Moral Rating Agency

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The Good, Bad and Ugly

Indelible Ledger of 5-dimension moral ratings of top global corporations’ response to the invasion of Ukraine 
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Hutch

Rated as its parent CK Hutchison Holdings
China

Associated brands: CK Hutchison Holdings, Kruidvat, Metro Broadcast Corporation, ParknShop, Savers, The Perfume Shop, Three, Wind Tre, ICI Paric XL, Mr. Juicy, Superdrug , Watsons, Watsons Water, Watsons's Wine

Laggard Faint-hearted without Attitude but with Power
i
25

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
8.6
Extreme Power
Potential economic impact
Post-invasion Events
4.0  Degree
What?
3.0  Speed
When?
0.0  Attitude
How?
A spokesperson of the subsidiary A.S. Watson told Nikkei Asia that the group "decided in end-January to cease trading in Russia, due to the unsatisfactory business performance." An A.S. Watson store official also said the group's Russian online shop would cease taking orders on 21 March, while physical stores would close by 30 June.
Date of Announcement: 16 March 2022
Our Moral Verdict
This is a strange story of a Retroactive – saying that you decided at a significantly earlier date to do what you are disclosing only now. This technique is usually deployed by companies embarrassed for having waited so long. In the case of this Chinese group, the Retroactive applies to a decision that is purported to have been made prior to the invasion, which is what makes it particularly interesting. Perhaps it was the only way for CK to do the right thing and not get into trouble with the Chinese government – a government eager to avoid siding with the West against Russia and notorious for dictating what its companies do. We suspect China has instructed state-controlled groups, and even others, not to make overt counter-reactions to the invasion. The solution may be to say you had already decided to do so before the invasion, allowing everyone to save face. In fact, how else could a company finesse such a conflict. There’s no surprise that CK passed no comment on the invasion. Of course, it is possible it did indeed decide months before and just forgot to mention what is quite a significant event. In our rating, we are giving CK credit from the date the action was disclosed since backdating the Speed Score seems a little too generous in the circumstances. If we were making a movie, this could inspire a great cloak-and-dagger plot – a climate of censorship or hardcore censorship mixed with corporate morality mixed with corporate self-preservation to deliver the moral outcome in an ingenious way, against the backdrop of repercussions from the command state. Back to reality and the rating: we calculated the company had an Exposure Score of 1 compared to a Power score of 8.6 (an irresistible 860% Return on Sacrifice). This comes from the Multiplier Effects of the sectors it is involved in, as well as the fact that any withdrawal from Russia by a Chinese company must send the alarm bells ringing in the Kremlin even louder than the church bells of St. Basil's Cathedral opposite. Indeed, the rarity of a Chinese company leaving Russia is extreme. A whisper in a silent room doesn't go unnoticed at the Moral Rating Agency, even if had been backdated to be quieter still. There is a lot of reading between the lines here, but we say well done CK in what is probably a minefield Western companies don't have to dance on.
Rating as of: 16 March 2022

Hycan

Rated as its parent Guangzhou Automobile Industry Group
China

Associated brands: Guangzhou Automobile Industry Group, GAC Mitsubishi , GAC-FCA (Jeep), GAC-Honda, GAC-Mitsubishi, Trumpchi

Shameless failing to use its Power without having to make a sacrifice
i
-13

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score;'failing to use its Power' for a 4 to 10 in Power Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
8.0
High Power
Potential economic impact
Post-invasion Events
0.0  Degree
What?
0.0  Speed
When?
0.0  Attitude
How?
On 28 February, Guangzhou Automobile's GAC Motor unit in Russia said that it will expand its dealership to sell the GAC cars to Tver, Yekaterinburg, Tyumen, Rostov on the Don River and Moscow. It added, "As the year goes on, GAC MOTOR branches will spread to locations deeper into Russia, creating more contact points with this crucial market and helping establish GAC MOTOR as a widely known and widely available brand in the country. GAC MOTOR looks forward to bringing more of the best of Chinese automobile technology to Russia, and using this as a blueprint for further expansion into urban centers around the world." It entered Russia in 2019.
Our Moral Verdict
Four days after the invasion of Ukraine, when most news was about companies quitting Russia, Guangzhou Automobile was going in the other direction. It's remarkable that the company's unit was proudly announcing its expansion. It is also completely out of keeping with Chinese companies, which have been keeping a low profile. We suspect the local team didn't communicate with head office about the announcement. In any case, it's a rare window on what is happening behind the scenes in a Chinese company after the invasion. Guangzhou Automobile is China's fourth largest car producer, and it needs to turn around. The other major Chinese automakers (SAIC, Dongfeng, FAW and Guangzhou Automobile Industry Group) have also continued working with Russia but they have said little to nothing about the war. Each wields psychological and strategic Power over Russia which can be realized with such an action, beyond its own small economic impact.
Rating as of: 28 February 2022

