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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Vicks

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, 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

VIPS (steakhouse)

Rated as its parent CJ Corp.
South Korea

Associated brands: CJ Corp., A Twosome Place, Foodville

Shameless failing to use its Power without having to make a sacrifice
i
-10

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

Pre-invasion Status
1.0
De minimus Exposure
Potential sacrifice
5.0
Average Power
Potential economic impact
Post-invasion Events
0.0  Degree
What?
0.0  Speed
When?
0.0  Attitude
How?
No Announcement on this South Korean conglomerate's Activities. According to its website, it is involved in 'food & bio' in Russia and has offices in the country. In 2017, it acquired the Russian frozen food company Raviolo.
Our Moral Verdict
This South Korean holding company has been silent since the invasion, while other peer companies have been leaving Russia. Even CK Hutchinson from China is closing down its Watson pharmacy chain. The statistics show that if you leave after Chinese companies leave Russia, you are at the wrong end of the spectrum. CJ, stop freezing food for Russia and start freezing your food businesses there instead.
Rating as of: 11 May 2022

Wag

Rated as its parent Amazon
USA

Associated brands: Amazon, Mae, Mama Bear, Pinzon, Presto!, Solimo, 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
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

Walgreens Boots Alliance

Public
USA

Associated brands: No. 7, Soltan and Botanics, Waltrust Properties, Inc., Ahumada, Benavides, Duane Reade

Shameless without having to make a sacrifice
i
-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

Walkman

Rated as its parent Sony
Japan

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

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

Waltrust Properties, Inc.

Rated as its parent Walgreens Boots Alliance
USA

Associated brands: Walgreens Boots Alliance, No. 7, Soltan and Botanics, Ahumada, Benavides, Duane Reade

Shameless without having to make a sacrifice
i
-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

Washington Mutual Inc.

Rated as its parent JP Morgan
USA

Associated brands: JP Morgan, Bank One Corp, Cazenove Group, Chatham Ventures, Inc., Chemical Equity Incorporated, InstaMed, The Bear Stearns Companies Inc., WePay

Laggard Faint-hearted
i
17

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

Pre-invasion Status
2.0
Low Exposure
Potential sacrifice
1.0
De minimus Power
Potential economic impact
Post-invasion Events
2.0  Degree
What?
2.0  Speed
When?
2.5  Attitude
How?

JPMorgan said it would be "unwinding", "in compliance with directives by governments around the world" and had not been “pursuing any new business”. The bank added, “current activities are limited, including helping global clients address and close out pre-existing obligations; managing their Russian-related risk; acting as a custodian to our clients; and taking care of our employees.”

JPMorgan was later criticized by Senator Elizabeth Warren for continuing to trade Russian debt on the secondary market. She described JPMorgan’s actions, along with Goldman Sachs’, as “war profiteering”.

Date of Announcement: 10 March 2022
Our Moral Verdict

Reading what banks have done about Russia is like playing a game of ‘Spot the Difference’. JPMorgan said it would be “unwinding” its Russian business, Goldman Sachs said it would be “winding down”. These two parrots said almost the same thing on the same day. Then, three others followed the parrots like sheep out of Russia, half-heartedly: Citi gave the excuse of “new business or clients”, HSBC “new business or customers” and BNP “any new business”. Either they must think the same way or be using the same PR strategist. These excuses make them all Nibblers.

JPMorgan’s statement is too vague to get many points from us. When will this famous unwinding actually start or be completed? Moreover, doing the wrong thing to help others do the right thing sounds like a moral derivative rather than the financial derivative JPMorgan invented in 1994. We also wonder how much money there is to be made by “helping” others. This and the bank’s excuse for delay also being needed to take care of employees classifies it as what we politely call a Confused Humanitarian in our lexicon. Finally, if that is not enough to be embarrassed about, the bank continued to trade Russian debt through a loophole.

Banding together with peers is worse than misbehaving on its own. This adds to the contagion effect which is why we give Leader of the Pack bonuses to discourage sheeplike behavior. Besides, safety in numbers may seem like a clever strategy until you’re exposed as being in the doghouse, which is how we rate this bunch of banks. We are calling them all out for not getting out properly.

