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Fannie Mae Ranked Third on List of 100 Best Corporate Citizens

Fannie Mae Ranked Third on List of 100 Best Corporate Citizens

Published 04-03-01

Submitted by Fannie Mae

Fannie Mae was ranked third among the nation’s elite companies for its success in addressing the needs of various stakeholder groups, according to the annual ranking of the nation’s 100 Best Corporate Citizens released recently by Business Ethics magazine.

Other firms among the top five companies on the list included Procter & Gamble, Hewlett Packard, Motorola and IBM. Fannie Mae moved up from ninth place on last year’s Business Ethics list.

The magazine defines stakeholders as those who have a stake in the firm, either because they have risked their financial, social, human, and knowledge capital in the corporation, or because they are impacted by its activities. According to the study, among the benefits good corporate citizens enjoy are attracting the best employees, winning deep-seated customer loyalty, minimizing lawsuits, and possibly lowering the cost of capital.

"Being a responsible corporate citizen is one of Fannie Mae’s core commitments," said Dan Mudd, Fannie Mae’s Vice Chair and Chief Operating Officer. "By ensuring at all times that Fannie Mae has a positive impact on the lives of our employees, the communities in which we live, and the nation we serve, we are better able to meet our unique public mission to reduce barriers, lower costs, and increase the opportunities for homeownership and affordable rental housing for all Americans."

The full ranking appears in the March/April issue of Business Ethics magazine, which for 15 years has been the premier publication of the movement to bring greater social responsibility into business. The list also is available http://business-ethics.com.

The statistical analysis for the study was performed by Sandra Waddock and Samuel Graves of the Carroll School of Management at Boston College. For ratings of social performance, the study relied upon data provided by Kinder, Lydenberg, Domini & Co., of Cambridge, Massachusetts.

In keeping with the magazine’s definition that good corporate citizenship means serving a variety of stakeholders well, the magazine expanded the number of stakeholder groups included in its analysis from four to seven, including stockholders, customers, employees, the community, the environment, minorities, and non-U.S. stakeholders.

The study concluded that despite assertions from critics, Fannie Mae continues to excel at its mission of providing affordable homeownership, as well as provide a great environment for women and minorities.

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