MAYFIELD VILLAGE, OH--March 16, 2012: A commitment to innovation, transparency and monthly financial reporting are just some reasons that prompted the Ethisphere Institute to name Progressive auto insurance to its list of the World's Most Ethical Companies.
“We have a culture that embraces innovation, risk taking, excellence and doing the right thing for our customers, agents, employees and investors. We revere honesty and transparency, and reinforce it in everything we do. That's crucial to be the company we strive to be.”
The World's Most Ethical Companies list honors organizations that show leadership in promoting consistent ethical business standards. Companies are selected based on their corporate citizenship, governance, reputation, leadership, innovation and their ethics and compliance program.
Progressive's Core Values serve as the foundation for its culture of innovation, empowerment and transparency.
"At Progressive, fair dealing and transparency are synonymous with our way of conducting business," said Progressive's Chief Executive Officer, Glenn Renwick. "We have a culture that embraces innovation, risk taking, excellence and doing the right thing for our customers, agents, employees and investors. We revere honesty and transparency, and reinforce it in everything we do. That's crucial to be the company we strive to be."
One of the most tangible examples of Progressive's commitment to transparency is its financial reporting schedule. Every publicly traded company is required to report financial results on a quarterly basis. But, in 2003, Progressive became the first, and still only, public company to report full monthly financials to ensure frequent communication with investors and analysts.
"A strong ethical foundation is a competitive advantage, and Progressive recognizes the important role corporate responsibility plays in improving its bottom line," said Alex Brigham, executive director of the Ethisphere Institute. "As more and more organizations strive for this honor each year, Progressive's inclusion as a World's Most Ethical Company for 2012 demonstrates its industry-leading commitment to ethics and dedication to integrity."
