

In 2006, the Principal Financial Group Foundation, Inc. contributed more than $12.2 million to more than 800 community agencies through its grant program.

The company is also an avid supporter of United Way. The Principal received the United Way of America's Spirit of America award for corporate community involvement in 2006. For more than 50 years, The Principal has hosted an annual United Way campaign with its employees. During last year's campaign, 71 percent of employees nationwide made a pledge to United Way, raising $2.8 million. With the dollar-for-dollar match from the Principal Financial Group Foundation, Inc., more than $5.6 million will reach those in need in communities across the United States.

The Principal offers the unique employee benefit, Volunteer Time Off (VTO) to support and encourage employee volunteerism. Employees receive eight hours of VTO per calendar year to use at the not-for-profit organization of their choice. In 2006, employees logged more than 32,200 hours of VTO. Formed in 1972, The Principal Volunteer Network is the oldest corporate volunteer program in Iowa. This employee volunteer program facilitates thousands of hours of employee volunteerism each year, with much of that work done on employees' own time.

For more information about community giving by the Principal Financial Group, or the company's corporate governance, visit www.principal.com.

About the Principal Financial Group

The Principal Financial Group(R) (The Principal (R))(1) is a leader in offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement and investment services, life and health insurance, and banking through its diverse family of financial services companies and national network of financial professionals. A member of the Fortune 500, the Principal Financial Group has $270.1 billion in assets under management(2) and serves some 17.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.

About the Ethisphere Council

The Ethisphere Council was created in 2006 by Corpedia, a leader in risk assessment and eLearning for ethics and compliance, the Practising Law Institute, a non-profit organization committed to enhancing the professionalism of attorneys and others and LexisNexis, a leading provider of comprehensive information and business solutions; and Formed with support from such leading corporations as Deutsche Telekom, Time Warner, Dresser Industries, Avaya and Kraft, the council is dedicated to the research, creation, and sharing of best practices in ethics, compliance, and corporate governance among its membership companies. It also focuses on the development and advancement of its members through increased efficiency, innovation, tools, mentoring, advice, and unique career opportunities. More information on membership can be found at www.ethisphere.com.

(1) "The Principal Financial Group" and "The Principal" are registered service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

(2) As of March 31, 2007

Copyright Business Wire 2007

For more information, please contact:

Rhonda Clark-Leyda Principal Financial Group
Phone: 515-247-6634


Issuers of news releases and not csrwire are solely responsible for the accuracy of the content