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Abbott Australasia

OVERALL

Owned
USA
Rating
Criticisms

Healthcare

Abbott has been operating in Australia since 1937.

Company Ownership

Abbott Australasia Pty Ltd   AUS     website   email      
  Abbott Laboratories   
   owns 100% of Abbott Australasia Pty Ltd  
USA     website   email   facebook   twitter

Healthcare

Medical devices and health care company.

> About the Ratings

Company Assessment

PRAISE CRITICISM INFORMATION
Abbott Australasia Pty Ltd
Social MAIF signatory
This company is a signatory to the Manufacturers and Importers Agreement 1992 (MAIF), a voluntary self-regulatory code of conduct between the manufacturers and importers of infant formula in Australia. The MAIF Agreement aims to contribute to the provision of safe and adequate nutrition for infants, by the protection and promotion of breastfeeding and by ensuring the proper use of breast milk substitutes, when they are necessary, on the basis of adequate information through appropriate marketing and distribution.
Source: Australian Government Dept of Health (2019)
Business Ethics Sustainability claims
This company has a number of sustainability claims on its website.
Source: company website (2014)
Abbott Laboratories
Environment CDP Climate Change Score of A-
In 2019, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change Score of A-.
Source: CDP (2019)
Business Ethics 85/100 S&P Global ESG Score
This company received an S&P Global ESG Score of 85/100 in the Health Care Equipment & Supplies category of the 2019 SAM Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices. The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2019)
Social CDP Water Security Score of B
In 2019, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to manage and govern freshwater resources. Responding companies are scored on six key metrics: transparency; governance & strategy; measuring & monitoring; risk assessment; targets & goals; and value chain engagement. This company received a CDP Water Security Score of B.
Source: CDP (2019)
Business Ethics 62.3% at JUST Capital
JUST Capital polls Americans every year to identify the issues that matter most in defining just business behaviour. For their 2021 rankings the public identified 19 issues, which are organised under the headings Workers, Communities, Customers, Shareholders and Environment. JUST Capital then define metrics that map to those issues and track and analyse the largest, publicly traded U.S. companies. This analysis powers their rankings, in which this company ranked 137th of 928 companies, and 9th of 51 Pharmaceuticals & Biotech companies.
Source: JUST Capital (2020)
Social Irresponsible marketing
This company pleaded guilty to federal charges that it improperly promoted the drug Depakote to elderly dementia patients in nursing homes. It reached an agreement with the Department of Justice to settle the investigation for $1.5 billion in May 2012. The company faces more lawsuits over the drug, which can cause birth defects.
Source: Drug Watch (2012)
Social Irresponsible marketing
This company is named and shamed in IBFAN's 2017 report, 'Breaking the Rules, Stretching the Rules 2017', evidence of violations of the International Code of Marketing of Breastmilk Substitutes, compiled from June 2014 to June 2017. The report covers 792 Code violations from 79 countries and by 28 companies.
Source: IBFAN (2017)
Business Ethics 39.3% in Newsweek Green Ranking 2017
This company received a score of 39.3/100 in the Newsweek Green Ranking 2017, which ranks the world's largest publicly traded companies on eight indicators covering energy, greenhouse gases, water, waste, fines and penalties, linking executive pay to sustainability targets, board-level committee oversight of environmental issues and third-party audits. Ranking methodology by Corporate Knights and HIP Investor.
Source: Newsweek (2017)
Social Nanoparticles in baby formula
Independent testing commissioned by Friends of the Earth in 2015 found potentially harmful nanoparticles in popular baby formulas sold throughout the USA, including products by this company. A growing body of scientific research demonstrates that nanoparticles pose threats to human health, raising concerns about their use in food and many other consumer products.
Source: FOE (2015)
Business Ethics Fined for fraud in USA
In 2019 several pharmaceutical companies finally settled a 2005 lawsuit which claimed the companies fudged wholesale drug prices to increase Medicaid reimbursements. In all, the state of Illinois received a combined $648 million over the course of that litigation. This company was involved in the 2019 settlement.
Source: news article (2019)
Business Ethics Tax dodging
A 2018 report by Oxfam shows that four pharmaceutical corporations, including this one, systematically hide their profits in overseas tax havens. This activity could deprive developing countries of more than $100 million every year. These corporations deploy massive influencing operations to rig the rules in their favor and give their damaging behavior a veneer of legitimacy. Tax dodging, high prices, and influence peddling by drug companies exacerbate the yawning gap between rich and poor, between men and women, and between advanced economies and developing ones.
Source: Oxfam (2018)
Business Ethics CEO Pay Ratio of 329:1
