most respected companies 2003

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The Worlds Most Respected Companies survey 2003:

Full Results

Welcome to this CD-ROM which contains the full results of the Financial Times/

PricewaterhouseCoopers Worlds Most Respected Companies survey.

This is the sixth such annual global survey of corporate reputation conducted jointly

by PwC and the FT.

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)

and media commentators.

The aim is to show which companies are truly setting the pace in building

reputational capital.

The categories on the left include an introductory article, which seeks to highlight some

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.

An analysis by

Kieran Poynter

Methodology

by Judith Nicholl and

Amanda Briars

Overall Results

Sector Results

Results within countries

Business Leaders

Shareholder Value

Corporate Social Responsibility

Integrity

Corporate Governance

More Print


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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, customerfocus 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 areworthy 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 Worlds Most Respected Companies

Surveyextends beyond CEOs to canvass the

views of fund managers, non-governmental

organisations (NGOs) and the media. The more

consistent a companys 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 thatcreate 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 mighteven have thought, irreconcilable interests and

expectations. The second is that the leaders in

reputation worldwide are increasingly following an

approach based on responsiveness and

engagement, on issues where the delivery of

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 companys 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 thanhearsay, 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 businesss 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

become a bureaucratic hindrance, but a way of enabling

better and more responsive decision-making.

As a professional services firm, my own organisation also

has an absolute need to get all this right and we would be

the first to admit that we still have much to learn. It was

pleasing to find ourselves recognised in the top 50 of this

years rankings. But as a new member of this particular

club, we know there is much more for us to do before wecan emulate the corporations that have established

themselves in the upper reaches.

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

good approach are a start. But the key is execution. And the

ability to keep on executing no matter what the economic

conditions or questions thrown at your business. These are

qualities that the consistent top performers in the Worlds

Most Respected Companies survey exhibit to the full.

Kieran Poynter is Chairman, PricewaterhouseCoopers LLP.

For more information, please visit www.valuereporting.com


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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 mostrespected 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 wasalso 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.

To again provide a contrast to CEO opinion

approximately 90 media commentators and

non-governmental organisations (NGO)

Methodology

By Judith Nicholl and Amanda Briars, Research & Information, PricewaterhouseCoopers


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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 respondents 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 Worlds

Most Respected Companies by Industry Sector and within individual Country, where a

minimum of three nominations was required.

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

Research & Information, PricewaterhouseCoopers

[email protected]

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.


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The Worlds 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 IT5 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 Nestl Switzerland Food/Beverages

11 17 10 11 7 12 General Motors US Engineering0 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 LOral 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

0 41= 27 37 35 25 Siemens Germany Electrical/Electronics

0 28 23= 21 20 26 BP UK Energy/Chemicals

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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1998 1999 2000 2001 2002 2003

17= 19 15 32 37 30 McDonalds US Media/Leisure

0 24 22 10 15 31 Citigroup US Financial0 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

0 32 30 45 49 53= SAP Germany IT

0 0 0 0 46 55 Bayer Germany Energy/Chemicals

0 0 0 55 39 56 Renault France Engineering

0 21= 58 0 0 57 Alcoa US Resources

0 0 0 0 71= 58 Total France Energy/Chemicals

0 0 18 48 71= 59 Nike US Consumer Goods


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1998 1999 2000 2001 2002 2003

0 0 41 58 51 60= Oracle US IT

0 0 0 0 47 60= Ferrari Italy Engineering0 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/Construction0 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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Transport Companies

Consumer Goods Companies

Electrical/Electronics Companies

Energy/Chemicals Companies

Engineering Companies

Financial Companies

Healthcare Companies

IT Companies

Food/Beverages Companies

Media/Leisure Companies

Property/Construction Companies

Recruitment Companies

Resources Companies

Retail Companies

Telecoms Companies

Utilities Companies

The Worlds Most Respected Companies by Sector

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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 LOral France0 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


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 Finland0 5 6 5 4 4 Philips Electronics Netherlands

0 0 0 0 3 5 Samsung Korea

0 0 0 0 9 6 Delphi US

0 0 0 0 0 7 Infineon Technologies Germany

0 0 0 7= 10 8 Motorola US

0 0 0 0 0 9 Kaba Group Germany


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Energy/Chemicals Companies


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


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 Italy0 0 0 0 0 25 POSCO Korea

0 0 0 0 0 26 Jacobs US

0 0 0 0 0 27 Alstom France

0 0 0 0 0 28 Nippon Steel Japan

0 0 0 0 0 29 Scania Sweden

0 0 0 0 0 30 Assa Abloy Sweden


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Financial Companies


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


1998 1999 2000 2001 2002 2003 Company Country

2 1= 4 4 7 1 Coca-Cola US

1 1= 2 1 4 2= Nestl 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

6= 7= 8= 11 12 7 Cargill US

0 3 8= 10 17 8 Heineken Netherlands

0 0 0 9 0 9 Ferrero Italy

0 0 0 0 0 10 Grupo Industrial Bimbo Mexico

0 0 0 0 13= 11 Cadbury Schweppes UK


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Healthcare Companies


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


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


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 McDonalds 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


