This article imparts a deeper understanding of Colgate's annual report, portfolio and potential financial, social and enviormental sustainability.

1. Colgate: Bridging Sustainability and
Responsibility
Sep Pouresa B.Sc. D.M.D (C)

2. 1
Table of Content
Executive Summary and Objective of the Analysis....................................................2
Project Description.........................................................................................................3
Overview
Inclusion in Oral Health Products
Triple Bottom Line
1.Environmental Sustainability..........................................................................................4
1.1. Greenhouse Effects
1.2. Deforestation Control
1.3. Triclosan and Asbestos
2.Social Sustainability.......................................................................................................8
2.1. Education
2.2. Wellness, Human rights and Child labor
3.Financial Sustainability................................................................................................11
3.1. Financial Performance
3.2. Digital Marketing and Promotional Initiatives
Conclusion....................................................................................................................13
Bibliography..................................................................................................................15
Appendix.......................................................................................................................19

3. 2
Executive Summary and Objective of the Analysis
Emerging as a local family-owned soap company, Colgate’s Cashmere Bouquet
became the world’s first perfume soap in 1947, first toothpaste in collapsible tubes in
1896 and expanded to partnerships with Palmolive and Hills advancing their company
as a supplier of pet nutrition, oral and personal care products (Colgate History Report,
2019). Today, Colgate boasts worldwide net sale of $15.5B; an operative cash flow of
$3.1B; an ROA and net profit margin of 20.04% and 15.08%, and is placed in Barron’s
top 100 most sustainable companies (Colgate Annual Report, 2018; Macrotrends,
2019). Despite Colgate’s success, this research project will impart a deeper
understanding of the financial, environmental and social sustainability of this company
using core concepts studied throughout the course.
From a financial perspective, stakeholders may argue that investing in Colgate
would be very rewarding considering its image as a well-renowned, profitable company.
From an environmental and social sustainability perspective, also impacting public and
stakeholder’s opinion are the following audited entitlements of:
 Ensuring their suppliers are advocates of human rights and eradicating child labor
(CCSRSR, 2017).
 Providing oral health education programs to 1B children in over 80 countries
(Colgate-Palmolive Annual Report, 2018).
 Promoting strongly the use of natural capital stock (Planet Colgate Palmolive, 2019).
 Monitoring the sourcing of their products with the liaison of multiple non-profitable
organizations such as the Rainforest Alliance U.S, Lacey Act and the Forest
Stewardship Council (CPP, 2019; PCP, 2019).
 Partnering with suppliers that produce paper from recycled sources and limit both
deforestation rates and greenhouse effects (Colgate Sustainability Report, 2015).
Despite Colgate’s vision on taking proactive measures to reduce or eliminate
greenhouse effects, child labor and the violation of human rights, critics have often
questioned the validity of their claims:
 Colgate’s so-called “miraculous” and “incomparable” Cashmere Bouquet Soap was
recently involved and lost to a 12-million-dollar lawsuit earlier this month of June

4. 3
2019 (Siegel, 2019). The jury was convinced that the asbestos-rich soap caused
and advanced a woman’s mesothelioma cancer to a terminal stage.
 Also, palm oil is a key ingredient in their soap production but also a major source of
deforestation and child labor, specifically encountered in the Willmar Company in
which Colgate is affiliated with (Amnesty International, 2016).
 Colgate has also been accused for their use of Triclosan, an antibacterial agent that
is associated with various types of cancer, bacterial resistance and thyroid diseases
(Carey & McNamara, 2015; Kim et al., 2014; Zorrilla et al., 2009).
 Scholarships and awards that are solely given to applicants that purchase Colgate
products (Figure I) and the use of social influencers to manipulate audiences.
Therefore, this company has been accused of misinforming stakeholders about their
products. These accusations can severely impair the sustainability of the company and
change stakeholders’ perspective and decision with respect to the Colgate investments.
It is recommended to keep all perspectives in mind when reviewing the decision to
invest in Colgate: The current financial profitability and brand-power as well as the
future risks of depreciation of stock and loss of reputation from public unacceptable
environmental and social actions and potential lawsuits.
Project Description
Overview
With increasing demands for oral hygiene products and competition between
companies, Colgate has always found a way to persist and stand out. The company
initially started as a family-owned soap company in 1806, where they would personally
deliver their products to clients’ houses (Colgate History Report, 2019). It was only in
1947, that they revolutionized soaps with their Cashmere Bouquet perfume soap in
which they integrated a pleasant scent (Colgate History Report, 2019). This movement
left a lasting impression on markets since soaps were solely used as a mode of
disinfectant at the time. As the demand for aesthetics and personal care products
increased over the years, the company expanded their products to oral care where
Colgate supplied the first of toothpaste in collapsible tubes in 1896 (Colgate History

