Moral Rating Agency

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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Ambi Pur

Rated as its parent Procter & Gamble
USA

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

Speedy Faint-hearted with Power
i
37

'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.

Pre-invasion Status
2.0
Low Exposure
Potential sacrifice
8.5
Extreme Power
Potential economic impact
Post-invasion Events
2.5  Degree
What?
7.0  Speed
When?
2.5  Attitude
How?

The company discontinued "new capital investments" in Russia, and suspended media, advertising, and promotion. It reduced its Russian activities "significantly" to "focus" on providing "basic health, hygiene and personal care items" needed by Russians who "depend on them", as per its 7 March Announcement.

The company condemned aggression "in any circumstance" and said its hearts go out to "all people who endure the unspeakable toll of war". It said it would support its employees in Russia.

Date of Announcement: 7 March 2022
Our Moral Verdict
P&G got almost everything wrong except the timing. It beat Unilever and L’Oréal by 24 hours, for which it got a Leader of the Pack bonus. After that, everything went downhill. Its move was Partial & Incomplete. Partial because it excluded health-related products, as a Confused Humanitarian does, and Incomplete by continuing to support employees, as a Nibbler does. Although it used the word "focus" to describe the continuing products, we don't know if it is focused on the majority of what it had. On top of that, after a Red Herring statement about not making future investments, it had poor Attitude, with a Mealy-Mouther statement that didn't clearly take sides. To make matters worse, it would be a small Sacrifice even if the company withdrew from every product because we estimate Russia at less than 1% of profits. To make matters worse still, this small Exposure compares to a Power Score of 8.5 since P&G employs about 5,000 people in Russia and could have had an Ostracizing effect by pulling so many consumer brands from the shelves. This meant P&G was looking at an 850% Return on Sacrifice. It's a pity it made only a slice of this commercial-moral investment. It needs to cut the rest and sell the factories.
Rating as of: 7 March 2022

Amerisource Bergen

Public
USA

Associated brands: Anderson Packaging, Inc., ASD Specialty Healthcare, Inc.

Speedy Faint-hearted with Power
i
42

'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.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
7.0
High Power
Potential economic impact
Post-invasion Events
2.5  Degree
What?
8.0  Speed
When?
2.5  Attitude
How?
It operates numerous services to support the life sciences sector in Russia, from pharmaceutical sales, distribution, storage, consulting and running clinical trials in the country. Its Announcement stated it would "cease any new business initiatives in Russia", but that it would be "continuing distribution of pharmaceutical products" where it will provide "limited" logistical support. It will continue with its 60 clinical trials in Russia. It believes not following this policy would likely "amount to punitive action against the most vulnerable". It said, "hopes are that there will be a speedy resolution to the conflict with minimal loss of life", and as of 9 March, committed more than $600,000 through grant donations.
Date of Announcement: 9 March 2022
Our Moral Verdict

It is difficult to assess how much AmerisourceBergen has really pulled out of Russia. Most of its vast range of Activities have been included in the decision for some action, but they have made many exceptions. The big picture impression is the company is trying to draw a line under existing business (such as distributing pharmaceuticals, and ongoing clinical trials in the country). The company doesn't seem to be taking on new clients and or any new projects for existing clients (with the exception of pharmaceuticals distribution on which the wording keeps that option open). Therefore, we consider the Announcement Full in Breadth of Activities and very Incomplete and vague in Depth, assessing the withdrawal at 25%, or 2.5 points for Degree. Unsurprisingly, like many in the pharma sector, the company justified its ongoing business like a Confused Humanitarian. We support exceptions for life-saving drugs subject to them not being available as generics or equivalent from local producers, and for clinical trials of life-saving drugs, but not in a blanket way as is used by many companies in the sector to cover pharma and anything related to health, nutrition and even food.

AmerisourceBergen gets credit for its fast action, but gets a weak Attitude score because its statement about the war was a Mealy-Mouther and its donation was a tiny portion of its profits. Companies in this sector undoubtedly have difficult choices to make, but we expect each to make a clear statement that it withdraws from all Activities as a default position and then disclose and justify any exceptions in a specific way. Being a business with a humanitarian angle isn’t a carte blanche for doing whatever you want.

