HSBC Named Most Ethical Company On 20 January 2009, HSBC was named the most ethical company in a survey of over 500 multinational corporations and 18 sectors, conducted by the Geneva-based research consultancy Covalence. The study, a barometer of how multinationals are perceived in the ethical field, looked at a range of criteria including environmental impact of production, social sponsorship, waste management, information to consumer, eco-innovative products, international presence, product environmental risk, labour standards, and anti-corruption policy. Top 10 Ranked Companies  1.  HSBC Holdings  2.  Intel Corp  3.  Unilever  4.  Marks & Spencer  5.  Xerox  6.  Alcoa Inc  7.  Rio Tinto  8.  General Electric  9.  Dell Computer 10. DuPont The data used to develop this ranking ran from 2002 to November 2008, and were sourced from the media, civil society, and companies. About Covalence Covalence was founded in 2001 with the goal of increasing the density of information about sustainable development. It measures the historical evolution of multinational enterprises’ ethical performance as it is perceived and communicated in society. Covalence research is read by senior executives at multinational corporations, investors, governments, international organisations, and throughout the media. www.covalence.ch © Copyright. The Hongkong and Shanghai Banking Corporation Limited 2009. All rights reserved. The Hongkong and Shanghai Banking Corporation Limited Registered Financial Institution: Director of Kanto Local Finance Bureau (Tokin) No.105 Member: Japan Securities Dealers Association and The Financial Futures Association of Japan