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


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


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


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

0 0 0 0 6 6 Inditex (Zara) Spain

0 0 0 0 0 7 Gucci Italy

0 0 0 0 8= 8 Hennes and Mauritz (H&M) Sweden


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Telecoms Companies


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

Utilities Companies


1998 1999 2000 2001 2002 2003 Company Country

0 0 0 0 0 1 Electricit de France (EDF) France

0 0 0 0 1 2 RWE Germany

0 0 0 0 0 3 COPEL Brazil

Transport Companies


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


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The Worlds Most Respected Companies within countries

Austria

Australia

Belgium

Brazil

Canada

France

Germany

China

India

Italy

Japan

Korea

Mexico

Russia

Netherlands

Spain

Sweden

Switzerland

United Kingdom

United States

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Belgium

Rank Rank Name Sector

2002 2003

3 1 Interbrew Food/Beverages

1 2 Solvay Healthcare

0 3 Colruyt Retail

6= 4= Delhaize Retail

5 4= Jansens Pharmaceuticals Healthcare

9 6 Belgacom Telecoms

2 7= UCB Healthcare

0 7= KBC Bank Financial

6= 9= Bekhaert Engineering

6= 9= Fortis Financial

0 11 Telenet Telecoms

4 12= Omega Pharmaceuticals Healthcare

0 12= Van de Velde Consumer Goods

Brazil


2002 2003

2= 1 Votorantim Resources

1 2 Petrobras Energy/Chemicals

0 3 Banco Itau Financial

2= 4 Gerdau Resources

2= 5 Vale do rio doce Resources

5= 6 Embraer Engineering

0 7 Bradesco Financial

7= 8 Po de Accar Retail

0 9 Cemig Energy/Chemicals

Canada


2002 2003

2 1 Bombardier Engineering1 2 Royal Bank of Canada Financial

0 3 Magna International Engineering

0 4= Bank of Nova Scotia Financial

0 4= Dofasco Engineering

0 6= Nortel Networks Telecoms

0 6= Bell Canada Telecoms

0 8 Maple Leaf Foods Food/Beverages

China


2002 2003

1 1 Haier Group Consumer Goods

2 2 The Legend Group (Lenovo) IT

5 3 TCL Electrical/Electronics

0 4 Baosteel Group Engineering


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France


2002 2003

1 1 LOral Consumer Goods

3 2 Danone Food/Beverages

4 3 PSA Peugeot Citroen Engineering

2 4 Renault Engineering

9= 5 Total Energy/Chemicals

0 6 Airbus (Subsidiary of EADS) Engineering

12= 7= Michelin Engineering

9= 7= Air France Transport

9= 7= Carrefour Retail

0 10= Vinci Property/Construction

0 10= BNP Paribas Financial

0 12= Bouygues Property/Construction

6= 12= Auchan Retail

0 12= Lafarge Property/Construction

Germany


2002 2003

1 1 DaimlerChrysler Engineering

2 2 BMW Engineering

3 3 Porsche Engineering

5 4 Siemens Electrical/Electronics

6 5 Volkswagen Engineering

0 6 Puma Consumer Goods

4 7 SAP IT

0 8= Bayer Energy/Chemicals

0 8= Beiersdorf Healthcare

9= 10 Deutsche Bank Financial

India


2002 2003

2 1 Infosys Technologies IT

1 2 Reliance Industries Energy/Chemicals

9= 3= Tata Iron and Steel Engineering

3 3= Hindustan Lever

(Subsidiary of Unilever) Food/Beverage

4 3= Tata Eng and Locomotive Engineering

8 6 Ranbaxy Laboratories Healthcare


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Italy


2002 2003

3 1 Ferrari Engineering

2 2 Pirelli Telecom Italia TIM Telecom

10 3 Luxottica Consumer Goods

1 4 Barilla Food/Beverages

5 5 Ferrero Food/Beverages

6 6 Benetton Retail

8 7 Eni Energy/Chemicals

12 8 Armani Retail

0 9= Generali Financial

0 9= UniCredit Financial

0 11= Della Valle Financial

0 11= Merloni Consumer Goods

0 13 Enel Utilities

0 14 Agip Petroli (Subsidiary of Eni) Energy/Chemicals

Japan


2002 2003

1 1 Toyota Engineering

4= 2 Canon Consumer Goods

2 3 Sony Consumer Goods

0 4 Shin Etsu Engineering

4= 5= Kao Consumer Goods

0 5= Takeda Healthcare

0 7 Keyence Electrical/Electronics

3 8 Honda Engineering

Korea


2002 2003

1 1 Samsung Electrical/Electronics