Hyundai Motor

Public
South Korea

Associated brands: Genesis

Sprinting Half-hearted Seriously-exposed with Power
i
72

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status
8.0
High Exposure
Potential sacrifice
5.0
Average Power
Potential economic impact
Post-invasion Events
6.0  Degree
What?
10.0  Speed
When?
1.0  Attitude
How?
Hyundai’s facilities in Russia produce over 200,000 cars per year and account for 6% of its revenues. Since the invasion these have been suspended due to ongoing "logistical issues", it said in a statement to Reuters. It added that it hopes the "situation" is resolved peacefully.
Date of Announcement: 1 March 2022
Our Moral Verdict
This is a company with a terrible level of Exposure to Russia. Leaving the country would hurt it more than Russia. The company's Announcement was very fast, particularly for these circumstances. That said, its behavior is a very mixed picture when we look below the surface. The reason given for closing production was due to supply chain issues which, in the absence of a strong statement about Russia's aggression, classifies it as a Coward in Attitude Score. It got some redeeming credit for making a small donation to Ukraine. There was a report that they might reopen production in St. Petersburg in April. Although the idea was canceled, it doesn't make the initial move look like a diplomatic way of saying goodbye to Russia, but rather a diplomatic way of saying to the West that it was not doing so. Hyundai's response sets it apart from the other Mothballers in the sector. The others are doing so without excuses, albeit they also probably have long-term hopes of restarting. Some like BMW and Volkswagen are directly admonishing Russia and, at least for now, none are doing such an outrageous thing talking about reopening.
Rating as of: 1 March 2022

i-STAT

Rated as its parent Abbott Laboratories
USA

Associated brands: Abbott Laboratories, Ele Care, Similac, Zone Perfect, Amplatzer Piccolo Occluder, Alinity, BinaxNOW, Cardiomems, Confirm Rx, Ensure, FreeStyle Libre, Gallant ICD, Glucerna , Heartmate, Juven, MitraClip, Pedialyte, PediaSure, Proclaim DRG

Laggard Faint-hearted Seriously-exposed with Power
i
17

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status
5.0
Average Exposure
Potential sacrifice
9.5
Extreme Power
Potential economic impact
Post-invasion Events
1.0  Degree
What?
4.0  Speed
When?
5.0  Attitude
How?

Abbott has three laboratories and manufacturing facilities in Russia. It also exports products to the country. On 4 March, the company said it "condemns the war and violence in Ukraine". At the same time, it said it would give financial support to Ukraine.

On 14 March, Abbott made the Announcement that they would be “suspending non-essential business activity in the country, including new investments, business developments and advertising”. They added that healthcare products are “generally exempt from sanctions for humanitarian reasons”.

Date of Announcement: 14 March 2022
Our Moral Verdict

It seems like Abbott and J&J have the same PR firm, or at least announced their very Partial withdrawals from Russia in the same way.

The model seems to work like this. Make an initial statement that reacts in shock to the invasion (both companies did so on 4 March). Say how terrible it is (both companies condemned the war in one way or another, getting Denouncer points from us). Make donations to Ukraine (which they both did). Then, think for a while about what they really should do. Abbott waited ten days versus J&J's three weeks. Otherwise, the actions were similar. Both continue to do business unless the products are deemed non-essential in some words by the company benefitting. Both are Confused Humanitarians. Both also said they would not make new investments, which we classify as Red Herrings because, in these times, it's hardly likely any Western company would pour money into Russia, and it has nothing to do with withdrawing from concrete business.

Like J&J, Abbott's initial generous donation, in the absence of any action, earned it a Do-gooder-do-badder classification. Its initial Denouncer words get the company a Big Talker classification for not putting its money where its mouth is. To make matters worse, when we consider what suspending "non-essential" products means in practice, it may be more of a non-event. The range – including nutritionals, vascular devices, diabetes car, vision care and pharmaceuticals – could all be argued to be essential depending on the definition used and its application. Indeed, we could not identify which of Abbott's products are still on the table. We also spotted no statement about how the non-essential cut would impact the company’s three factories in Russia or its approximately 3,500 Russian employees. Absent further explanation, the commitment to cease all advertising also looks weak since most sales may come from the salesforce and wholesale network. Weighing it all up, we are estimating the Degree of withdrawal at 1 point.

Back to the J&J comparison – Abbott got a slightly better moral rating because it moved faster. Although Abbott has higher Exposure to Russia, it also has more Power over Russia. The ratio of the two approximately equaled out, meaning both companies were looking at Return on Sacrifice opportunities of around 200%.

