CINCINNATI – Fifth Third Bank has been recognized by the Ethisphere® Institute, a global leader in defining and advancing the standards of ethical business practices, as one of the 2019 World’s Most Ethical Companies®.
“We are extremely honored that Fifth Third has been named one of the World’s Most Ethical Companies by Ethisphere. This recognition is a testament to our commitment to our employees, customers and communities as well as our delivering consistent financial results,” said Greg Carmichael, president, chairman and CEO of Fifth Third Bank. “It also speaks to our strong governance, risk awareness and risk management, as well as our enhanced focus on culture and integrity.”
Fifth Third’s core values include working as one bank, taking accountability, being respectful and inclusive, and acting with integrity. These values serve as the foundation of the company’s commitment to responsible banking. In the past year, the Bank continued to make strides in strengthening its ethics and compliance programs, its ongoing investment and involvement in the communities within its footprint, and focus on environmental sustainability.
In 2019, 128 honorees were recognized spanning 21 countries and 50 industries. The 13th class of honorees profoundly illustrates how companies continue to be a driving force for improving communities, building capable and empowered workforces, and fostering corporate cultures focused on ethics and a strong sense of purpose. Fifth Third is one of five banks to be named among the world’s most ethical companies and one of only three in the U.S.
“Our commitment to operating with the highest level of ethical standards is directly related to our vision to be the one bank people most value and trust,” said Frank Forrest, chief risk officer at Fifth Third. “Integrity is at the heart of our business. Our customers, employees and business partners expect us to do the right thing, and every day we strive to deliver on that expectation.”
“Today, employees, investors and stakeholders are putting their greatest trust in companies to take leadership on societal issues. Companies that take the long view with a purpose-based strategy are proven to not only outperform, but last,” said Timothy Erblich, Ethisphere’s chief executive officer. “I congratulate everyone at Fifth Third Bank for earning this recognition.”
Ethics & Performance
Ethisphere’s annual practice of tracking how the stock prices of publicly traded honorees compare to the Large Cap Index found that the 2019 World’s Most Ethical Companies outperformed the large cap sector over five years by 14.4 percent and over three years by 10.5 percent.
Methodology & Scoring
The World's Most Ethical Companies assessment is based upon the Ethisphere Institute’s Ethics Quotient® framework, which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized manner. The information collected provides a comprehensive sampling of definitive criteria of core competencies rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
Scores are generated and weighted in five key categories: ethics and compliance program (35 percent), culture of ethics (20 percent), corporate citizenship and responsibility (20 percent), governance (15 percent) and leadership and reputation (10 percent). All companies that participate in the assessment process receive their scores, providing them with valuable insights into how they stack up against leading organizations.
The full list of the 2019 World's Most Ethical Companies can be found at worldsmostethicalcompanies.com/honorees.
Best practices and insights from the 2019 honorees will be released in a report and webcast in March and April of this year. Sign up to receive the report.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, an Ohio-chartered bank. As of December 31, 2018, Fifth Third had $146 billion in assets and operated 1,121 full-service Banking Centers and 2,419 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 52,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2018, had $356 billion in assets under care, of which it managed $37 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank. Member FDIC.
About the Ethisphere Institute
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character and measure and improve culture. Ethisphere honors superior achievement through its World’s Most Ethical Companies recognition program and provides a community of industry experts with the Business Ethics Leadership Alliance. More information about Ethisphere can be found at ethisphere.com.