CVS makes it onto Fortune ‘Change the World’ list

WOONSOCKET – CVS Health Corp. has made it on to Fortune magazine’s new “Change the World” list, which recognized 50 companies for doing good.
Fortune said the companies have made a sizable impact on major global social or environmental problems as part of their competitive strategy.
CVS ranked 31st on the list, a spot it earned for its decision to stop selling tobacco products in 2014. Fortune said that making cigarettes even slightly less accessible can push down childhood smoking rates, and said CVS’ decision has been lauded by public health officials.
“Investors have joined the chorus of hosannas, pushing CVS stock up 66 percent since the bold move – three times the return of the S&P 500 over the same period,” Fortune said.
First on Fotune’s “Change the World” list was Vodafone and Safaricom, which partnered on a mobile money platform to allow people who lack bank accounts use their smartphones to save and transfer money, receive pensions and pay bills. Also making the list were notable companies such as Google (No. 2), Toyota (No. 3) and Wal-Mart (No. 4). Facebook was No. 10.
Fortune said the list is not meant to rank a company’s “overall goodness” or “social responsibility,” but “simply to shine a spotlight on instances where companies are doing good as part of their profit-making strategy, and to shed new light on the power of capitalism to improve the human condition.”
To create the list, Fortune’s editors and FSG, a nonprofit social-impact consulting firm, contacted dozens of business, academic and nonprofit experts around the world, asking for recommendations. More than 200 nominees then were vetted for the list, Fortune said. The degree of business innovation involved and the measurable impact on an important social challenge were among criteria used.

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