Rating as of: 14 March 2022

ICI Paric XL

Rated as its parent CK Hutchison Holdings
China

Associated brands: CK Hutchison Holdings, Hutch, Kruidvat, Metro Broadcast Corporation, ParknShop, Savers, The Perfume Shop, Three, Wind Tre, Mr. Juicy, Superdrug , Watsons, Watsons Water, Watsons's Wine

Laggard Faint-hearted without Attitude but with Power
i
25

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
8.6
Extreme Power
Potential economic impact
Post-invasion Events
4.0  Degree
What?
3.0  Speed
When?
0.0  Attitude
How?
A spokesperson of the subsidiary A.S. Watson told Nikkei Asia that the group "decided in end-January to cease trading in Russia, due to the unsatisfactory business performance." An A.S. Watson store official also said the group's Russian online shop would cease taking orders on 21 March, while physical stores would close by 30 June.
Date of Announcement: 16 March 2022
Our Moral Verdict
This is a strange story of a Retroactive – saying that you decided at a significantly earlier date to do what you are disclosing only now. This technique is usually deployed by companies embarrassed for having waited so long. In the case of this Chinese group, the Retroactive applies to a decision that is purported to have been made prior to the invasion, which is what makes it particularly interesting. Perhaps it was the only way for CK to do the right thing and not get into trouble with the Chinese government – a government eager to avoid siding with the West against Russia and notorious for dictating what its companies do. We suspect China has instructed state-controlled groups, and even others, not to make overt counter-reactions to the invasion. The solution may be to say you had already decided to do so before the invasion, allowing everyone to save face. In fact, how else could a company finesse such a conflict. There’s no surprise that CK passed no comment on the invasion. Of course, it is possible it did indeed decide months before and just forgot to mention what is quite a significant event. In our rating, we are giving CK credit from the date the action was disclosed since backdating the Speed Score seems a little too generous in the circumstances. If we were making a movie, this could inspire a great cloak-and-dagger plot – a climate of censorship or hardcore censorship mixed with corporate morality mixed with corporate self-preservation to deliver the moral outcome in an ingenious way, against the backdrop of repercussions from the command state. Back to reality and the rating: we calculated the company had an Exposure Score of 1 compared to a Power score of 8.6 (an irresistible 860% Return on Sacrifice). This comes from the Multiplier Effects of the sectors it is involved in, as well as the fact that any withdrawal from Russia by a Chinese company must send the alarm bells ringing in the Kremlin even louder than the church bells of St. Basil's Cathedral opposite. Indeed, the rarity of a Chinese company leaving Russia is extreme. A whisper in a silent room doesn't go unnoticed at the Moral Rating Agency, even if had been backdated to be quieter still. There is a lot of reading between the lines here, but we say well done CK in what is probably a minefield Western companies don't have to dance on.
Rating as of: 16 March 2022

IdeaPad

Rated as its parent Lenovo Group
China

Associated brands: Lenovo Group, BLADE Network Technologies, Medion, Motorola Mobility, Legion, ThinkPad, Yoga

Shameless failing to use its Power without having to make a sacrifice
i
0

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score;'failing to use its Power' for a 4 to 10 in Power Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
8.0
High Power
Potential economic impact
Post-invasion Events
2.0  Degree
What?
0.0  Speed
When?
0.0  Attitude
How?
There are conflicting media reports about whether Lenovo, which owns Motorola, is still operating in Russia. Belarusian media outlet Nexta tweeted that Lenovo “suspended shipments of products to Russia." On 6 May, the Wall Street Journal said the company had quietly left the Russian market.
Date of Announcement: 6 May 2022
Our Moral Verdict
This is the strange case of a Chinese company that has apparently made some effort to withdraw from Russia. Less strange, is that the company said very little. We don't give companies much credit for actions they are not disclosing themselves where we need to rely solely on indirect reports from the field or third parties (only 2 points in Degree are applicable). It is rated based on a Wall Street Journal report in May that the company had quietly withdrawn. As a result, it gets low Degree and Speed scores. Moreover, for remaining quiet and disclosing no donation to Ukraine, it gets 0 for Attitude. All of this produced a 0 moral rating. It has a lot of Power in Russia leading to an 800% Return on Sacrifice based on its de minimus Exposure. So, it is a pity the way the company decided to take action undermined its moral rating: it would have been nice to report that Lenovo was leading Chinese corporations in a moral direction in terms of transparency, speed and spirit. That said, it has a major Strategic Disturbance effect. When even Chinese companies start withdrawing, albeit discreetly, it can't go unnoticed by Putin.
Rating as of: 6 May 2022

IDIA Capital Investment

Rated as its parent Credit Agricole
France

Associated brands: Credit Agricole, Amundi, BforBank, LCL, SODICA Corporate Finance

Laggard Half-hearted with great Attitude
i
48

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
1.0
De minimus Power
Potential economic impact
Post-invasion Events
6.0  Degree
What?
3.0  Speed
When?
8.0  Attitude
How?
On 2 March, CA stopped "new" financing to Russian companies and "all commercial activity in Russia". On 22 March, it suspended all Russian operations. It expressed its solidarity since "the very first day of the war", which it dedicated to "the population of Ukraine", whom it called "victims of the war".
Date of Announcement: 22 March 2022
Our Moral Verdict

CA was unique in a depressing group of Western banks mostly doing the very minimum, some simply complying with sanctions or with amended sanctions enacted to close the very loopholes they were slipping through. Investment banks such as Goldman Sachs and JPMorgan made open-ended commitments with words like "winding down" or "no new business". By contrast, CA said it is actually suspending its business in Russia.

