Moral Rating Agency

Who is still
supporting

RUSSIA

Boycotting Russia isn’t black and white. Western companies are playing games in Shades of Red. Many of them claim they have cut ties with Russia but in fact continue with some activities or fail to follow through with promises. Many are just Moralwashing. The devil is in the detail — quite literally, in this case.

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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SmartThings

Rated as its parent Samsung

South Korea

Associated brands: Samsung, AdGear, Harman International Industries, Joyent, LoopPay , Novaled , Prismview, Proximal Data, Simpress

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.

Pre-invasion Status

3.8

Average Exposure

Potential sacrifice

10.0

Extreme Power

Potential economic impact

Post-invasion Events

7.0 Degree

What?

8.0 Speed

When?

2.5 Attitude

How?

On 3 March, Mykhailo Fedorov, Ukraine's Vice Prime Minister said, ''I appeal to you with a request to temporarily stop supplying Samsung Services and products to the Russian Federation, including blocking access to the Samsung Pay, Samsung-Galaxy Store and Samsung Shop". A few days later, the company said it will suspend product shipments to Russia and stated that its thoughts are with "everyone who has been impacted". On 21 March, it was reported to have temporarily suspended the operation of its TV factory in Kaluga earlier that month, as reported on The Elec, a Korean electronics industry media publication.

Date of Announcement: 4 March 2022

Our Moral Verdict

Samsung was a case of one step back and one step forward. It made its move after the Ukrainian government called for it to take action, for which we gave it a Pressure Penalty. However, when it did move, it was ahead of Honeywell, Sony, Schneider Electric and LG Electronics, for which we gave it a Leader of Pack Bonus. Its Degree Score fell short because the Announcement didn't cover manufacturing at the time (we rated the company on this Announcement, and therefore it received the benefit of the earlier Speed score). Besides, we consider closing exports a major part of what it needed to do. It didn't do so well in Attitude: no direct admonishment of the war, and a donation to Ukraine too small to get a score from us, leaving it with only 2.5 points. With an Exposure level of 3.8 and Power of 10, it was looking at a 260% Return on Sacrifice, so its move was smart and welcome.

Rating as of: 21 March 2022

Snowberry

Rated as its parent Procter & Gamble

USA

Associated brands: Procter & Gamble, Always, Ambi Pur, 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, Swiffer, The Art of Shaving, UltraDowny, Zevo, ZzzQuil

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.

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

SODICA Corporate Finance

Rated as its parent Credit Agricole

France

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

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.

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

SoftLayer Technologies Inc.

Rated as its parent International Business Machines

USA

Associated brands: International Business Machines, Cognos Inc, Red Hat Inc., API Connect, Aspera, Atlas, Blueworks Live, CICS, Cloud Pak, Cloudant

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.

Pre-invasion Status

10.0

Extreme Exposure

Potential sacrifice

10.0

Extreme Power

Potential economic impact

Post-invasion Events

5.0 Degree

What?

9.0 Speed

When?

5.0 Attitude

How?

On 2 March, IBM described the "deteriorating situation involving Ukraine and Russia". Reuters reported that IBM had taken no sides on a call with employees that day and hundreds of workers had objected in response. Apparently, the CEO may have used the word "conflict" because next he said, "I'd like to acknowledge that the correct word to use is "war" not "conflict." He added, "we condemn the Russian war in Ukraine."

In terms of its plans, on 3 March IBM said, "In addition to not selling technology in Russia, we do not do business with Russian military organizations". On 6 March, IBM revised its position saying it had "stopped selling technology in Russia". Then, on 7 March, the CEO said he had heard from many employees and revised the position yet again, saying, "we have suspended all business in Russia." The Wall Street Journal has reported that companies including IBM have faced threats from the Russian government of arrest or asset seizures for withdrawing or criticizing Russia. On 9 May, the CEO told Reuters, "The government has not really taken our assets," and in the same interview said the company's ability to keep supporting employees in Russia "may go away" as sanctions build. On 7 June, it had “started to lay off its employees” in light of escalating sanctions impact its ability to retain its staff.