Rating as of: 9 March 2022

Amfit Nutrition

Rated as its parent Amazon
USA

Associated brands: Amazon, Mae, Mama Bear, Pinzon, Presto!, Solimo, Wag, Wickedly Prime, alkove, Amazing Baby, 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, Movian, Myx Store, NuPro, OWN PWR, Peak Performance Nutrition, Peak Velocity, Ravenna Home, Revly, Scout & Ro, Simple Joys by Carter's, Spotted Zebra, Stone & Beam, Tiksounds, Umi, Vedaca, Vedaka

Laggard Boycotter with Power
i
62

'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.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
10.0
Extreme Power
Potential economic impact
Post-invasion Events
10.0  Degree
What?
3.0  Speed
When?
2.5  Attitude
How?
It has "suspended" shipment of retail products to customers based in Russia and Belarus and will "no longer be accepting new Russia and Belarus-based AWS sign-ups and Amazon third-party sellers." The statement also reported "suspending access to Prime Video for customers based in Russia", and said it had stopped taking orders for New World, its only video game directly sold in Russia. As for the reason, it said, "We have a long-standing policy of not doing business with the Russian government" and it expressed "horror and concern" about the situation.
Date of Announcement: 8 March 2022
Our Moral Verdict

This is a company that has prided itself on not getting its hands dirty with Russia, specifically citing its long-standing policy of working with the Russian market from the outside. Given this pre-invasion distancing policy, it is surprising it took the company so long to make its move. Peers in online businesses moved earlier (Meta on 25 February and Alphabet on 4 March). For this delay, Amazon's Speed Score suffered a Chicken Penalty of 2. It also suffered a Pressure Penalty of 2 for moving after it received a letter from the Ukrainian government asking it to cut off the AWS Cloud Services in Russia. Also, the wording of Amazon's statement (referring to historical policies and not ascribing its "horror" to the perpetrator) puts it in the Mealy-Mouther category. If it has never wanted to associate with the Russian government, why can't it admonish the invasion properly?

Meanwhile, it made a big deal of the contributions to Ukraine, but as a percentage of its profits these are de minimis. For all these reasons, this without-excuse company could have got a rating of 100 instead of 62. What's really important, however, is that Amazon did the right thing and delivered impact. Our calculations show an Exposure level of only 1, partly on account of the sheer size of Amazon, in contrast to a Power level of 10. This meant the company was looking at a morally/commercially irresistible Return on Sacrifice opportunity of 1,000%. Amazon made the right decision even if it was a no-brainer.

Rating as of: 29 April 2022

Amoco

Rated as its parent BP
Britain

Associated brands: BP, Ampm, Aral, Castrol, Wild Bean Café

Speedy Faint-hearted Seriously-exposed with great Attitude & Power
i
57

'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.

Pre-invasion Status
10.0
Extreme Exposure
Potential sacrifice
5.0
Average Power
Potential economic impact
Post-invasion Events
4.0  Degree
What?
7.0  Speed
When?
10.0  Attitude
How?
The company stated it recognizes "Russia's attack on Ukraine" as "an act of aggression", and concluded that its "involvement with Rosneft, a state-owned enterprise... cannot continue". It "will exit" its shareholding in Rosneft where it has held a 19.75% since 2013. The statement said that both BP-nominated directors resigned from the Rosneft board. Changes to its accounting treatment of Rosneft mean that the British gas giant will "no longer recognize a share in Rosneft’s net income, production and reserves".
Date of Announcement: 27 February 2022
Our Moral Verdict
BP is a mixed picture. It moved lightning fast and might have had a statement ready in advance of the invasion, beating its peers to the punch and setting off a Domino Exit within the sector: Shell and Equinor the next day, and Exxon Mobil, Chevron, and ENI a day after that, followed by many others in the industry. Moreover, BP made a picture-perfect leadership statement and its donations to Ukraine were generous, fast, detailed and involved its own employees in the field. On top of that, its Exposure is immense. 5% of profitability or cash flow is one of the highest we have monitored. So far, so good. However, its rating was harmed by absence of real actions: the assets must be disposed of. Not many people want to buy Russian assets and their value is huge, making it harder to find someone with deep enough pockets. We rate Announcements of unsold assets without a concrete timeframe with a Degree Score of 4 because, unless the sale of the asset actually happens, there is zero economic impact on Russia and it remains an empty promise. Companies may be unable to find a buyer or find offers insultingly low. Indeed, it's an interesting moral question how many low offers a company should be allowed to reject before accepting what may actually be today’s full market price for Russian assets. In fact, we predict that many promised sales of foreign-owned Russian assets will never be realized because local offers for them will be rejected and the process may run on long enough till the seller can justify canceling it. BP reporting it will not recognize the Rosneft assets and profits in its accounts does not mean that BP won't recognize them in the future if the shares can't be sold and BP can then justify patching things up with Russia. The company has been rated under the rules of Full but Incomplete, but this is one to watch for an Upgrade if BP indeed completes the sale or for a U-Turn if our fears come to pass. BP, currently you are classed as an Asset Sloth with 57 points. Make sure you offload your Russian assets without delay and don't be tempted to sell them to another foreign company which would simply fill your shoes with another foreign investor in Russia, as Shell is reported to be trying to do with Chinese buyers. If you do, we will classify it as a Circular Exit.
Rating as of: 12 April 2022

