Toyota motor company has been named the topmost motor vehicle company in the automobile industry which makes it the 6th consecutive year. This is from the annual ranking from Fortune Magazine in their 2020 “world’s most admired companies”. Toyota is also holding the 30th position among the top 50 ‘All Star’ companies surveyed which was made across companies in various industries.
Fortune is where everyone goes for corporate ratings and reputation. These outcomes are based on company surveys and industry peer ratings from senior executives, directors and industry analysts from all around the world. Nine elements considered to be critical to a company’s global success. Quality of products and services, social and environmental responsibility, global competitiveness and value of the company are some of the qualities these surveys are based on.
1,500 companies were selected to start the process with 1,000 of them being the largest companies in the U.S. as ranked by revenue alongside non-U.S. companies in Fortune’s global 500 database with revenue of over $10 billion. The highest rated companies are then selected in every industry. This amounts to a total of 680 companies in 30 countries.
Korn Ferry Hay Group asked 750 executives, directors and securities analysts to select 10 companies they admired most. Companies that turn up in the top 25 percent of last year’s survey and those that finished in the top 20 percent of their industry. Anyone could vote for whomever in any industry. Participants were then asked to rate companies in their own industry on 9 criteria: Innovation, People Management, Use of Corporate Assets, Social Responsibility, Quality of Management, Financial Soundness, Long-Term Investment Value, Quality of Products and/or Services and Global Competitiveness.
Jim Lentz, the chief-executive-officer of Toyota Motor North America said, ”To top Fortune’s list of the most admired auto companies for the sixth time in a row is an exciting accomplishment for all of us here at Toyota and I continue to be impressed by the talent of our global team”. He also said he couldn’t wait to see what lies ahead for Toyota.
Apple, Amazon, Microsoft, Walt Disney and Berkshire Hathaway have taken positions 1 to 5. Coca-cola and Nike hold 12th and 13th positions respectively. Walmart holds 18th. Facebook is on 137, Honda holds 158 and Hyundai holds 165. The full list can be found on Fortune’s website at https://fortune.com/worlds-most-admired-companies