In today’s world, where trust in corporations can feel as fragile as a croissant fresh out of the oven, companies that prioritise integrity aren’t just winning recognition - they’re winning in business, too.
This year, 136 companies across 19 countries and 44 industries made the cut, proving that ethics and profitability aren’t at odds. In fact, they’re a power couple. The data shows that publicly traded companies on this list outperformed their peers by 7.8% over the past five years. That’s right - good behaviour actually pays off.
Ethics isn’t just a buzzword
The 2025 list of the Most Ethical Companies comes at a time when ethics in business is more crucial than ever. While the private sector steps up, Washington is seeing a shift in the opposite direction.
With President Donald Trump back in office and swiftly rolling back Biden-era ethics rules, concerns are rising about conflicts of interest, corporate lobbying and the erosion of accountability. Critics argue that instead of ‘draining the swamp’, these moves are flooding it with new opportunities for corruption.
Trump’s first-day executive order wiped out restrictions on executive branch employees accepting gifts from lobbyists and paused bans on officials moving between government and lobbying jobs. He has also fired David Huitema, the federal government’s top ethics official, and removed Hampton Dellinger, the head of the Office of Special Counsel - an office responsible for protecting whistleblowers exposing illegal or unethical conduct in government.
Meanwhile, his personal business dealings - including a new cryptocurrency venture and a documentary deal involving First Lady Melania Trump - have raised eyebrows. And it’s not just government ethics taking a hit. Standards are eroding across the corporate world as well, with many companies eliminating their Diversity, Equity and Inclusion (DEI) programmes following Trump’s crackdown.
The White House may be loosening ethical guardrails, but that makes it all the more essential for corporations to take the lead in ensuring transparency and integrity. If government ethics rules are weakening, the private sector has an even bigger role to play in maintaining trust with consumers, investors and employees.
What does it take to be one of the Most Ethical?
Ethisphere doesn’t just hand out awards. Companies must go through a rigorous process, answering over 240 questions about their ethics and compliance programmes, governance, workplace culture, environmental and social impact, and more.
The goal is to recognise those that do more than talk the talk: they walk the talk - actually sprint it - when it comes to ethical business practices.
Some companies have truly set the gold standard. PepsiCo, for example, has been recognised every single year since the award’s inception in 2007. Yet, even it is adjusting its approach in the face of shifting political tides.
Following Trump’s executive actions, the snacking giant eliminated its global chief DEI officer role as part of a broader ‘Inclusion for Growth’ strategy. In an internal memo to employees, CEO Ramon Laguarta outlined a shift in focus - moving away from setting diversity targets for managerial positions and supplier partnerships to instead prioritising employee engagement and leadership development. The company has also scrubbed DEI language from investor reports and rewritten its policy on viewpoint-neutral advertising.
This pivot reflects a broader trend among corporations navigating a changing political landscape. Figures like Elon Musk have amplified the anti-DEI sentiment, calling such programmes distractions from ‘merit-based hiring’. Musk’s Department of Government Efficiency (DOGE) has reportedly advised businesses to focus on ‘performance-driven talent acquisition’ rather than what it calls ‘identity politics’. As Trump’s administration scales back DEI regulations in government, Musk’s ideological influence is further nudging corporate America toward reducing public commitments to diversity initiatives.
Ethics in action
Grupo Bimbo is making waves as well, securing its spot for the ninth year in a row. As the only Mexican company on the list for nearly a decade, the world’s biggest bakery manufacturer’s commitment to integrity runs deep. The Mexico City-headquartered conglomerate has long championed ethical business conduct, emphasising fairness, transparency and respect.
“This recognition reaffirms Grupo Bimbo’s commitment to ethics, integrity and transparency, as well as our global public commitments,” said Ignacio Stepancic, Bimbo’s global compliance director. “Acting ethically goes beyond simply following rules - it’s about having the conviction to do and say the right thing.”
This commitment starts at the top. Following in his father’s footsteps, Daniel Javier Servitje Montull has left a lasting legacy. Under Daniel’s leadership, Bimbo expanded eightfold since he took over as CEO in 1997, completing 93 acquisitions and transforming the company into a global powerhouse. Most notably, he earned numerous accolades for his leadership in corporate responsibility, reinforcing Bimbo’s reputation as an ethical business leader.
Bimbo isn’t just focusing on ethics in the boardroom. The company is making an impact in communities worldwide through a myriad of initiatives that promote gender equality.
Its Bimbo Dream programme, for example, is searching for 49 girls aged 10-13 from 22 countries to train, play soccer and gain insight into the game from Aitana Bonmatí, the star midfielder and role model of the Azulgrana team. Of these, 42 girls will be chosen through an open contest, while seven participants will be selected from Grupo Bimbo’s social programmes, ‘Dream Champions’ and ‘Futbolito Bimbo’.
The initiative is open to girls in Canada, the US, Mexico, Colombia, Costa Rica, Ecuador, El Salvador, Honduras, Nicaragua, Panama, Venezuela, Argentina, Paraguay, Uruguay, Chile, Brazil, Morocco, Portugal, Romania, Spain and the UK. Deadline to apply is April 7th, 2025.
Not only does this effort showcase Grupo Bimbo’s commitment to ethics, but it also highlights the company’s passion for shaping the future - on and off the field.
The business case for doing the right thing
Sceptics might wonder: does being ethical actually translate to better business outcomes? The answer, according to Ethisphere’s research, is a resounding yes.
Companies on the Most Ethical list saw their stock performance beat a comparable index by 7.8% over five years. That’s a clear indicator that ethical business practices lead to real financial benefits.
And it makes sense. Ethical companies attract top talent, retain loyal customers and build stronger relationships with investors. In an era where consumers are more informed than ever, transparency and integrity are the ultimate competitive advantage.
“These organisations understand that strong ethics is good business,” said Erica Salmon Byrne, chief strategy officer for Ethisphere. “Integrity-driven companies outperform financially, create talent-rich work environments, and build trust. Thank you for your hard work.”
With government ethics standards unravelling, the spotlight is now on businesses to uphold what’s right. The Most Ethical Companies of 2025 aren’t just ticking compliance boxes; they’re setting the standard for what ethical leadership should look like.
Ethics isn’t just a nice-to-have - it’s a must-have. And as the numbers show, doing the right thing isn’t just good for the soul; it’s good for the bottom line.