2= 2 Pohang Iron and Steel Corp Engineering

4 3 Yuhan Corporation Healthcare

5= 4 Hyundai Motor Corp Engineering

5= 5= LG Consumer Goods

8 5= SK Corp & Steel Engineering

Mexico


2002 2003

1 1 Cemex Property/Construction

0 2 Telmex Telecoms

2 3 Grupo Industrial Bimbo Food/Beverage

5 4 Coca-Cola Femsa Food/Beverage

0 5 Televisa Media/Leisure

4 6 Grupo Modelo Food/Beverage

8 7= Vitro Engineering

0 7= Wal-Mart Retail

0 9 Carso Consumer goods

6 10= Alfa Engineering

0 10= GEO Grupo casas Property/Construction

0 12 Telcel Telecoms

7 13 Pemex Petroleos Mexicano Energy/Chemicals More

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Netherlands


2002 2003

2 1 Royal Dutch/Shell Energy/Chemicals

1 2 Unilever Food/Beverages

3 3 Philips Electronics Electrical/Electronics

6 4= KLM Royal Dutch Airlines Transport

5 4= Heineken Food/Beverages

0 6= ABN AMRO Financial

0 6= Akzo Nobel Financial

0 8= DSM Healthcare

0 8= ING Groep BV Financial

0 10 IBM (Global Services) IT

0 11= Rabobank Financial

0 11= KPN Telecoms

Russia


2002 2003

1 1 Gazprom Energy/Chemicals

2 2 EES Rossii (UESR) Utilities

3 3 LUKOIL Energy/Chemicals

5 4 Yukos Oil Energy/Chemicals

4 5 Baltika Food/Beverages

0 6 Tyumen Oil Company (TNK) Energy/Chemicals

0 7= Sberbank Financial

0 7= VimpelCom Telecoms


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Spain


2002 2003

2 1 El Corte Ingles Retail

1 2 Telefnica Telecoms

3 3 Inditex (Zara) Retail

5= 4 Repsol YPF Energy/Chemicals

4 5 Banco Santander Financial

12 6 Endesa Utilities

9= 7 ACS-Dragados Property/Construction

7 8 BBVA Financial

5 9 Iberia Air Transport

9= 10 Iberdrola Utilities

Switzerland


2002 2003

1 1 Nestl 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

Sweden


2002 2003

2 1 Ikea Retail

3 2 Hennes & Mauritz (H&M) Retail

1 3 Volvo Engineering

0 4= Vida Engineering

5= 4= Scania Engineering

9= 6 Tetra Pak Resources

9= 7 SCA Resources

7= 8= SKF Engineering

5= 8= AstraZeneca Healthcare

12= 10 Ericsson Electrical/Electronics

12= 11 ABB Engineering

12= 12 Electrolux Consumer Goods

9= 13= Svenska Handelsbanken Financial

0 13= ICA Handlarna Retail


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UK


2002 2003

2 1 Marks & Spencer Retail

3 2 Tesco Retail

1 3 British Petroleum Energy/Chemicals

4 4 Virgin Transport

0 5 Royal Bank of Scotland Financial

0 6= Barrett Construction Property/Construction

7 6= Rolls Royce Engineering

5 8= Royal Dutch/Shell Energy/Chemicals

0 8= easyJet Transport

0 10= HSBC Financial

0 10= ICI Energy/Chemicals

0 10= Eurotunnel Transport

0 13 GlaxoSmithKline Healthcare

6 14 British Airways Transport

US


2002 2003

2= 1 General Electric Electrical/Electronics

1 2 Microsoft IT

0 3 IBM IT

4 4 Wal-Mart Retail

0 5 Berkshire Hathaway Financial

2 6= General Motors Engineering

0 6= Dell IT

0 8 Honda Engineering

0 9= Pfizer Pharmaceuticals

0 9= Exxon Mobil Energy/Chemicals

0 11 Hewlett-Packard IT


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The Worlds 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 Hathaway1 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 Jrgen 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 LOral

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

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 Hel Telefonos de Mexico (Telmex)

0 0 0 0 11 27= Lee Scott Jnr Wal-Mart

0 0 0 27 28 27= Heinrich von Pierer Siemens

0 0 0 0 29 29 Douglas Daft Coca-Cola


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1998 1999 2000 2001 2002 2003

0 0 0 0 0 30 Terry Leahy Tesco

0 0 0 0 0 31 Alessandro Profumo UniCredit0 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 Pich Volkswagen

0 0 0 32 24= 40= Peter Brabeck-Letmathe Nestl0 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

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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1998 1999 2000 2001 2002 2003