This may look like semantics, but the devil is in the detail with these statements and every word means a different thing: CA closed in Russia while others still operated with excuses or carve-outs.

Moreover, CA was the only Denouncer in the pack, slightly blemished in its enthusiasm by making a strange comment about being in solidarity since “the very first day of the war’, which makes us wonder why it didn’t say so at the time. That said, using words like “victims” won’t make it likely Putin is going to welcome CA back to Russia anytime soon, which is why our rating methodology gives points for words. By contrast, its US banking peers were either Cowards or Mealy-Mothers when it came to describing the elephant in the room. CA also made the best donation among the peer group relative to its profits. The combination of Denouncer statement and generous donation earned it the highest score possible for Attitude.

We are pleased with CA, but it has the chance to put even more distance between itself and the American banks – by finishing the job and getting out completely, while they are still trying to get to the first milestone of ceasing working with existing customers. CA should not, however, rest on its laurels of being the best of a bad lot.

Rating as of: 22 March 2022

Illumination Entertainment

Rated as its parent Comcast
USA

Associated brands: Comcast, AT&T Broadband, DreamWorks Animation, NBCUniversal, Sky, XUMO, Bravo, Chiller, CNBC, Daily Candy , Fandango, Focus Features, G4, iVillage, Msnbc, Sprout, Syfy

Boycotter without Attitude but with Power
i
65

'Boycotter' for a 9 to 10 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
10.0
Extreme Power
Potential economic impact
Post-invasion Events
8.7  Degree
What?
6.0  Speed
When?
0.0  Attitude
How?
According to Universal's company statement, Comcast-owned Universal Pictures, "paused planned theatrical releases in Russia." The next day, Russia lost its retransmission on the Sky platforms that are owned by Comcast, as reported by Broadband TV News. On March 8th, Universal Music Group, owned by Comcast, said via a company statement that it was "suspending all operations in Russia and closing [its] offices there." Comcast Business also said that it is "waiving charges for calls, data, and Global Travel Pass usage to and from Ukraine" for customers from 20 February to 31 May.
Date of Announcement: 1 March 2022
Our Moral Verdict
Comcast's Announcement was Full and almost Complete, which is why it didn't get a 10 in Degree. It was quite fast to make its move, but other peers got out first, resulting in 6 for Speed. The company fell behind on Attitude. We didn't spot a statement about the war, so we classed it as a Strong Silent Type. Nor did we monitor any donation to help Ukraine. All of these factors eroded its Moral Rating and brought it down to 65. Breaking with Russia was a good moral-commercial move to make. We calculated the Exposure across the different businesses at 1 compared to the 10 it had in Power. We give mass market entertainment channels and services credit for a high Multiplier Effect because of their Ostracizing impact on large numbers of people locally. The result is that Comcast was looking at a 10 to 1 Return on Sacrifice opportunity and it's no surprise that it made the decision to get out.
Rating as of: 8 March 2022

IMJ Corporation

Rated as its parent Accenture
Ireland

Associated brands: Accenture, Droga5, SinnerSchrader, Trivadis AG

Laggard Boycotter with great Attitude & Power
i
52

'Laggard' for a 0 to 5 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
9.3
Extreme Power
Potential economic impact
Post-invasion Events
10.0  Degree
What?
0.0  Speed
When?
6.5  Attitude
How?
Accenture provided consultancy services to Russian businesses. It released a statement saying it "stands with the people of Ukraine and the governments, companies and individuals around the world calling for the immediate end to the unlawful and horrific attack on the people of Ukraine and their freedom." At the time, it said it would discontinue all business in Russia. About a month later, the company said that it had "completed a transaction to transfer [its] business in Russia to several of its local leaders", claiming it was thereby "100% independent from Accenture".
Date of Announcement: 12 April 2022
Our Moral Verdict
This is a textbook case of a company withdrawing from Russia. Due to the complexity of doing so, there was a delay. Rather than scoring it as an incomplete Announcement when Accenture first stated its intentions to leave Russia on 4 March, which would have given it a low Degree Score but high Speed score, it is rated on the Full & Complete Announcement of 12 April with 10 points for Degree and a low Speed Score. The Announcement was after IBM's on the day of the invasion, meaning we gave Accenture a Chicken Penalty of minus two points, bringing its Speed down further. On the positive side of the equation, Accenture's statement against Russia made it a textbook Denouncer. Its Attitude Score was brought down by its small donation to Ukraine of about 0.1% of its profits. This is a classic example of a high Return on Sacrifice opportunity. Due to the huge Multiplier Effects that a business of this type can have on an economy, we calculate its Power was 10 times its Exposure. It would obviously have been even more damaging to Russia if the company had closed down the operation rather than sell or transfer it to the local team, but if the disconnection from the mother ship proves to be as complete and final as implied, and assuming this is not a holding pattern with a view to buying back the business in the future, it will have a real impact on Russia.
Rating as of: 11 May 2022

INA (Istituto Nazionale delle Assicurazioni)

