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  "documentTitle": "Kao Corporation (4452.JP)",
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  "notes": "Includes logos of Elbit Systems and Leidos as examples of questionable award recipients.",
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      "text": "Companies pay for both the self-assessment and rights to use Ethisphere's logo. We think this creates a major conflict of interest, especially since Kao has not disclosed its 18-year fee history with Ethisphere or whether the company factors into third-party ESG evaluations.",
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      "text": "Ethisphere's ethical credibility is questionable, Having repeatedly honored arms manufacturers:",
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      "text": "We think this creates a major conflict of interest, especially since Kao has not disclosed its 18-year fee history with Ethisphere or whether the company factors into third-party ESG evaluations.",
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      "text": "Elbit Systems of America: 6 times\nLeidos: 7 times",
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      "text": "Kao highlights its 18-year streak as one of \"the 'World's Most Ethical Companies'\" as central to its ESG credentials. This award deserves closer examination since 28% of Management's long-term incentives tie directly to ESG metrics and external evaluations.",
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      "text": "Ethisphere, the awarding organization, is a for-profit company that charges fees to define and measure corporate ethics. This self-nominated, \"pay-to-play\" award relies on proprietary self-reported surveys with an assessment process that lacks transparency and peer review.",
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