5. 4
Report, 2019. The company ultimately partnered with Palmolive and Hills to further
advance their company and become a supplier of pet nutrition, oral and personal care
products. Today, Colgate is internationally recognized for its diversity in products; efforts
to reduce greenhouse effects and deforestation rates; eliminate child labor and as a
world leader in dental care which will be further discussed in the research paper.
Despite these movements, critics have always questioned the validity of their claims,
highlighting the importance of further investigating the financial, environmental and
social sustainability of Colgate.
Inclusion in Oral Health Products:
As an approach to standing out, Colgate has always designed their oral care
products so that individuals from both high and low socioeconomic classes can benefit
from them. For example, proper use of oral device is particularly important when it
comes to tooth brushing since not everyone has the privilege to access a power-driven
toothbrush, which has been shown to be more effective than mechanical ones in plaque
removal (Jain, 2013). However, Colgate produces both electrical and mechanical
toothbrushes so that it is also inclusive to those with a low socioeconomic status who
can not afford an electrical one (Colgate Website, 2019). The company also produces
both soft and extra soft circular bristles (as opposed to the medium and firm ones seen
in other companies) so that a conservative amount of pressure is exerted on the gums
to prevent recession (Colgate Website, 2019; Khocht et al., 1993). Unlike certain
mouthwash companies such as Listerine, Colgate ensures that their mouthwashes and
toothpastes and concentrated with fluoride (Colgate Website, 2019). This is particularly
important as fluoride is the active agent that prevents plaque from forming and
accumulating on teeth (Kanduti et al., 2016).
Environmental Sustainability:
In the annual report, Colgate acknowledged that their reputation is at stake if they
fail to act responsibility with respect to the sustainability of the environment (Colgate
Annual Report, 2018). Therefore, Colgate has taken serious measures to disclose and
build a low-risk global supply chain to comply with the standards of many associations
that will be discussed.

6. 5
1.1 Greenhouse effects
As we have seen in class. the number of natural disasters have increased
drastically from 1970-2018 (Swiss Re Institute, 2019). There is no doubt that the
process of climate change in greenhouse effects is playing a great role. That is because
pollution and the carbon dioxide by-products have a detrimental effect on our ozone
layer (Schoenmaker & Schramade, 2019). This deterioration can ultimately lead to
green house effects where there will be rises in the Earth’s temperature; extreme
weather patterns; limited water availability and natural disasters (Schoenmaker &
Schramade, 2019).
As an effort to reduce energy expenditure, Colgate actively engages in the
Energy Treasure Hunt program where a group of individuals analyze the company’s
facilities for energy wastes and brainstorm ways to reduce them accordingly (Colgate
Sustainability Report, 2015). In parallel to that strategy, their 5% Planet program also
encourages them to spend 5% of the company’s manufacturing capital on water
conservation and reduction of both energy and waste to landfill (Colgate Sustainability
Report, 2015). As a result of this program, they were able to invest $139 million in over
865 planet-related projects from 2011 to 2015 (Colgate Sustainability Report, 2015).
Ultimately, these allowed them to exceed their 2015 goal in reducing energy intensity
and carbon emissions intensity by 20% as depicted in Figure 4. As holders of the
Green-E certified wind power and as advocates of renewable energy and green
projects, they envision to further reduce these trends to 25% by 2020 through these
initiatives and alternative energy sources (e.g. wind, biomass, solar...) (Colgate
Sustainability Report, 2015).
Working with the U.S. EPA Green Power and their Global travel provider allowed
them to also track their greenhouse gas emissions that were generated from flights,
trains, cars and hotels they were staying at. Colgate also invested in Telepresences in
39 countries so that their meetings and business reviews become virtual to further
reduce gas emission (Colgate Sustainability Report, 2015).
Historically, Colgate has been able to reduce their water consumption per unit of
production by over 33% from 2005 to 2015 as depicted in Figure 5 (Colgate
Sustainability Report, 2015). They also commented on their annual report that the