In 2019 the median pay for a worker at this company was US$84,434. The CEO was paid 329 times this amount. Exorbitant CEO pay is a major contributor to rising inequality. CEOs are getting more because of their power to set pay, not because they are increasing productivity or possess specific, high-demand skills. The economy would suffer no harm if CEOs were paid less (or taxed more). In contrast, the CEO-to-typical-worker compensation ratio was 20-to-1 in 1965 and 58-to-1 in 1989.
Source: AFL-CIO (2020)
Environment Possible GE in US brands
This company has products rated RED in the Centre for Food Safety's True Food Shopper's Guide (USA). Products on the RED list contain ingredients that come from the most common GE crops (corn, soy, canola, cotton). Companies with products on this list have confirmed that their products may have or are likely to be made with GE ingredients, or have not denied using GE foods when given the opportunity to do so.
Source: Center for Food Safety (USA) (2013)
Social Multinational Monitor's '10 Worst Corporations of 2007'
Named one of Multinational Monitor's '10 Worst Corporations' in 2007. [Listed under information due to age of article]
Source: Multinational Monitor (2007)
Business Ethics Price fixing
In 2010, Abbott Laboratories, B. Braun Medical and Roxane Laboratories agreed to pay $421 million to resolve claims they had reported false and inflated prices for their drugs, which again affected federal health care reimbursements. The grossly inflated average wholesale price (AWP) caused Medicare and Medicaid programs to spend more per patient than was necessary, thereby reducing the amount of funding available for all patients in need. The drug manufacturers did not admit fault. [Listed under Information due to age of court finding]
Source: Drug Watch (2010)
Business Ethics Multinational Monitor's '10 Worst Corporations of 2006'
Named one of Multinational Monitor's '10 Worst Corporations' in 2006. [Listed under information due to age of article]
Source: Multinational Monitor (2006)
Business Ethics Excessive CEO pay
As You Sow's 2019 report, 'The 100 Most Overpaid CEOs', reveals the 100 most overpaid CEOs from USA's 500 largest public companies (as determined by the S&P 500 list). This company's CEO, Miles White came in at number 50 on the list, having been paid US$18,971,019 in 2018. According to the report, "Most CEOs have come to be grossly overpaid, and that overpayment is harmful to the companies, the shareholders, the customers, the other employees, the economy, and society as a whole."
Source: As You Sow (2019)
Business Ethics Price fixing in China
In 2013 China fined six companies, including this one, a total of $110 million following an investigation into price fixing and anti-competitive practices by foreign baby formula makers.
Source: news article (2013)
Social Mum-friendly employer
This company was named in the Working Mother 100 Best Companies 2020 for being a mum-friendly employer. Listed companies demonstrate progress in offering paid parental leave and opportunities to return to work gradually, as well as family-friendly benefits and opportunities for women to advance.
Source: Working Mother (2020)
Business Ethics Citizenship claims
This company has sustainability claims on its website.
Source: company website (2014)
Business Ethics Responsible Minerals Initiative member
This company is a member of the Responsible Minerals Initiative (formerly the Conflict-Free Sourcing Initiative), which helps companies address conflict minerals issues in their supply chains. The RMI provides information on conflict-free smelters and refiners, common tools to gather sourcing information, and forums for exchanging best practices on addressing conflict minerals. Membership is open to companies that use or transact in tantalum, tin, tungsten or gold (3TG). Founded in 2008 by members of the Electronic Industry Citizenship Coalition and the Global e-Sustainability Initiative.
Source: RMI (2019)
Social Modern Slavery statement
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: Modern Slavery Registry (2017)
Social Modern Slavery statement
California, the UK and Australia have all enacted legislation requiring companies operating within their borders to disclose their efforts to eradicate modern slavery from their operations and supply chains. Follow the link to see this company's disclosure statement.
Source: Modern Slavery Registry (2016)
Social 54% in conflict minerals rankings
As You Sow's 2019 report, Mining the Disclosures, is a deep analysis of 215 companies' human rights performance in relation to sourcing conflict minerals from the Democratic Republic of the Congo (DRC). This company's score was 54% (Adequate).
Source: As You Sow (2019)
Information OpenSecrets.org profile
OpenSecrets.org tracks the influence of money on U.S. politics, and how that money affects policy and citizens' lives. Follow link to see this company's record of political donations, lobbying, outside spending and more.
Source: Open Secrets (2014)

> About the Icons

Company Details

Type Wholly-owned subsidiary
Revenue $382 million in 2018
Employees 320 in 2018

Contact Details

Address Sir Joseph Banks Corporate Park, 32-34 Lord St, Botany, NSW, 2019, Australia
Phone 02 9384 9700
Fax 02 9384 9800
Email customerserviceaustralia@abbott.com
Website www.abbottaustralasia.com.au

Products / Brands

Abbott Australasia
Blink Eye & Ear Care
Complete Blink-N-Clean Eye & Ear Care


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