Ampm

Rated as its parent BP
Britain

Associated brands: BP, Amoco, Aral, Castrol, Wild Bean Café

Speedy Faint-hearted Seriously-exposed with great Attitude & Power
i
57

'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.

Pre-invasion Status
10.0
Extreme Exposure
Potential sacrifice
5.0
Average Power
Potential economic impact
Post-invasion Events
4.0  Degree
What?
7.0  Speed
When?
10.0  Attitude
How?
The company stated it recognizes "Russia's attack on Ukraine" as "an act of aggression", and concluded that its "involvement with Rosneft, a state-owned enterprise... cannot continue". It "will exit" its shareholding in Rosneft where it has held a 19.75% since 2013. The statement said that both BP-nominated directors resigned from the Rosneft board. Changes to its accounting treatment of Rosneft mean that the British gas giant will "no longer recognize a share in Rosneft’s net income, production and reserves".
Date of Announcement: 27 February 2022
Our Moral Verdict
BP is a mixed picture. It moved lightning fast and might have had a statement ready in advance of the invasion, beating its peers to the punch and setting off a Domino Exit within the sector: Shell and Equinor the next day, and Exxon Mobil, Chevron, and ENI a day after that, followed by many others in the industry. Moreover, BP made a picture-perfect leadership statement and its donations to Ukraine were generous, fast, detailed and involved its own employees in the field. On top of that, its Exposure is immense. 5% of profitability or cash flow is one of the highest we have monitored. So far, so good. However, its rating was harmed by absence of real actions: the assets must be disposed of. Not many people want to buy Russian assets and their value is huge, making it harder to find someone with deep enough pockets. We rate Announcements of unsold assets without a concrete timeframe with a Degree Score of 4 because, unless the sale of the asset actually happens, there is zero economic impact on Russia and it remains an empty promise. Companies may be unable to find a buyer or find offers insultingly low. Indeed, it's an interesting moral question how many low offers a company should be allowed to reject before accepting what may actually be today’s full market price for Russian assets. In fact, we predict that many promised sales of foreign-owned Russian assets will never be realized because local offers for them will be rejected and the process may run on long enough till the seller can justify canceling it. BP reporting it will not recognize the Rosneft assets and profits in its accounts does not mean that BP won't recognize them in the future if the shares can't be sold and BP can then justify patching things up with Russia. The company has been rated under the rules of Full but Incomplete, but this is one to watch for an Upgrade if BP indeed completes the sale or for a U-Turn if our fears come to pass. BP, currently you are classed as an Asset Sloth with 57 points. Make sure you offload your Russian assets without delay and don't be tempted to sell them to another foreign company which would simply fill your shoes with another foreign investor in Russia, as Shell is reported to be trying to do with Chinese buyers. If you do, we will classify it as a Circular Exit.
Rating as of: 12 April 2022

Amundi

Rated as its parent Credit Agricole
France

Associated brands: Credit Agricole, BforBank, IDIA Capital Investment, 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

Anderson Packaging, Inc.

Rated as its parent Amerisource Bergen
USA

Associated brands: Amerisource Bergen, ASD Specialty Healthcare, Inc.

Speedy Faint-hearted with Power
i
42

'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.