7. 6
following goals can be achieved through their continuous efforts and use of programs
and initiatives (e.g. Water Treasure Hunt in Mexico, Water recycling in Brazil, Rainwater
Harvesting in India...). These goals include: increasing participation of suppliers in their
stewardship program (e.g. protect the ecosystem, investing in water conservation);
improving water access to underserved areas; replenishing water in highly stressed
areas and reducing manufacturing water intensity by half relative to 2002 (Colgate
Sustainability Report, 2015).
As illustrated in class, regardless of how much efforts we invest into reducing
greenhouse effects, a part of the global warming process is irreversible. This highlights
the importance of taking proactive measures to limit or prevent this environmental
deterioration (Schoenmaker & Schramade, 2019).
1.2 Deforestation Control
Colgate also implemented a policy to produce paper from recycled sources and
solely utilize forests that do not contribute to deforestations (Planet Colgate Palmolive:
PCP, 2019). This regulation is currently being monitored by the Rainforest Alliance,
which is an non-profitable organization that assesses materials utilized for supplies
(Colgate Palmolive Policy: CPP, 2019). Their policy also ensures that the use of pulp
and paper is compliant and certified by the U.S. Lacey Act and the Forest Stewardship
Council, which is an association that encourages responsible manipulation of the
world’s forests and decide whether a company is labelled as eco-friendly (CPP, 2019;
PCP, 2019). These regulations include: prohibition to illegally harvest wood, exploit
people, deforest areas of high conservation values (HCV) and obtaining wood from
forests converted to plantations (CPP, 2019; PCP, 2019).
Palm oil is also an important ingredient in Colgate’s soap and toothpaste product
(CPP, 2019). Historically, the sourcing of Palm oil has not been environmentally-friendly
since palm plantations involved a high rate of deforestation. (CPP, 2019). The
establishment of plantations and deforestations can further impact our environment
through greenhouse gas emissions and impaired biodiversity (Schoenmaker &
Schramade, 2019). Colgate, however, have invested efforts to operative without or very
minimal deforestations for their palm oil production and ensures that all measures are
executed within the acceptable boundaries of the Earthworm Foundation (PCP, 2019).

8. 7
With the liaison of the Earthworm Foundation, they also provide several workshops and
training with respect to responsible palm oil sourcing (PCP, 2019). This also coincides
with their “Centre for Social Excellence” initiative where they train and highlight the
importance of human rights and environmental safety in the operation of natural
resources and agriculture (PCP, 2019). Together, these movements ensure that
Colgate’s suppliers have the same vision and comply with the company’s standards.
Colgate also selectively partnered with suppliers in countries that have relatively
high deforestation rates so that they can further change their environmental policies. For
example, there are currently high deforestation rates in the amazon rainforest for cattle
ranching as a result of an increased demand for beef (PCP, 2019). Seeing that Tallow,
a cattle by-product, is being utilized for Colgate’s soap production, the company
selected high-deforestation-suppliers in Brazil with aims to alter their policy and
regulation. In this example, Colgate ensured that they become compliant with the
Brazilian Institute of Environment and Renewable Natural Sources, so that they can
operative as eco-friendly as possible (PCP, 2019). These are few of many examples in
which Colgate has taken proactive measures to prevent further our planet’s
deterioration.
1.3 Effects of Triclosan and Asbestos
The efficacy of triclosan as an antibacterial and antifungal agent in Colgate
consumer products, has always been a controversial topic. Traditionally, surgical
sutures have been coated with triclosan to prevent bacterial contamination at the site of
operation (Renko et al., 2017; Wang et al., 2013). Hand soaps containing Triclosan,
such as Colgate, also had a greater benefit in bacterial removal in comparison to
standard soaps (Montville, 2011). Overtime, these findings encouraged researchers to
study its effect on toothpastes. For example, a Cochrane review determined that there
was a significant reduction in dental plaque and gingival inflammation relative to its non-
triclosan containing toothpastes (Riley, 2013). However, critics always questioned the
side effects of Triclosan and whether its benefits outweighed the risks. Some animal
studies have raise concerns that extended use of triclosan was associated with ovarian
cancer (Kim et al., 2014); while others provided evidence for its association to antibiotic
resistance (Carey & McNamara, 2015). Ultimately, these evidences lead the Food and