Date of Announcement: 7 March 2022

Our Moral Verdict

This is a story of pulling teeth. It looks like IBM management didn't want its teeth pulled and it has been reported that people ranging from its Ukrainian employees, mainstream employees and the Ukrainian government wanted them pulled. The story of IBM's cutting of Russian links looks like 'too little, too late' in both actions and words. The statements about the war morphed almost by the day, as did statements about what IBM was exactly doing or not. After the dust settled, the CEO said, "We're all learning as we go." You can say that again. Since the statements were on each other's heels, we rated the company on the last of the string, that of 7 March. On this basis, the Announcement is Full, in the sense that the company did make the commitment across all lines of business. However, it's incomplete because the operations are not slated for sale. Indeed, IBM was keeping employees on the payroll, with the argument that it was not their fault (true, but irrelevant to our rating system). For making the employee carve-out, IBM is classified as Nibbler. Despite all of this gnashing of teeth, the company was actually fast compared to the Announcements from peers, a week ahead of Fujitsu, two weeks ahead of NEC and a month ahead of Accenture, for which we gave IBM a Leader of Pack Bonus. Its Attitude Score was harmed by abysmal leadership comments on the war and low financial support for Ukraine as a percentage of profits. IBM has a lot of Exposure to Russia. Based on the CFO telling the Wall Street Journal that 3.48% of its profits were involved, we initially gave it an 8 Exposure Score but topped this up to 10 because it has been threatened by the Russian government in the form of arrest or expropriation. IBM had a 10 in Power over Russia because of its Pull the Rug effect which is significant. This is a company that looks like it is being dragged out of Russia by a combination of sanctions, unhappy employees, and an unhappy sovereign government on its case. Thankfully, it has been forced to take a position it will find difficult to row back from if the wind changes slightly. We are watching to see if it disbands its employees and reaches a greater point of no return.

Rating as of: 7 June 2022

SoftSheen-Carson

Rated as its parent L'Oréal

France

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

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.

Pre-invasion Status

5.4

Average Exposure

Potential sacrifice

6.5

High Power

Potential economic impact

Post-invasion Events

2.0 Degree

What?

5.0 Speed

When?

6.5 Attitude

How?

According to the company's Announcement, it took the decision to "temporarily" close its "own" stores and directly operated counters, as well as "suspending industrial and national media investments", and closing its "own brand" e-commerce sites in Russia. It said it was "still taking care" of its 2,500 Russian employees. It pledged donations of up to €5 million with the words, "strongly condemn the Russian invasion."

Date of Announcement: 8 March 2022

Our Moral Verdict

This is a case of a company doing something by half measure and then only to some degree. L'Oréal has stopped is retailing-facing businesses, but the Announcement doesn't close off its product sales through other people's stores. On top of what we define as Half-Hearted, it said the decision was "temporary". Also, it is classified as a Nibbler for continuing to support its 2,500 employees. All these deficiencies continue to feed the Russian economy. The statement wasn't helpful, explaining what the company temporarily did rather than what it didn't (manufacturing in Russia), and it included a Red Herring about not making future investments. What we need to know is when it will stop what it is doing, rather than that it will not do what it isn’t yet doing! L'Oréal waited to make its move until after P&G, for which we gave it a Chicken Penalty on Speed. Unlike many Confused Humanitarian peer companies in the consumer product sector, it resisted the temptation to say it was producing essential goods. Indeed, that would be a stretch for a brand associated more with cosmetic than pure health, and luxury rather than staple. L'Oréal might have been furious to see P&G making “personal care" one of its carve-outs. Against all of this, L'Oréal strangely was a Denouncer, with a bold statement against Russia. This might make propagandized Russian consumers less likely to want to touch L'Oréal products still on the shelves. Like Unilever, this is either a case of hypocrisy or one part of the company thinks Russia is bad and the other thinks it is fine to do business there.

Rating as of: 8 March 2022

SolarCity Corp

Rated as its parent Tesla

USA

Associated brands: Tesla, Grohmann Engineering GmbH, Hibar Systems Ltd., Maxwell Technologies Inc., Perbix Machine Co. Inc.

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

-9

'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

3.0

Low Exposure

Potential sacrifice

5.0

Average Power

Potential economic impact

Post-invasion Events

0.0 Degree

What?

0.0 Speed

When?

0.0 Attitude

How?

We haven't seen an Announcement from Tesla. It exports its vehicles and provides support services in the Russian market, and, according to invoices obtained by CNBC, has bought aluminum from Russian giant Rusal. Indeed, it has been subject to a Twitter campaign calling for it to be boycotted for its Russian Activities and inaction, including requests for it to deactivate Russian cars. It has offered to charge electric vehicles at no cost in the afflicted region around Ukraine to help refugees displaced by the war, and to keep paying staff who were recalled to fight for Ukraine. It also opened a satellite to support Ukraine’s internet access at no cost. CEO Elon Musk tweeted, "Hold Strong Ukraine" and mocked people for supporting Ukraine with memes. He has also refused requests not to carry Russian state media on Tesla's satellites.

Our Moral Verdict

Tesla has disappointed us. Stopping sales of Tesla in Russia and confirming it would no longer import aluminum would have been a start. But the real lost opportunity is that it could 'unplug' the existing cars in the country through its Supercharger system. This would be a bold action since it would upend the company's policy of proactive customer service through a proactive customer 'disservice'. You can see why such a brand would not want its customers to see how dependent their expensive cars are or how easily they could be played with. However, the rules change when we need to undermine Putin, and Tesla's CEO is famously unafraid of taking stands on a huge range of topics when he's inspired. This would have triggered a Ripple Effect, not just inside Russia but across the world, that a Western entrepreneur could simply 'switch off' cars in Russia from his desk and this is just the sort of shock Russia needs. What a lost opportunity, over and above any economic effects of these expensive cars becoming useless in the Russian economy. The company should cease its hypocrisy of doing business with a country that is harming another that it is then trying to help. It's an Immoral Vicious Cycle that indirectly needs more reparations for more business, the profits of one being used to pay for the other. Leaving aside whether Tesla is making more money from Russia than it is spending to help Ukraine, it's a sick self-feeding cycle to be involved in.

