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Ethics Pay Off for Latin Blue Chips
Management & Excellence, June 2004
The study entitled 'Ethics Pay Off for Latin Blue Chips' is the first of its kind. It studies and rates the ethical policies and track records of the ten Latin companies most widely held in mutual funds with Latin American holdings.
By 'Ethics' we mean good, responsible, transparent and low-risk management policies which generate tangible results and are convincingly documented.
Spot risks and opportunities in the management quality of Latin America's largest and most widely traded companies.
What effect would a management change have on Cemex' performance? How does Unibanco use environmental policies? How has Ambev strengthened its position in Brazil using a massive recycling program? What are the risks of poor policies towards subsidiaries? Why are more nationally oriented companies such as Femsa, America Movil and Telemar likely to be riskier investments than international pros such as Cemex and BBVA Bancomer?
Best Performers:
The best overall performers are Bancomer, Embraer, Rio Doce, Ambev and Cemex, although no company achieved 80% (solid 'A')—a grade which top performers in the USA and Western Europe have been able to reach.
Latin companies are better at ethical management than is commonly thought however Latin companies are poorest in communicating their good policies and successes.
Each company is analysed according to over 250 criteria of opportunity and risk
Assessing ethics and management performance can easily become subjective and arbitrary. Therefore, we developed a method achieving a unique level of objectivity by using the following approaches:
We look at areas that contribute to the bottom line or help insure a sustainable development of the company, such as litigation records, staff training programs, strategic community contributions, plant modernizations, image-building measures, policies towards suppliers, customer service processes, etc.
Our analyses are more detailed and broader than is common. We give you the entire picture of opportunities and risks related to a company's management and strategic ethics situation.
Our method factors in a company's financial performance into any ethics rating.
Our ratings project future performance of between 6 months (in this study) and up to three years.
The first rating letter reflects the past 5 year's performance to present, the second letter projects the next six months, and the third letter predicts the next three years.
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