L’Oréal has been named as one of 2018 World’s Most Ethical Companies, a ranking compiled by the Ethisphere Institute.

The French beauty giant has made the cut for the ninth year, and is one of only three in the health and beauty industry to be recognized in 2018. Kao and Natura were the other two, while Colgate-Palmolive was named in the consumer products category.

“A company’s value is not measured by its sole economic performance. Because L’Oréal has always strived to be a virtuous and responsible company, we have placed ethics at the heart of our strategy and daily practices. It is this approach that is recognized today by Ethisphere, and it is a source of pride for all of us. ” said Jean-Paul Agon, Chairman and Chief Executive Officer of L’Oréal.

“Companies’ culture of ethics and integrity has become a substantial part of their assessment. The currency of ethics is trust and our sustainable development is based on L’Oréal’s core Ethical Principles: Integrity, Respect, Courage and Transparency.” said Emmanuel Lulin, Senior Vice-President and Chief Ethics Officer of L’Oréal.