9. 8
Drug Administration (FDA) to ban Triclosan from soap products in September 2016
(AAFP, 2017); Weatherly & Gosse, 2018). Zorrilla et al., (2009) also investigated the
effect of triclosan on thyroid hormone (T3/T4) levels in male rats, where they found that
both hormones were reduced. More specifically, only 30mg/kg of triclosan was needed
to reduce T4 and 200mg/kg for T3.
However, Cullinan’s (2012) study concluded that toothpastes with triclosan
concentrations of 0.3% or below did not affect thyroid levels and were reported to be
safe. Despite these finding, Colgate launched the new “Colgate Total SF” this February
(2019), where they fully removed the Triclosan antibacterial agent from its products
(Amnesty International, 2016; CisionNewswire, 2019). Although this movement may
have eliminated potential health risks, Colgate recently faced and lost to a lawsuit for
having traces of asbestos in their soaps in the month of June 2019 (Siegel, 2019).
Asbestos are silicate minerals commonly found in building material and are
strongly associated with lung diseases (Bristish Lung Foundation, 2019). Patient Mrs.
Schmitz, was recently granted $12M from a lawsuit after finding traces of asbestos in
Colgate and J&J products (Siegel, 2019). She claimed that her terminal Mesothelioma
cancer was caused and advanced by years of Colgate soap use, specifically the
Cashmere Bouquet. However, the article did not indicate whether the woman had a
family history, genetic or environmental predispositions to cancer. Occupations such as
carpenters and plumbers are also at high risk of developing cancers and other lung
conditions as a result of asbestos. Although the article stated that the soap was the
etiology of the cancer, we can not validate that statement as there may have been
external or other cofounding factors that may have contributed or exacerbated the
condition. However, Colgate’s negligence on informing the public about the product
containing asbestos defeats all their claims about always being ethical.
Social Sustainability
2.1 Education
As we have seen in class the social sustainability of a company can be enhanced
through human capitals, which are stocks of skills, knowledge and habits utilized to
improve the quality of labor with aims to produce economic value (Goldin, 2016). This

10. 9
finding also coincides with Will Kenton’s article on human capital, where he suggested
that a company can invest its human capital on education and training to further enrich
the quality and quantity of production (Kenton, 2009). In 2017, Colgate integrated a
progress mobile app called “coaching clinics” and “Check ins”, which are coaching and
conversations between the manager and employees (CCSRSR, 2017). These
strategies allow managers to guide and evaluate the employees’ progress with aims to
improve the company’s performance. These strategies were supported and maintained
after Colgate’s sustainability report evoked that 88% of the learners benefited from
these strategies (CCSRSR, 2017). With the liaison of the NeuroLeadership Institute,
Colgate also launched the “Connect” program, in which 90% of the employees affirmed
that it has enhanced their communication skills (CCSRSR, 2017).
As advocates of continuous learning and growth, Colgate further launched a
learning platform with digital resources to allow workers to connect and share ideas with
both experts and colleagues in other countries. Employees also completed over
450,000 hours of curriculum training (global, safety, environmental) in 2017 (CCSRSR,
2017).
Colgate also holds public health initiatives such as the “Bright Smile, Bright
Futures” program where they travel to under-served and marginalized rural and urban
communities in the United States. With the help of healthcare professionals and
volunteers, Colgate’s mobile dental van travels across 50 states to provide free dental
screening and education to impoverished neighborhoods. The company has provided
oral health education programs to 1B children in over 80 countries (Colgate-Palmolive
Annual Report, 2018). These include instructions on how to toothbrush properly, dental
check ups and treatment referrals (Colgate Mobile Van, 2019).
2.2 Wellness, Human Rights and Child Labour
We should acknowledge that human capital invested in training and education
alone will not allow employees perform to the company’s standards. Adequate Mental
health and wellness resources are the key agents. Fortunately, Colgate has
implemented a wellness strategy that encourages prevention, awareness, resilience
and promotes healthy life choice (CCSRSR, 2017). These strategies include

11. 10
encouraging workers to participate in Health Risk Assessments (measure of their
current health status); ensure that workers and their families have proper immunization
and dental care; awareness and testing of HIV-AIDS testing and other chronic diseases
(CCSRSR, 2017). The company also promotes healthy lifestyles such as smoking
cessation; proper nutrition; physical activity (e.g. access to gym, yoga) and both work-
life balance and stress control strategies (CCSRSR, 2017).
Although Colgate invests a lot of effort taking care of its employees, historically,
they has been accused of child labor and deforestation due to its affiliation with the
Wilmar company, a palm oil supplier (Amnesty International, 2016). The Great Palm Oil
Scandal” report describes how the Wilmar company forced Indonesian children work
long hours for pennies and sometimes extra hours with no pay due to threats of losing
their jobs. A female laborer even commented and I quote: “If I don’t finish my target,
they ask me to keep working but I don’t get paid for the extra time or get any premium
[bonus]. I have to finish all the sacks before I can leave” (Amnesty International, 2016).
However, Colgate reassures stakeholders in his 2017 social sustainability report that
they are members of the Supplier Ethical Data Exchange (CCSRSR, 2017). This implies
that they must utilize the Sedex Members Ethical Trade Audit protocol to evaluate their
suppliers’ compliance with promoting human rights and eradicating child labor and
discrimination (CCSRSR, 2017).
The company has also been investing into fostering an inclusive and diverse
work setting (e.g. use of support groups representing various backgrounds, cultures and
perspectives). The report highlights that it is important to not only ensure safety and
wellness but also ensure that minorities (e.g. disabilities, racially/ethnically) have equal
rights, opportunities, promotions and compensations (CCSRSR, 2017). These
prospects are governed and monitored by organizations such as the Diversity Best
Practices, National Association for Female Executives, American Association for People
with Disabilities and many more (CCSRSR, 2017).
Colgate has also shown interest in fostering a healthy and safe occupational
setting through guidelines and programs. As depicted in Figure 6, both the total
recordable rate (TRR) and the lost workday case rate have significantly decreased from
1998 to 2017 (CCSRSR, 2017). The company was able to achieve these trends through

