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For the fifth time running, the Ethisphere Institute has recognized RCL as one of the World’s Most Ethical Companies. And, as has happened before, it is the only cruise line in the Leisure & Recreation category to earn that honor.
“At Royal Caribbean ethical values have helped make us into who we are,” said Richard D. Fain, chairman and CEO, Royal Caribbean Cruises Ltd. “We value this honor and will work to demonstrate these core, ethical values day in and day out.”
Richard Fain, Chairman and CEO, Royal Caribbean Cruises Ltd.
The Ethisphere Institute describes itself as “the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust, and business success.”
To come up with the honorees for the award, applicants are assessed using Ethisphere’s Ethics Quotient framework for a quantitative way to rate a company’s performance in an objective, consistent and standardized manner.
Scores are generated in five key categories: ethics and compliance program (35 percent), corporate citizenship and responsibility (20 percent), culture of ethics (20 percent), governance (15 percent), and leadership, innovation and reputation (10 percent). All companies that participate in the process receive their scores, providing them with valuable insights into how they measure up against leading organizations.
“The award is the culmination of practices and values that guide us on our journey,” said
Karen Benson, RCL AVP and assistant chief compliance officer. “It’s about vigilance and making sure that we don’t become complacent and don’t have any blind spots when it comes to maintaining our standards.”
The award also brings tangible rewards. According to a study by Voya Financial, “ethics is a driver for consumers.” When asked which of three designations – World’s Most Ethical Companies, Fortune 500, and Fortune’s World’s Most Admired Companies – makes them most interested in doing business with a company, 52 percent of respondents chose the ethics message. Trailing at 27 percent was Fortune 500, with World’s Most Admired Companies at 21 percent.
Earning the ethics award again is “not about having a compliance department,” Benson said. “It’s about having true leaders in the organization that lead by example, and inspire employees at all levels, to live up to the values and standards that we hold so dear.
“If you can live by the mantras, ‘I’m going to be honest, I’m going to be fair, I’m going to live with integrity, I’m going to ensure I create trust,’ well, when you do run down the path of uncertainty, you can always fall back on those values. They may not always give us the answer, but they’re going to guide us where we need to go.”