Rating as of: 11 May 2022

Solimo

Rated as its parent Amazon

USA

Associated brands: Amazon, Mae, Mama Bear, Pinzon, Presto!, Wag, Wickedly Prime, alkove, Amazing Baby, 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, 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

'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

Soltan and Botanics

Rated as its parent Walgreens Boots Alliance

USA

Associated brands: Walgreens Boots Alliance, No. 7, Waltrust Properties, Inc., Ahumada, Benavides, Duane Reade

Shameless without having to make a sacrifice

-6

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

Pre-invasion Status

1.0

De minimus Exposure

Potential sacrifice

1.0

De minimus Power

Potential economic impact

Post-invasion Events

0.0 Degree

What?

0.0 Speed

When?

0.0 Attitude

How?

Walgreens Boots Alliance (WBA) sold its Russian business, Alliance Healthcare Russia, to a listed Russian health and beauty retailer named "36.6" in 2016. In return, it received a 15% stake in 36.6.

The company confirmed to the Moral Rating Agency (MRA) on 5 June 2022 that its ownership in 36.6 has been reduced to less than 5% as of 5 June. It did not disclose whether any of this reduction was made after the invasion.

The company also told MRA that it has not carried on any activities in the local market or made any investments since this sale in 2016 and that its continuing stake in 36.6 is a "legacy of the sale".

Prior to its response to MRA, on 10 March, the company said its thoughts were with the people of Ukraine, as well as "all those affected" by the "humanitarian crisis". It also said it was giving humanitarian support to Ukraine, including a donation of over $1 million.

Our Moral Verdict

WBA has to all intents and purposes moved out of Russia many years ago. According to our rating rules, it should have sold its remaining stake in Russian company 36.6. In the absence of information to show that this stake has been reduced since the invasion in its Announcement to us, we cannot give it credit for withdrawing.

The rating is low but if the company confirms that it has sold its stake, or that this is in process, we will re-rate it accordingly. Unlike other pharma and pharma retail groups involved in Russia, WBA is not a direct participant in the market and is a de minimis financial player.

Rating as of: 5 June 2022

Sony

Public

Japan

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

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.

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

Sperian Protection

Rated as its parent Honeywell International

USA

Associated brands: Honeywell International, Elster Group, EMS Technologies, Inc., Intelligrated, Intermec, King’s Safetywear, RAE Systems, Xtralis

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.

Pre-invasion Status

3.0

Low Exposure

Potential sacrifice

8.0

High Power

Potential economic impact

Post-invasion Events

4.8 Degree

What?

5.0 Speed

When?

0.0 Attitude

How?

The company said it had "suspended substantially all" of its "sales, distribution and service activities in Russia and Belarus" referring to "conditions" in Eastern Europe. It also said it hoped to see a "peaceful resolution", and its thoughts were with the "refugees".

Date of Announcement: 8 March 2022

Our Moral Verdict

Honeywell's statement included three words, "suspended substantially all", to describe its withdrawal from Russia, attaching them to some business categories covered. From this, we can't be sure exactly what is going on (for example the status of its manufacturing activities and investments in the country), but we can say that some businesses have been carved out, which makes it a Partial move. Also, suspending puts it into the Mothballer category. The company lost points on Speed because of a Chicken Penalty for being behind Samsung Electronics. It also got a zero score on Attitude: the reason for its action didn't directly admonish Russia or properly address the issue, and we didn't monitor any donation to Ukraine. It gets a lot of Power from being in a sector with high impact, on top of employing 1,000 people in Russia. We hope Honeywell will get out fully and completely, and be more clear on its business dealings with Russia.

Rating as of: 14 March 2022

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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:

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:

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:

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:

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:

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

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

Count:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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:

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

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:

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:

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:

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:

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:

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:

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:

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:

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:

Total:

719

Total: 719

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Notice

The entire website and our rating methodology are based on a company’s involvement with Russia being measured by Announcements.

We measure this against the ways a company can be involved with Russia through its Activities.

Please also be aware of the Scope of our research, limitations due to Incomplete Information, our Rating Methodology , and our policy relating to any Errors, Omissions & Corrections.

Also, be aware that brands carry the rating information of the company that owns, controls or is associated with them as defined more precisely in Brands Displayed.

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We will be extending our service from the top 200 companies in the world to the top 500. We are interested in information about their continuing involvement with or in Russia from reliable published sources.

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