Date: December 12, 2007
Corporate Responsibility Magazine (CRO) Ranks Eaton First In Industry Sector For Best Corporate Citizens
CLEVELAND … Diversified industrial manufacturer Eaton Corporation (NYSE:ETN) announced today that it is ranked first in its industry sector on Corporate Responsibility Officer (CRO) Magazine’s 10 Best Corporate Citizens List for 2007. Eaton received top honors among 54 companies in the Auto and Vehicles sector, which included aerospace, industrial and other transportation-related companies.
“Eaton is a values-based organization committed to doing business right,” said Alexander M. Cutler, Eaton chairman and chief executive officer. “We are honored to be recognized by CRO for our practices and programs. I want to recognize the global members of our team for their commitment and achievements.”
CRO contracted with IW Financial, a Portland, Maine-based research firm to analyze the citizenship efforts of large-cap, publicly traded companies in various sectors. CRO and IW Financial evaluated the most influential U.S. public companies, drawn predominantly from the Russell 1000 Index, and evaluated them in eight categories: environment, climate change, human rights, employee relations, corporate governance, lobbying, philanthropy and financial. The rankings were averaged to determine "CRO's 10 Best" companies for each industry.
"Using these eight categories of corporate citizenship allowed us to do a truly comparative rating of the whole company, finding the best overall package according to the criteria,” explained Mark Bateman, director of research, IW Financial.
"We saw this exercise as a valuable way to decipher companies' performance on things like governance and sustainability issues, especially when looking at how they did when measured against other companies in the marketplace,” said CRO Editor-In-Chief Dennis Schaal.
Headquartered in Cleveland, Eaton has major business group operations in the Detroit, Battle Creek/Kalamazoo, Pittsburgh, Raleigh, Los Angeles and Minneapolis areas.
Other companies recognized in the Auto and Vehicles sector were Deere & Company, ITT Corporation, Ford Motor Company, General Motors Corporation, Lockheed Martin Corporation, Raytheon Company, Johnson Controls, Inc., Cummins, Inc. and Caterpillar Inc.
In addition to being recognized by CRO Magazine, Eaton was named by Foreign Investment in China magazine last month as one of the multinational corporations most committed to corporate social responsibility in China. Co-launched by the magazine and China Charity Federation, the award is the first to rank multinationals in China using corporate social responsibility as its primary criterion.
As part of this recognition, Eaton was noted for its active role in protecting the environment through its efforts to create “green dynamics” for sustainable development.
The CRO is the only membership media platform for Corporate Responsibility practitioners and the professional service providers and nonprofit influencers who serve them. The CRO publishes the 20,000-subscriber CRO Magazine, TheCRO.com, and e-newsletters, and produces webinars, video events and four CRO Conferences. The CRO has more than 120 corporate members including Sara Lee, Amtrak, IBM, Citigroup, Chubb Insurance, Intel, Dell, Pepsi, Home Depot, Starbucks, Avon, Gap, State Street and Xerox; providers such as Deloitte, Baker & McKenzie, SAP, Hogan & Hartson, Grant Thornton, GolinHarris, Ketchum, Cone, LRN and Integrity Interactive; and nonprofits including Stanford University, Boston College, UCLA and Harvard. Corporate membership information can be found at www.theCRO.com.
IW Financial is a leading provider of objective research and technology solutions that help financial professionals evaluate the environmental, social and governance performance of companies. IW Financial's solutions help organizations identify risks, enhance productivity, provide higher levels of service, increase revenues and retain productive advisors. IW Financial's clients include investment firms, banks, endowments, religious organizations, universities and advisors. Portfolio managers, research analysts, marketing and customer service professionals, compliance professionals and investment committees at these organizations rely on IW Financial for in-depth and actionable information.
Eaton Corporation is a diversified industrial manufacturer with 2006 sales of $12.4 billion. Eaton is a global leader in electrical systems and components for power quality, distribution and control; fluid power systems and services for industrial, mobile and aircraft equipment; intelligent truck drivetrain systems for safety and fuel economy; and automotive engine air management systems, powertrain solutions and specialty controls for performance, fuel economy and safety. Eaton has 63,000 employees and sells products to customers in more than 140 countries.