0 0 0 0 0 55 Dietrich Mateschitz Red Bull

0 0 0 0 37 56 Ingvar Kamprad Ikea0 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 OLeary 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= Jrgen 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/Electronics14 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/Electronics13 7 13 Exxon Mobil US Energy/Chemicals

7 29= 14 Cisco Systems US IT

12 22 15 BP UK Energy/Chemicals

21 14= 16 LOral 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

0 18 24 Porsche Germany Engineering

22 33 25 HSBC UK/Hong Kong Financial

0 28 26 Hewlett-Packard US IT

0 38 27 DuPont US Energy/Chemicals

0 24 28= GlaxoSmithKline UK Healthcare

28 25 28= SAP Germany IT


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2001 2002 2003

0 34 30 Novartis Switzerland Healthcare

0 29= 31 Siemens Germany Electrical/Electronics38= 13 32= Pfizer US Healthcare

0 36= 32= Reliance Industries India Energy/Chemicals

29 19= 34 Nestl 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 McDonalds 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

CEOs Companies that create the most value for their shareholders: 30-51


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Fund Managers Companies that create the most value for their shareholders

1 2 1 General Electric US Electrical/Electronics

0 0 2 Berkshire Hathaway US Financial7 3 3 IBM US IT


0 0 5 Vodafone UK Telecoms

10 6 6 Nokia Finland Electrical/Electronics

0 0 7 Citigroup US Financial


15 5 9 Coca-Cola US Food/Beverages

0 0 10 British American Tobacco UK Consumer Goods


2001 2002 2003

CEOs Companies that best demonstrate their commitment


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2001 2002 2003


3 2 2 Toyota Japan Engineering6 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 Nestl Switzerland Food/Beverage

0 0 10 Berkshire Hathaway US Financial


2 3 12 Royal Dutch/Shell Netherlands/UK Energy/Chemicals12 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 McDonalds 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

23 20 24 3M US Consumer Goods

0 0 25 Bosch Germany Engineering

20 31= 26 Volkswagen Germany Engineering

11 19 27 The Body Shop UK Retail

0 14 28 Ikea Sweden Retail

29= 39 29 Unilever Netherlands/UK Food/Beverage

CEOs Companies that best demonstrate their commitmentto corporate social responsibility: 1-29

CEOs Companies that best demonstrate their commitment


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2001 2002 2003

0 34 30 BMW Germany Engineering

0 0 31 Danone France Food/Beverage0 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 Engineering0 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

0 0 53 Telefonos de Mexico (Telmex) Mexico Telecoms

0 0 54 Gazprom Russia Energy/Chemicals

CEOs Companies that best demonstrate their commitmentto corporate social responsibility: 30-54

NGOs Companies that best demonstrate their commitment


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0 6 2 IBM US IT0 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 McDonalds US Media/Leisure

0 0 8 Coca-Cola US Food/Beverage


2001 2002 2003

NGOs Companies that best demonstrate their commitmentto corporate social responsibility

CEOs Companies that demonstrate the most integrity: 1 29


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CEOs Companies that demonstrate the most integrity: 1-29

1 1 General Electric US Electrical/Electronics

2 2 Toyota Japan Engineering3 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 Nestl Switzerland Food/Beverages

6 11 Coca-Cola US Food/Beverages

29 12 Honda Japan Engineering9 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

35 24 Ikea Sweden Retail

13 25 Royal Dutch/Shell Netherlands/UK Energy/Chemicals

42 26 Disney US Media/Leisure

27 27 Siemens Germany Electrical/Electronics

11 28 Citigroup US Financial

15 29 Exxon Mobil US Energy/Chemicals


2001 2002 2003

CEOs Companies that demonstrate the most integrity: 30 48


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CEOs Companies that demonstrate the most integrity: 30-48

32 30 Intel US IT

12 31 Unilever Netherlands/UK Food/Beverages22 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 LOral 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 UK0 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

Rank Rank Name Country Sector

2002 2003

NGOs Companies that demonstrate the most integrity


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0 1 C&A Belgium Retail

0 2 Microsoft US IT0 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

Rank Rank Name Country Sector

2002 2003

NGOs Companies that demonstrate the most integrity

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


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1 General Electric US Electrical/Electronics

2 IBM US IT3 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 Nestl 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

24 DaimlerChrysler Germany Engineering

25= Samsung Korea Consumer Goods

25= Unilever Netherlands/UK Energy/Chemicals

27 Siemens Germany Electrical/Electronics

28 Dell USA IT

Rank Name Country Sector

2003

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



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29 Royal Dutch/Shell Netherlands/UK Energy/Chemicals

30 LOral France Consumer Goods

31 McDonalds 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/Beverages40= 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


2003


NGOs Companies that have the most effective corporate governance


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NGOs Companies that have the most effective corporate governance

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


2003


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