Rated as its parent Assicurazioni Generali
Italy

Associated brands: Assicurazioni Generali, Alleanza Toro, Europ Assistance Group

Faint-hearted
i
29

'Faint-hearted' for a 1 to 4 Degree Score.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
1.0
De minimus Power
Potential economic impact
Post-invasion Events
0.4  Degree
What?
6.0  Speed
When?
5.0  Attitude
How?
The company made an Announcement that it will close its Moscow office, resign from positions held on the board of the Russian insurer Ingosstrakh, in which it holds a minority stake of 38.5%, and "wind down" Europ Assistance’s Russian business. It said it had been “closely monitoring” the situation since the start of the war in Ukraine.
Date of Announcement: 3 March 2022
Our Moral Verdict

This is like the fable of the tortoise and the hare. Generali, the hare, was fast to act but didn’t win the race. It leaped ahead of peer companies Axa and Zurich, a full two months before the latter, for which it got 6 points in Speed.

However, when we look at what Generali actually did, it was almost worthless: it resigned directorships instead of making any promise to sell its stake in Ingosstrakh and made the vague statement it would ‘wind down’ its Russian insurance business instead of committing to close and sell it. Therefore, it got only 0.4 for Degree.

The hare should wake up and get to the finish line in the style of Zurich, with a real commitment to sell out completely. It is not alone in being disappointing. Generali and Axa are competitors in the market, but they are also competitors in the ‘moral market’ to such an extent that it is difficult to separate one from the other. Both curtailed their directly owned business in Russia with carve-outs (making them Nibblers in our terminology). Both failed to make any move out of their investments in minority stakes in Russian businesses. And both resigned from the boards of those companies, as though that somehow makes it okay. Both can be admonished for the same deficiencies in a single breath.

Rating as of: 14 March 2022
1 … 32 33 34 35 36 … 72

OUR MORAL BADGES

Each of Moral Rating Agency’s Moral Badge is generated by combining words we select to describe bands within each of the five dimension scores to allow a reader to see the components of a company’s behavior in linguistic form. The bands relating to each word or words are shown in the definition of each Moral Badge below.

How do we classify a company or organization?

Moral Badges

Description

Companies & Brands

Count

Sprinting Boycotter with Power

'Sprinting' for a 9 to 10 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Acacia Communications, Inc., ACDELCO, Albuquerque Studios, Boss Flight Entertainment, BUICK, CADILLAC, CHEVROLET, Cisco Systems, Deutsche Telekom, Duo Security Inc., General Motors, GMC, GMFINANCIAL, Jasper Technologies, Meraki, Millarworld, Netflix, Night School Studio, ONSTAR., Scanline VFX, T-Mobile, Ultium, Vehicle Intelligence Platform

Count: 

23

Sprinting Boycotter

'Sprinting' for a 9 to 10 Speed Score; 'Boycotter' for a 9 to 10 Degree Score.

Companies/Brands:  British Gas, Centrica, Direct Energy, Dyno, Hive, Local Heroes

Count: 

6

Sprinting Near-Boycotter with great Attitude & Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  United Parcel Service, UPS Logistics

Count: 

2

Sprinting Near-Boycotter with Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  FedEx

Count: 

1

Sprinting Near-Boycotter without Attitude but with Power

'Sprinting' for a 9 to 10 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Blue Yonder, JVC, Kawakita Denki Kigyosha, National, Panasonic, Quasar, Sanyo Electric Co., Ltd., Technics

Count: 

8

Sprinting Half-hearted Seriously-exposed with great Attitude & Power

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  API Connect, Aspera, Atlas, Blueworks Live, CICS, Cloud Pak, Cloudant, Cognos Inc, International Business Machines, Red Hat Inc., SoftLayer Technologies Inc.

Count: 

11

Sprinting Half-hearted Seriously-exposed with Power

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Genesis, Hyundai Motor

Count: 

2

Sprinting Half-hearted

'Sprinting' for a 9 to 10 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score.

Companies/Brands:  HomeGoods, HomeSense, Marshalls, Sierra, TJX, TK Maxx, Winners

Count: 

7

Speedy Boycotter without Attitude

'Speedy' for a 7 to 8 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'without Attitude' for a 0 in Attitude Score.

Companies/Brands:  Arrezzio, Baker’s Source, Block&Barrel, Buckhead Pride, Butcher’s Block, Casa Solana, Citavo, Earth Plus, Fire River Farms, House Recipe, Jade Mountain, Newport Pride, Pica y Salpica, Portico Seafood, Sysco, Wholesome Farm

Count: 

16

Boycotter with great Attitude & Power

'Boycotter' for a 9 to 10 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Alphabet, Calico, DoubleClick, Fitbit, Google, Looker, Loon, Nest, Verily, Waymo LLC, Waze, Wing, YouTube

Count: 

13

Boycotter with Power

'Boycotter' for a 9 to 10 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Acura, Alphabet, ASIMO, BMW Group, Designworks., Honda Motor, John Cooper Works, MINI, Mobilityland, Montesa, Rolls-Royce Motor Cars

