Volvo Cars named as one of the world’s most ethical companies in 2019
Volvo Cars named as one of the world’s most ethical companies in 2019
Volvo Cars has been recognised by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, as a 2019 World’s Most Ethical Company®. This is the third consecutive year that Volvo Cars has received this recognition. 128 companies have been listed this year, with Volvo Cars being one of only four in the Automotive category.
Maria Hemberg, Senior Vice President Group Legal, General Counsel and Chair of Volvo Cars’ Sustainability Board, said: “Responsible business is a fundamental part of our culture and our way of doing business. That is why we actively promote this, both towards our employees and our partners. An ethical approach to business is not only the right thing to do, but it also makes business sense and helps us to attract and keep the best people to the company.”
Volvo Cars has established a Compliance & Ethics programme to support its commitment to responsible business, as well as to prevent and mitigate a wide range of legal and ethical risks. As part of this programme, the code of conduct "Our Code – How we Act" and the Code of Conduct for Business Partners, both based on international conventions and standards, set out the principles which employees and business partners are expected to abide to when working for or doing business with Volvo Cars.
Finally, in line with its commitment to fostering an ethical culture, Volvo Cars has developed a broad range of training on ethical business practices for all employees, as well as specific training for managers focusing on behaviour and role modelling.
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About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with the publication of Ethisphere Magazine. More information about Ethisphere can be found at: http://ethisphere.com.
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Volvo Car Group in 2018
For the 2018 financial year, Volvo Car Group recorded an operating profit of 14,185 MSEK (14,061 MSEK in 2017). Revenue over the period amounted to 252,653 MSEK (208,646 MSEK). For the full year 2018, global sales reached a record 642,253 (571,577) cars, an increase of 12.4 per cent versus 2017. The results underline the comprehensive transformation of Volvo Cars’ finances and operations in recent years, positioning the company for its next growth phase.
About Volvo Car Group
Volvo has been in operation since 1927. Today, Volvo Cars is one of the most well-known and respected car brands in the world, with sales of 642,253 cars in 2018 in about 100 countries. Volvo Cars has been under the ownership of the Zhejiang Geely Holding (Geely Holding) of China since 2010. It formed part of the Swedish Volvo Group until 1999, when the company was bought by Ford Motor Company of the US. In 2010, Volvo Cars was acquired by Geely Holding.
In 2018, Volvo Cars employed on average approximately 43,000 (39,500) full-time employees. Volvo Cars’ head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars’ head office for China is located in Shanghai. The company’s main car production plants are located in Gothenburg (Sweden), Ghent (Belgium), South Carolina (US), Chengdu and Daqing (China), while engines are manufactured in Skövde (Sweden) and Zhangjiakou (China), and body components in Olofström (Sweden).