2 MN Cos. Make Fortune’s List Of “World’s Most Admired”
3M Corporation and Target both made Fortune’s latest list of the 50 “World’s Most Admired Companies.”
Fortune said its annual list is the “definitive report card on corporate reputations.” The magazine ranks the companies based on recommendations made by thousands of executives, directors, and analysts across the country.
Those individuals voted for companies based on the following nine factors: innovation, people management, use of corporate assets, social responsibility, quality of management, financial soundness, long-term investment, quality of products and services, and global competitiveness. Only the 1,000 largest U.S. companies, based on revenue, were considered for the list—as well as non-U.S. companies with revenue of $10 billion or more.
The list, released Thursday, ranked Maplewood-based 3M 23rd and Minneapolis-based Target 29th. Although 3M is the highest-ranking company from Minnesota, it’s been falling down the list the last couple of years: last year it ranked 21st, and it was 18th in 2012. Target, meanwhile, fell seven spots from 22nd last year, and it ranked 25th in 2012.
Other Minnesota companies have fallen off the list altogether. Last year, St. Paul-based St. Jude Medical made the list at 43rd, and the year before, Golden Valley-based General Mills squeaked in at 50th.
Apple, Inc., topped Fortune’s latest list for the seventh year in a row, followed by Amazon, Google, Berkshire Hathaway, Starbucks, Coca-Cola, Walt Disney, FedEx, Southwest Airlines, and General Electric in the top 10, respectively.
Fortune said 3M is “lavishing” shareholders with a 35-percent bump in dividends this quarter, which the magazine said was the 56th straight year of annual increases. In December, 3M said it planned to spend between $5 billion and $10 billion on acquisitions over the next five years. Fortune also said 3M is hoping to reduce air emissions by 15 percent by 2015. Among the list’s key reputation attributes, 3M received its highest marks for innovation.
Target, meanwhile, received high marks for social responsibility but didn’t fare as well for the use of its corporate assets. It’s unclear whether the information used to determine the ranking was compiled before or after the retailer’s massive data breach in December.
To see the full list, click here.