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
7.0
High Power
Potential economic impact
Post-invasion Events
2.5  Degree
What?
8.0  Speed
When?
2.5  Attitude
How?
It operates numerous services to support the life sciences sector in Russia, from pharmaceutical sales, distribution, storage, consulting and running clinical trials in the country. Its Announcement stated it would "cease any new business initiatives in Russia", but that it would be "continuing distribution of pharmaceutical products" where it will provide "limited" logistical support. It will continue with its 60 clinical trials in Russia. It believes not following this policy would likely "amount to punitive action against the most vulnerable". It said, "hopes are that there will be a speedy resolution to the conflict with minimal loss of life", and as of 9 March, committed more than $600,000 through grant donations.
Date of Announcement: 9 March 2022
Our Moral Verdict

It is difficult to assess how much AmerisourceBergen has really pulled out of Russia. Most of its vast range of Activities have been included in the decision for some action, but they have made many exceptions. The big picture impression is the company is trying to draw a line under existing business (such as distributing pharmaceuticals, and ongoing clinical trials in the country). The company doesn't seem to be taking on new clients and or any new projects for existing clients (with the exception of pharmaceuticals distribution on which the wording keeps that option open). Therefore, we consider the Announcement Full in Breadth of Activities and very Incomplete and vague in Depth, assessing the withdrawal at 25%, or 2.5 points for Degree. Unsurprisingly, like many in the pharma sector, the company justified its ongoing business like a Confused Humanitarian. We support exceptions for life-saving drugs subject to them not being available as generics or equivalent from local producers, and for clinical trials of life-saving drugs, but not in a blanket way as is used by many companies in the sector to cover pharma and anything related to health, nutrition and even food.

AmerisourceBergen gets credit for its fast action, but gets a weak Attitude score because its statement about the war was a Mealy-Mouther and its donation was a tiny portion of its profits. Companies in this sector undoubtedly have difficult choices to make, but we expect each to make a clear statement that it withdraws from all Activities as a default position and then disclose and justify any exceptions in a specific way. Being a business with a humanitarian angle isn’t a carte blanche for doing whatever you want.

Rating as of: 9 March 2022

Angel Risk Management Ltd

Rated as its parent Axa
France

Associated brands: Axa, BROOKLYN, XL Insurance Company SE

Laggard Faint-hearted with great Attitude
i
6

'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.

Pre-invasion Status
1.8
Low Exposure
Potential sacrifice
1.0
De minimus Power
Potential economic impact
Post-invasion Events
0.7  Degree
What?
0.0  Speed
When?
7.0  Attitude
How?

AXA's Announcement showed it had stopped underwriting new insurance business and renewals for its Russian clients’ assets located in Russia. It also stopped new reinsurance, including renewals, as well as investments in Russian assets.

Regarding its 38% stake in Russian insurance company Reso Garantia, Axa stated it has "no operational or management control” and has decided to remove its directors from the board. The company stated it “condemns the invasion of Ukraine”.

Date of Announcement: 25 March 2022
Our Moral Verdict

Some companies take a long time to make a move but have a lot to offer when they do. Other companies are swift but do very little. Then, we have Axa, which did almost nothing slowly. Axa’s Announcement came after peers such as Generali, earning it a Chicken Penalty, and after public criticism, earning it a Pressure Penalty.

Axa's Degree score of 0.7 is about as low as you can get without doing nothing. We don’t give much credit for stopping new business, plus it did not take any action on its investment in Reso Garantia, apart from removing directors. Leaving the board may send a signal but it does nothing to damage the Russian economy. Axa should look to peer company Zurich, which is divesting totally from Russia. As for its promise to stop investments in Russian assets, how many companies with the understanding of risk that the insurance industry has would do such a thing in the current climate? We therefore class this statement as a Red Herring.

The irony of waiting so long to do so little is compounded by then making such a strong statement against Russia. For that, we define Axa as a Big Talker.

Axa and Generali 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: 20 May 2022

Animax Broadcast Japan

Rated as its parent Sony
Japan

Associated brands: Sony, AXN, MADHOUSE, Madison Gate Records, TriStar Pictures, Bravia, Cyber-shot, Handycam, IC Recorder, Memory Stick, Walkman