Count: 

11

Boycotter without Attitude but with Power

'Boycotter' for a 9 to 10 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  AT&T Broadband, Bravo, Chiller, CNBC, Comcast, Daily Candy, DreamWorks Animation, Fandango, Focus Features, G4, Illumination Entertainment, iVillage, Msnbc, NBCUniversal, Sky, Sprout, Syfy, XUMO

Count: 

18

Sprinting Faint-hearted Seriously-exposed with Power

'Sprinting' for a 9 to 10 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Bond Street, Chesterfield, Diem, Facebook, Instagram, IQOS, L&M, Mapillary, Marlboro, Messenger, Meta (formerly Facebook), Muratti, Oculus, Parliament, Philip Morris International, TotalEnergies, WhatsApp, Workplace

Count: 

18

Sprinting Faint-hearted with Power

'Sprinting' for a 9 to 10 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Freightliner, Fuso, Maybach, Mercedes-Benz (formerly Daimler), Setra, Smart, Sterling, Thomas Built Buses, Western Star

Count: 

9

Speedy Near-Boycotter Sacrificer with Power

'Speedy' for a 7 to 8 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'Sacrificer' for a 4 to 8 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  AdGear, Harman International Industries, Joyent, LoopPay , Novaled , Prismview, Proximal Data, Samsung, Simpress, SmartThings 

Count: 

10

Speedy Faint-hearted Seriously-exposed with great Attitude & Power

'Speedy' for a 7 to 8 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Amoco, Ampm, Aral, BP, Castrol, Wild Bean Café

Count: 

6

Speedy Faint-hearted with Power

'Speedy' for a 7 to 8 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Align, All Good, Always, Ambi Pur, Amerisource Bergen, Anderson Packaging, Inc., Ariel, ASD Specialty Healthcare, Inc., Aussie, Bold, Bonux, Bounce, Bounty, Braun, Cascade, Charlie Banana, Charmin, Cheer, Clearblue, Crest, Daz, Downy, Dreft, Fairy, Fairy Non Bio, Febreze, Fixodent, Flash, Gain, Gillette, Head & Shoulders, Herbal Essences, Ivory, joy+glee, Lenor, Luvs, Metamucil, Microban 24, Mif, Mr.Clean, My black is beautiful, Nasivin, Native, Neurobion, New Chapter dietary supplements, Olay, Old Spice, Oral-B, Pampers, Pantene, Pepto-Bismol, Procter & Gamble, Puffs, Rindex 3en1, Safeguard, Salvo, Sangobion, Scope, Seven Seas, SK-II, Snowberry, Swiffer, Tampax, The Art of Shaving, This is L., UltraDowny, Venus, Viakal, Vicks, Zevo, ZzzQuil

Count: 

71

Near-Boycotter with Power

'Near Boycotter' for a 7 to 8 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Deutsche Post DHL Group

Count: 

1

Faint-hearted Seriously-exposed without Attitude but with Power

'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Airbus, ATR (Airbus, Alenia Aeronautica, Leonardo), Daihatsu, Hino, Lexus, Ranz, Stelia Aerospace, Toyota Motor

Count: 

8

Faint-hearted with great Attitude & Power

'Faint-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Bing, Edge, LinkedIn, Microsoft, MSN, Office, Skype, Windows

Count: 

8

Laggard Boycotter with great Attitude & Power

'Laggard' for a 0 to 5 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Accenture, Droga5, IMJ Corporation, SinnerSchrader, Trivadis AG

Count: 

5

Laggard Boycotter with Power

'Laggard' for a 0 to 5 Speed Score; 'Boycotter' for a 9 to 10 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  alkove, Amazing Baby, Amazon, Amfit Nutrition, Arabella, Arthur Harvey, Basic Care, BELEI, Buttoned Down, Cable Stitch, Coastal Blue, Comfort Denim Outfitters, Daily Ritual, Ella Moon, Emma Riley, Eono, Fabric.com, Franklin Tailored, Goodthreads, Happy Belly, Haven Outerwear, House & Shields, Inkast Denim, Iris & Lily, James & Erin, Lark & Ro, Life Long, Mae, Mama Bear, Movian, Myx Store, NuPro, OWN PWR, Peak Performance Nutrition, Peak Velocity, Pinzon, Presto!, Ravenna Home, Revly, Scout & Ro, Simple Joys by Carter’s, Solimo, Spotted Zebra, Stone & Beam, Tiksounds, Umi, Vedaka, Wag, Wickedly Prime

Count: 

49

Laggard Near-Boycotter with Power

'Laggard' for a 0 to 5 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Glencore

Count: 

1

Laggard Near-Boycotter

'Laggard' for a 0 to 5 Speed Score; 'Near Boycotter' for a 7 to 8 Degree Score.

Companies/Brands:  Alenza, BANDAG, Blizzak, Bridgestone, DriveGuard, Dueler, FIRESTONE, FUZION, TIRES PLUS, Turanza, WHEEL WORKS

Count: 

11

Laggard Faint-hearted (Upgraded with 20 bonus points for exiting fully and completely)

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score.

