Fortune shines a light on the companies ‘changing the world’
While most business rankings are based on financial achievements, Fortune’s Change the World list offers a very different definition of which companies can be considered global leaders.
This is a countdown placing extra weight on how corporations are addressing social issues, cutting down on their environmental impact and responding to natural disasters – all considerations which are increasingly being factored into corporate thinking as time goes on.
Whittled down from a shortlist of 250, the final product this year is a showcase of 59 organisations that have had a positive social impact through activities forming part of their core business strategy.
Fortune defines the three most important factors used to collate the Change the World list as follows:
- Measurable social impact: The reach, nature and durability of a company’s impact on one or more specific societal problems.
- Business results: The benefit the socially impactful work brings to the company. Profitability and contribution to shareholder value outweigh benefits to the company’s reputation.
- Degree of innovation: How innovative the company’s effort is relative to that of others in its industry, and whether other companies have followed its example or partnered with it.
EV pioneers earn plaudits from Fortune
In selecting its number one, Fortune has grouped together four companies which are speeding up the EV revolution in the US, labelling them ‘The American Electrifiers’. They are ChargePoint, General Motors, SK On Co and Tesla.
Vehicles account for a huge proportion of the world’s greenhouse gas emissions, especially in the US, where Tesla and General Motors are working to change public perception of EVs.
SK, with its innovative battery technologies, is helping to build a new generation of mobility that will create cleaner, more convenient forms of transportation, while ChargePoint is the world’s largest network of EV charging stations and has a presence in both North America and Europe.
Second-placed Mercado Libre receives praise for giving tens of millions of people across Latin America access to banking services, including payments, loans, investing and other financial tools. Crucially, users can benefit regardless of their personal financial situation.
Walmart is no stranger to featuring in the prestigious Fortune 500, topping the pile once again this year having generated income of more than US$600 billion. The multinational retailer places third in the Change the World rankings thanks to its efforts to make insulin more affordable and healthcare in general more accessible.
The remaining companies in the top 10 are as follows:
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