Laggard Faint-hearted Seriously-exposed with Power
i
22

'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
4.0
Average Exposure
Potential sacrifice
10.0
Extreme Power
Potential economic impact
Post-invasion Events
3.9  Degree
What?
2.0  Speed
When?
1.8  Attitude
How?
As a large and disparate conglomerate, Sony has a wide variety of business interests in Russia, and they have not been doing or saying the same things. Indeed, Sony Entertainment, for example, was criticized by the Ukrainian government for its Russian operations. In an official Announcement, a spokesperson for Sony Entertainment said it "will be pausing [its] planned theatrical releases in Russia." On 9 March, Sony Interactive said it "would cut off hardware shipments and software launches in Russia in light of the Russian government’s escalating hostilities", as reported by Tech Crunch. A day later, Sony Music Group said it had “suspended operations in Russia" but, by contrast, said it "calls for peace in Ukraine and an end to the violence".
Date of Announcement: 10 March 2022
Our Moral Verdict
This is a story with many 'Shades of Red' and a complex series of events to unravel. We monitored separate statements from three Sony units quite close in date and are treating them as one Announcement based on the date of the third, leading to a lower Speed Score but higher Degree Score. Sony's Announcement was Partial because we have no reports about it ceasing gold imports, nor curtailing its electronics exports. The areas of action were themselves Incomplete because Sony Pictures, Sony Music and Sony Interactive were all Mothballers. Combining the Incompleteness to the Partial produced 3.9 for Degree. The Leadership statement from Sony Music didn't take sides in the war and is classed as Mealy-Mouther, but Sony Interactive did take on Russia by ascribing the hostilities to its government. The average of these plus a small credit for a donation to Ukraine of only about 0.05% of profits produced 1.8 for Attitude. Sony's Speed Score was also eroded, first with a Chicken Penalty for being after Samsung Electronics and Honeywell, and further because it moved after Ukrainian government criticism of Sony Interactive inaction. The battery of Sony statements looks good on the surface, but the deficiencies on each led to a weak result. Sony needs to get all its divisions in one room, form a unified policy, move out of the remaining Activities and complete the withdrawal of the ones it has started.
Rating as of: 10 March 2022

Ant Financial

Rated as its parent Alibaba Group Holding
China

Associated brands: Alibaba Group Holding, AliExpress, Lazada, Taobao, Tmall, Auctiva, Cainiao, DingTalk, Feizhu, Gaode Map, Koubei, UC Browser, Xianyu, Zhima Credit

Shameless failing to use its power
i
-13

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

Pre-invasion Status
3.8
Average Exposure
Potential sacrifice
10.0
Extreme Power
Potential economic impact
Post-invasion Events
0.0  Degree
What?
0.0  Speed
When?
0.0  Attitude
How?
The company classifies its activities in Russia as an investment, called AliExpress Russia (a joint venture, of which it owns 48%). AliExpress Russia currently controls about 10% of Russia's e-commerce market. Nikkei Asia first reported via an "employee with knowledge on the matter" that "its joint venture in Russia has laid off about 40% of employees since the invasion of Ukraine". This is believed to be a result of Western sanctions' impact on the Russian market, leaving these positions untenable for the company.
Our Moral Verdict
We were not sure whether we should compare Alibaba morally with Amazon, to show the contrast, or with fellow-Chinese company JD.com, to show the moral similarity. One is a comparison of apples and oranges and the other a comparison of two rotten apples. Comparing a company from a democracy with one from a totalitarian state is dramatic but perhaps obvious. We will look at Alibaba both ways. Amazon is one of a handful of companies in the world that has been able to get out of Russia completely. We graded it Full & Complete twelve days after the invasion. Alibaba is at the opposite end of the spectrum. It's a pity that the two companies don't have the same customers because the moral difference might win Amazon a lot of new users. Like JD.com, Alibaba operates in Russia with its strong local partner, with Alibaba owning 48% in AliExpress. Both JD.com and Alibaba ship Chinese and foreign goods into Russia from their own China-based platforms. Both have the Chinese government as cover for their inactions and both stand to gain from Russia's increasing dependence on trade with China. Indeed, we could say one is copying the other, were it not for the fact that inaction has no date to show which failed to act first. The only difference we see is in Exposure level. Alibaba's 48% stake in AliExpress is worth $3.2bn (1.25% of Alibaba's own market value), which translates to a 3.8 Exposure Score. This compares to JD's Exposure level of 2. So, mathematically, we can say that Alibaba is 75% less likely, or at least less motivated, to leave Russia. Unless of course one chooses to be more moral than the other!
Rating as of: 13 May 2022

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:  Boeing, United Parcel Service, UPS Logistics

Count: 

3

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:

720

Total: 720

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our Moral Badges

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