Companies/Brands:  Enel

Count: 

1

Laggard Half-hearted Seriously-exposed with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  LG Electronics

Count: 

1

Laggard Half-hearted with great Attitude & Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Alimentation Couche-Tard, Circle K, Collins Aerospace, Ingo, Pratt & Whitney, Raytheon Technologies

Count: 

6

Laggard Half-hearted with great Attitude

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score.

Companies/Brands:  Amundi, BforBank, Credit Agricole, IDIA Capital Investment, LCL, SODICA Corporate Finance

Count: 

6

Laggard Half-hearted with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  U.S. Postal Service

Count: 

1

Laggard Half-hearted with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Chassis Brakes, Hikoki, Hitachi, Hüco, Keihin, Kit Plus, Maxell, Nisin, Paraut, Tokico, Tuflong

Count: 

11

Laggard Half-hearted without Attitude but with Power

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Elster Group, EMS Technologies, Inc., Honeywell International, Intelligrated, Intermec, King’s Safetywear, RAE Systems, Sperian Protection, Xtralis

Count: 

9

Speedy Faint-hearted without Attitude but with Power

'Speedy' for a 7 to 8 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Bank of China

Count: 

1

Faint-hearted

'Faint-hearted' for a 1 to 4 Degree Score.

Companies/Brands:  Alleanza Toro, Assicurazioni Generali, Europ Assistance Group, INA (Istituto Nazionale delle Assicurazioni)

Count: 

4

Laggard Half-hearted

'Laggard' for a 0 to 5 Speed Score; 'Half-hearted' for a 5 to 6 Degree Score.

Companies/Brands:  Cover-More, Farmers Insurance Group, Hambro Life Assurance Plc, Zurich Insurance Group

Count: 

4

Laggard Faint-hearted Seriously-exposed with great Attitude & Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'with great Attitude' for a 6 to 10 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  AcneFree, Ambi, Atelier Cologne, Biotherm, Botanicals Fresh Care, Cacharel, Carita, Carol’s Daughter, CeraVe, Cheryl’s Cosmeceuticals, Clarisonic, Créateurs de Beauté, Dark & Lovely, Decléor, Dermablend, Diesel, E.ON, essie, Garnier, Giorgio Armani Beauty, Helena Rubinstein, House 99, IT Cosmetics, Kéraskin Esthetics, Kérastase, Kiehl’s, L’Oréal, La Roche-Posay, Lancôme, Logocos, Magic Mask, Maison Margiela Fragrances, Matrix Essentials, Maybelline New York, Mixa, Mizani, Niely, NYX Professional Makeup, Paloma Picasso, PureOlogy Research, Ralph Lauren Fragrances, Redken 5th Avenue NYC, Roger & Gallet, Sanoflore, Shu Uemura, Skinceuticals, SoftSheen-Carson, Stylenanda, Urban Decay, Valentino Beauty, Vichy, Yue Sai, Yves Saint Laurent Beauty

Count: 

53

Laggard Faint-hearted Seriously-exposed with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score;'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  Abbott Laboratories, Alinity, Animax Broadcast Japan, AXN, BinaxNOW, Bravia, Cardiomems, Confirm Rx, Cyber-shot, Ele Care, Ensure, Fortum, FreeStyle Libre, Gallant ICD, Glucerna , Handycam, Heartmate, i-STAT, Juven, MADHOUSE, Madison Gate Records, Memory Stick, MitraClip, Pedialyte, PediaSure, Proclaim DRG, Similac, Sony, TriStar Pictures, Walkman, Zone Perfect

Count: 

31

Laggard Faint-hearted Seriously-exposed without Attitude but with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'Seriously exposed' for a 4 to 10 Exposure Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  HiSilicon, Huawei Investment & Holding, Proven Honour Capital Limited

Count: 

3

Laggard Faint-hearted with great Attitude

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with great Attitude' for a 6 to 10 in Attitude Score.

Companies/Brands:  Angel Risk Management Ltd, Axa, BROOKLYN, Dunlop , Srixon, Sumitomo, XL Insurance Company SE

Count: 

7

Laggard Faint-hearted

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score.

Companies/Brands:  Adfors, Allianz, Artex, Asturienne, Bank Handlowy, Bank One Corp, Bevego, BNP Paribas, Brasilit, British Gypsum, Brødrene Dahl, Cazenove Group, Celotex, Certainteed, Chatham Ventures, Inc., Chemical Equity Incorporated, Citigroup, CONSORSBANK, Creekstone Farms Premium Beef, Euler Hermes, Flexovit, Gavilon, Glassolutions, Gyproc, Helena Agri Enterprises LLC, InstaMed, Isover, Jewson, JP Morgan, Leca, Marubeni, Marubeni Information Systems, Metalmark Capital, Norton, Pasquill, PIMCO, Placo, Rencol, Rigips, SageGlass, Saint-Gobain, Scotframe, Sekurit, SmartestEnergy, The Bear Stearns Companies Inc., Tygon, Vetrotech, Washington Mutual Inc., Weber, WePay

Count: 

50

Laggard Faint-hearted without Attitude but with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'without Attitude' for a 0 in Attitude Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  CK Hutchison Holdings, Hutch, ICI Paric XL, Kruidvat, Metro Broadcast Corporation, Mr. Juicy, ParknShop, Savers, Superdrug, The Perfume Shop, Three, Watsons, Watsons Water, Watsons’s Wine, Wind Tre

Count: 

15

Laggard Faint-hearted with Power

'Laggard' for a 0 to 5 Speed Score; 'Faint-hearted' for a 1 to 4 Degree Score; 'with Power' for a 4 to 10 in Power Score.

