CareFirst BlueCross BlueShield Again Recognized for Ethical Business Practices
Named to Ethisphere Institute’s list of ‘World’s Most Ethical Companies’ for second straight year
Baltimore, MD (March 20, 2014) - For the second straight year, CareFirst BlueCross BlueShield’s ethical business practices and corporate governance programs have earned the region’s largest health insurer a spot on Ethisphere Institute’s list of the World’s Most Ethical Companies.
The award, announced today by Ethisphere, an international corporate ethics think-tank, highlights CareFirst’s compliance practices, culture of ethical behavior and its place as a leader in corporate social responsibility throughout the mid-Atlantic region and health insurance industry.
CareFirst is one of two Maryland-based companies represented on the list of 143 corporations representing 22 countries and 41 industries. It is one of only five health insurance companies to receive the honor that also was awarded to such Fortune 500 companies as Aflac, General Electric and Microsoft.
“In a sense, there is hardly a higher honor a business could get than to be recognized for its high ethical standards,” said Chet Burrell, CareFirst’s President and CEO. “I think that speaks to the outstanding corporate governance, regulatory training and integrity of our employees. Achieving this honor once is commendable; earning it twice is remarkable.”
When compiling this year’s list, Ethisphere reviewed thousands of nominations from companies worldwide. The methodology for determining the World’s Most Ethical Companies includes:
- Reviewing codes of ethics, litigation and regulatory infraction histories;
- Evaluating investment in innovative and sustainable business practices;
- Looking at activities designed to improve corporate citizenship; and,
- Studying nominations from senior executives, industry peers, suppliers and customers.
“The World’s Most Ethical Companies believe that customers, employees, investors and regulators place a high premium on trust and that ethics are good governance are key in earning it,” said Timothy Erblich, Ethisphere’s CEO. “CareFirst is part of an exclusive community committed to driving performance through leading business practices. We congratulate everyone at CareFirst for achieving this extraordinary accomplishment again.”
More information on the methodology and the complete list of the 2014 World’s Most Ethical Companies is available on Ethisphere's website.
CareFirst was among 138 businesses worldwide to garner a spot on the list last year. In 2011, CareFirst earned Compliance Leader Verification from Ethisphere for investing necessary resources into the practice of some of the industry’s best compliance and ethics programs.
“Ethisphere’s recognition of CareFirst is an honor befitting the employees of this company who work daily to maintain a commitment to our customers to conduct business responsibly,” said Todd Cioni, CareFirst Vice President and Chief Compliance and Ethics Officer. “That is a commitment we don’t take lightly and a duty worth pursuing.”
About CareFirst BlueCross BlueShield
In its 77th year of service, CareFirst, an independent licensee of the Blue Cross and Blue Shield Association, is a not-for-profit health care company which, through its affiliates and subsidiaries, offers a comprehensive portfolio of health insurance products and administrative services to 3.4 million individuals and groups in Maryland, the District of Columbia and Northern Virginia. In 2013, CareFirst contributed nearly $57 million to community programs designed to increase the accessibility, affordability, safety and quality of health care throughout its market areas. To learn more about CareFirst BlueCross BlueShield, visit our website at www.carefirst.com or follow us on Twitter: http://twitter.com/CareFirst_News.
The research-based Ethisphere® Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability. Ethisphere Magazine, which publishes the globally recognized World’s Most Ethical Companies Ranking™, is the quarterly publication of the Institute. Ethisphere provides the only third-party verifications of compliance programs and ethical cultures that include: Ethics Inside® Certification, Compliance Leader Verification™ and Anti-Corruption Program Verification™. The Institute’s premier membership group, the Business Ethics Leadership Alliance™, is a business ethics forum that includes more than 100 leading corporations, universities and institutions that collectively leverage their experience, expertise and innovative ways to address emerging compliance challenges. More information on the Ethisphere Institute, including ranking projects and membership, can be found at http://www.ethisphere.com.