Australian banks named in world's most ethical companies list

Three of Australia's banks, NAB, Westpac, and Teachers Mutual Bank, have been named in the 2014 World's most ethical companies list by independent centre of research, Ethisphere.

The World's Most Ethical Company designation recognises companies that go beyond making statements about doing business ethically and translate those words into action.

NAB, Westpac and Teachers Mutual Bank were among only 5 banking organisations worldwide to make the 2014 list and the only sector in which an Australian company was awarded a place on the list. The 2014 list honored 144 organisations worldwide representing 41 industries.

Tim Erblich, CEO of the Ethisphere Institute said that this year's honourees "understand that outstanding compliance programs, investment in corporate culture of integrity and sound business ethics have key roles in attracting and retaining talent, expanding business globally and driving financial performance."

The awards are now in their 8th year and are based on the Ethisphere Institute's Ethics Quotient framework. Score are generated in five key categories: ethics and compliance programs (25%), reputation, leadership and innovation (20%), governance (10%), corporate citizenship and responsibility (25%), and culture of ethics (20%).

Steve James, CEO of Teachers Mutual Bank said that the bank was honoured to be recognised at an international level and that it was proud to be punching above their weight alongside the biggest in the industry.

The full list of honorees can be found here.