Companies/Brands:  AutoCrew, Balay, Bosch Group, Coldex, Constructa, Dremel, Dynacord, Electro-Voice, ETAS, Gaggenau, HC Cargo, Home Connect, ITK Engineering, Junkers, Neff, Pitsos, Profilo, Robinair, Telex, Thermador, Worcester Bosch, Zexel

Count: 

22

Shameless failing to use its Power without having to make a sacrifice

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score;'failing to use its Power' for a 4 to 10 in Power Score.

Companies/Brands:  A Twosome Place, Agricultural Bank of China, Aviation Industry Corp. of China, Band LTE, Baojun, Bestune, BLADE Network Technologies, Century 21 Japan, Chateau de Viaud, ChemChina, China Communications Construction, China Construction Bank, China Construction Design International, China FAW Group, China Harbour Engineering, China Mobile Communications, China National Offshore Oil, China National Petroleum, China Overseas Land and Investment, China Railway Construction, China Railway Engineering Group, China Road and Bridge Corporation, China State Construction Engineering, China Tea, China Telecommunications, CITIC Group, CJ Corp., CMHK, CMLink, COFCO, Country Garden Holdings, DFI Retail Group, DOCOMO, Dongfeng Motor, Epic Games, FamilyMart, Foodville, Fortune, Foxmail, GAC-FCA (Jeep), GAC-Honda, GAC-Mitsubishi, GoTone, Greatwall, Grohmann Engineering GmbH, Guangzhou Automobile Industry Group, Haima, Hibar Systems Ltd., Hongqi, Hunting World, Hycan, IdeaPad, Industrial & Commercial Bank of China, Itochu, Jardine Matheson, JD.com, Jiefang, Jiugui, John Holland Group, Joy City, Joycome, Kong Yiji, Legion, Lenovo Group, LeSportsac, Machete, Mandarin Oriental Hotel Group, Maxus, Maxwell Technologies Inc., Medion, Mengniu Dairy, MG, Moment, Motorola Mobility, Nate, Nippon Telegraph and Telephone, NUGU, People’s Insurance Co. of China, Perbix Machine Co. Inc., PetroChina, Qidian, QQ, Qrobot, Roewe, SAIC Motor, Sinochem, SK Group, SolarCity Corp, Tencent Holdings, Tesla, ThinkPad, Tianyi, Timi Studio Group, Tokyo Electric Power, Trumpchi, United Object, VIPS (steakhouse), Wechat (Weixin), WeGame, WOMAI.COM, Xiamen ITG Holding Group, XMXYG, Yoga, Yuejin, Zong

Count: 

105

Shameless without having to make a sacrifice

'Shameless' for continued involvement with Russia;'without having to make a sacrifice' for a 3 to below Exposure Score.

Companies/Brands:  Ahumada, Akpa A.Ş., Arçelik, Ark İnşaat, Aygaz, Bank of America, Beko, Benavides, Birmot, Catlettsburg Refining, LLC, CNH Industrial, Defy Appliances (Pty) Ltd, Demir-Export, Divan Group, Duane Reade, Düzey, Elektra Bregenz, EXOR Group, Ferrari, Flavel, Grundig, Japan Post Holdings, Koç Holding, Lipetgaz, Marathon Petroleum, Merrill Lynch, Mogaz, No. 7, Opet, Otokar, PartnerRe, Pürsu, RMK Marine, S-Oil, SABIC , Saudi Aramco, Sendeo, Setair, Setur, Setur Duty Free, Setur Marinas, Setur Select, Seturbiz.com, Seturmice, Soltan and Botanics, Tanı, The Economist, The International Maritime Industries, THY Opet, Tofaş, Token Financial Technologies, Toll Group, Tüpraş, TürkTraktör, Walgreens Boots Alliance, Waltrust Properties, Inc., Yapı Kredi, Yasref

Count: 

58

Shameless failing to use its power

'Shameless' for continued involvement with Russia;'failing to use its Power' for a 4 to 10 in Power Score.

Companies/Brands:  Alibaba Group Holding, AliExpress, Ant Financial, Auctiva, Cainiao, DingTalk, Feizhu, Gaode Map, Koubei, Lazada, Sinopec Group, Taobao, Tmall, UC Browser, Xianyu, Zhima Credit

Count: 

16

Total:

719

Total: 719

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