By Kim Jae-kyoung
Staff Reporter

HSBC, the UK banking giant, said Friday that it has been named the most ethical company among 541 global firms in 18 sectors by Covalence, a Geneva-based research consulting firm.

In the study, conducted by Covalence, the bank ranked first, above Intel, Unilever, Marks and Spencer, Xerox, Alcoa, Rio Tinto, General Electric, Dell Computer, and DuPont, it added.

A range of criteria was considered, including the environmental impact of production, social sponsorship, waste management, information to consumers, eco-innovative products, downsizing, product environmental risk, labor standards, and anti-corruption policy, among others.

HSBC has been recognized as the ``Top Ethical Bank'' by Covalence for three consecutive years.

``HSBC undertakes a wide range of corporate sustainability activities, not only in Korea, but around the world,'' said Simon Cooper, president and CEO of HSBC Korea.

``We are very pleased to be named as the world's most ethical company in this research by Covalence, an important indicator of corporate ethics. This demonstrates our leadership in merging social, environmental and business objectives,'' he added.

Founded in 2001, Covalence is a company aimed at increasing the availability of information about sustainable development. It measures the historical evolution of multinational enterprises' ethical performances.

kjk@koreatimes.co.kr