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\t\t\t<\/a><\/p>\nSocial media companies impose systemic and structural damage on our culture and polity with impunity. High levels of concentration have seen our biggest businesses dramatically increasing their mark-ups. The list of corporate wage thieves, and the amounts owed to Australian workers, steadily increase a decade after the problem first came to light. And it\u2019s only because the big audit and consultancy firms like PwC aren\u2019t actually companies that they can\u2019t be added to the toxic list.<\/p>\n
But who is the worst of the worst? Readers will have their own views. Many will suggest Qantas, or one of the big banks, for the contempt they hold for customers forced to use them. Those trying to balance household bills might name Coles and Woolies. Others will say News Corp for its cancerous role in worsening social and political division and peddling hate. Investors who\u2019ve done their dough on Star, or long-suffering holders of near-worthless Seven West Media shares, might have a different view.<\/p>\n
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By continuing, you agree to our\u00a0Terms & Conditions<\/a>\u00a0and\u00a0Privacy Policy<\/a>.<\/p>\n But at Crikey we think it\u2019s possible to objectively determine the worst company, by carefully compiling multiple criteria and then weighting them in terms of societal impact. Here are our criteria:<\/p>\n Environmental damage: Australia\u2019s status as a fossil fuel superpower is built on the hard work of some of the world\u2019s worst climate criminals \u2014 Woodside, Santos, and multinationals like Chevron, Shell and BP. We rate the damage inflicted by these oligopolists as one of the most important criteria for the worst companies, and have given it top weighting. But it\u2019s not just for emissions \u2014 companies that enable and advocate for climate denialism, like News Corp, also get a rating.<\/p>\n Breaking the law: The number of Australian companies that have been found, or admitted to being, in breach of the law is remarkable. We also give this our highest weighting, but space out the scores to reflect the seriousness of the offence: Westpac\u2019s money laundering offences that enabled child abuse are in a different league to, say, mining companies breaching minor licence conditions.<\/p>\n Undermining public policy: What kind of role does a company play in policy debate? Does it engage in the great corporate game of influence peddling to gain advantage for itself or its industry, at the cost of the national interest? Another top-weighting criterion, which will mean that each score is multiplied by three.<\/p>\n Tax avoidance: While some companies, like the big banks, or mining companies with large Australian assets, pay full freight when it comes to corporate tax, others are notorious for tax avoidance \u2014 News Corp famously pays no tax in Australia; the big tech companies still avoid tax after years of governments trying to force them to pay more; fossil fuel companies make billions from publicly owned resources while paying little if any Petroleum Resource Rent Taxes. We give this the middle weighting.<\/p>\n Wage theft: The majority of large companies in Australia have been guilty of wage theft at some point in the past decade \u2014 along with universities, the ABC and many small businesses and the agricultural industry. Another middle weighting criterion.<\/p>\n Anticompetitive behaviour: High levels of market concentration are a major problem for productivity and inflation in the Australian economy, with our lax competition laws rarely doing much to prevent big firms getting even bigger. A middle weight criterion, meaning points under these criteria will be doubled.<\/p>\n Damaging social cohesion: Few companies are in a position to actively undermine social stability, but this middle weight criterion recognises the capacity of media companies like News Corp and Seven to cause division and foster hate, along with gambling companies growing rich off a tide of misery in the community.<\/p>\n And the low-rank criteria: Important but not as important as those listed above: do the companies rely on public subsidies, do they offer poor customer service (hi, Qantas!), have they destroyed investor wealth, and do they offer poor workplace conditions.<\/p>\n \n\t\tRelated Article Block Placeholder<\/p>\n \t\t\tArticle ID: 1223222\n\t<\/p>\n
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