The sustainability movement has gathered pace in recent years. However, the concept has been there since the start of the century. Corporate Knights started its Global 100 ranking of the world’s most sustainable companies 19 years back.
The 2023 Global 100 rankings announced by Corporate Knights include 20 percent of companies from the United States, the highest from a single country, followed by 11 percent from Canada. The European Union as a block had 44 percent of companies in this ranking. Asia pacific hosts 22 percent of ranking companies. It is worth noting Gildan, an activewear company is the only apparel manufacturing company that qualified among the 100 most sustainable companies in the world. Gildan has improved its ranking from 79 to 60. The luxury goods company slid down the list appreciably from 12 to 31. On the other hand, sports goods companies Puma and Adidas improved their ranking in 2023 from 77 to 47, and from 82 to 66, respectively.
Gildan CEO Glenn Chamandy expressed his pleasure at being again recognized by Corporate Knight. He said the improvement in sustainability ranking shows Gildan’s strong commitment to ESG. The improvements show the dedication and hard work over the past year in developing and advancing our Next Generation ESG strategy. He said besides sustainable investments, and employee safety, the company succeeded in increasing gender diversity, and focusing on and linking executive compensation to ESG targets. He said Gildan’s mission on sustainability would continue to ensure that its products are made with respect for our communities and the environment.
Corporate Knights’ 2023 ranking is based on a rigorous assessment of more than 6,000 public companies with revenue over US$1bn. All companies are scored on applicable metrics relative to their peers, with 50 percent of the weight assigned to sustainable revenue and sustainable investment. Nine of the indicators have fixed weights; the rest are assigned weights according to each industry’s relative impact on the overall economy. After quantitatively analyzing data for 25 key performance indicators, using the Corporate Knights methodology, this year’s overall scores were converted to letter grades.
Ralph Torrie, Corporate Knights’ research director, said the current global scenario motivated companies to look for sustainable solutions. An increase in oil rates forced them to explore renewable energy solutions. Smart buildings, electric vehicles, and other climate solutions show the commitment of people to go for cleaner solutions. The circular economy is part of sustainability. The top-ranked company, Schnitzer Steel, is a metals recycler. “ Improved productivity invariably occurs when companies adopt sustainable technologies. The visionary leadership of these companies places them ahead of their competitors.