The investment banking pioneer should show some pioneering spirit, break ranks, and get credit for launching a Domino Effect on the rest of the flock. It’s a pity when a company known for being fast and courageous for its own profit is so slow and morally uncourageous when the profit isn’t there.

Rating as of: 17 March 2022

Watsons

Rated as its parent CK Hutchison Holdings
China

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

Laggard Faint-hearted without Attitude but with Power
i
25

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

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

Watsons Water

Rated as its parent CK Hutchison Holdings
China

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

Laggard Faint-hearted without Attitude but with Power
i
25

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

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

Watsons’s Wine

Rated as its parent CK Hutchison Holdings
China

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

Laggard Faint-hearted without Attitude but with Power
i
25

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

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

OUR MORAL BADGES

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

How do we classify a company or organization?

Moral Badges

Description

Companies & Brands

Count

Sprinting Boycotter with Power

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

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

Count: 

23

Sprinting Boycotter

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

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

Count: 

6

Sprinting Near-Boycotter with great Attitude & Power

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

Companies/Brands:  United Parcel Service, UPS Logistics

Count: 

2

Sprinting Near-Boycotter with Power

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

Companies/Brands:  FedEx

Count: 

1

Sprinting Near-Boycotter without Attitude but with Power

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

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

Count: 

8

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

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

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

Count: 

11

Sprinting Half-hearted Seriously-exposed with Power

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

Companies/Brands:  Genesis, Hyundai Motor

Count: 

2

Sprinting Half-hearted

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

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

Count: 

7

Speedy Boycotter without Attitude

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

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

Count: 

16

Boycotter with great Attitude & Power

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

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

Count: 

13

Boycotter with Power

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

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

Count: 

11

Boycotter without Attitude but with Power

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

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

Count: 

18

Sprinting Faint-hearted Seriously-exposed with Power

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

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

Count: 

18

Sprinting Faint-hearted with Power

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

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

Count: 

9

Speedy Near-Boycotter Sacrificer with Power

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

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

Count: 

10

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

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

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

Count: 

6

Speedy Faint-hearted with Power

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

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

Count: 

71

Near-Boycotter with Power

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

Companies/Brands:  Deutsche Post DHL Group

Count: 

1

Faint-hearted Seriously-exposed without Attitude but with Power

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

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

Count: 

8

Faint-hearted with great Attitude & Power

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

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

Count: 

8

Laggard Boycotter with great Attitude & Power

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

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

Count: 

5

Laggard Boycotter with Power

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

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

Count: 

49

Laggard Near-Boycotter with Power

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

Companies/Brands:  Glencore

Count: 

1

Laggard Near-Boycotter

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

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

Count: 

11

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

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

Companies/Brands:  Enel

Count: 

1

Laggard Half-hearted Seriously-exposed with Power

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

Companies/Brands:  LG Electronics

Count: 

1

Laggard Half-hearted with great Attitude & Power

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

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

Count: 

6

Laggard Half-hearted with great Attitude

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

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

Count: 

6

Laggard Half-hearted with Power

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

Companies/Brands:  U.S. Postal Service

Count: 

1

Laggard Half-hearted with Power

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

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

Count: 

11

Laggard Half-hearted without Attitude but with Power

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

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

Count: 

9

Speedy Faint-hearted without Attitude but with Power

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

Companies/Brands:  Bank of China

Count: 

1

Faint-hearted

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

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

Count: 

4

Laggard Half-hearted

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

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

Count: 

4

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

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

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

Count: 

53

Laggard Faint-hearted Seriously-exposed with Power

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

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

Count: 

31

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

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

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

Count: 

3

Laggard Faint-hearted with great Attitude

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

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

Count: 

7

Laggard Faint-hearted

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

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

Count: 

50

Laggard Faint-hearted without Attitude but with Power

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

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

Count: 

15

Laggard Faint-hearted with Power

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

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

Count: 

22

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

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

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

Count: 

105

Shameless without having to make a sacrifice

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

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

Count: 

58

Shameless failing to use its power

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

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

Count: 

16

Total:

719

Total: 719

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our Moral Badges

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