12. 11
reductions in ergonomic exposure through collaborative robots; identification and
management of both working hazards and employees’ risk profile (CCSRSR, 2017).
Colgate also reduced noise, dust and chemical exposure in which they were able to
decrease the use of hearing aids from 49% to 44% and respirators from 5.3% to 2.3%
(CCSRSR, 2017).
Financial Sustainability:
3.1 Financial Performance
As we have seen in class, having accurate, comparable and clear reporting is
fundamental to a healthy and sustained company growth (Vargas, 2019; Schoenmaker
& Schramade, 2019). Reporting performance to shareholders allows companies to
captivate the interest of investors, rating agencies and customers while serving as a
document for external sustainability disclosure (Vargas, 2019). Consistently monitoring
a company’s performance also allows the company to foreseen and adapt to
fluctuations with aims to reverse negative trends Schoenmaker & Schramade, 2019).
However, Financial sustainability (FS) is more than just selling goods at a rate
higher than its production cost and reporting it. Instead, FS has been defined as the
company’s ability to maintain financial capacity over time (Bowman, 2011). A company’s
financial capacity reflects its ability to invest through capitals as well as to adapt to
unexpected challenges while maintaining their general operations (Bowman, 2011).
Having sustainable capitals are particularly important in the maintenance of day-to-day
operation and long term profit generation. Financial capitals can also be utilized to
further fuel social and environmental sustainability (e.g. human and environmental
capital).
Through the S&P Capital IQ. and the Macrotrend’s historical charts and metrics,
we can see that Colgate’s Return on Assets (ROA) has been consistently high over the
years with a current value of 20.04% (Figure 7). From this, we can hypothesize that the
the values are high because the total assets deployment is decreasing at a greater rate
relative to the revenue which is more or less constant over the years (Figure 10). Figure
7 also illustrates a significant drop in the year of 2015, which may have been because
the company sold assets to pay dividends to shareholders as opposed to fund

13. 12
operations. These trends also coincide with Colgate’s net profit margin (currently
15.08% in 2019) where it has also dropped in the year of 2015 (Figure 8). Despite these
sudden reductions, they were able to immediately return back to its original state for the
following years (Figure 7 & 8). Other important findings that support these findings
include:
 The amount of profit Colgate has generated with the money shareholders have
invested (Return on Equity) have been constant over the years with a slight
increase in 2015 and 2018 (Figure 9).
 The data also suggests that there has been a $1.8B change in accounting
standards resulting in a 35% reduction in net income from 2014 to 2015 (S&P
CIQ, 2019)
We can see from these historical charts and metrics on Table 10, that the company
has been able to sustain itself financially and is predicted to maintain its performance
(Macrotrends, 2019; S&P Capital IQ, 2019). However, this is under the assumption that
Colgate’s reputation, depreciation of stock and further lawsuits are not an external
contributing factor.
Interesting optional read
Other interesting findings in Colgate’s annual report include the elevation of their
net cash flow from 3,054 in 2017 and $3,141 in 2016 to $3,056 in 2018 (Figure 2). At a
first glimpse, we can also see that that the general and administrative expenses have
reduced from $5,400 in 2017 to $5,389 in 2018 (Figure 3). However, the author argues
that these expenses were related to the Global Growth and Efficiency program and
without them, the expenses actually increased from $5,314 in 2017 to $5,356 in 2018.
This occurred because there was a higher overhead (+25$) an advertising investment
(+17$) exhibited in 2018 (Colgate-Palmolive Annual Report, 2018).
3.2 Digital Marketing and Promotional Initiatives
As a form of marketing and recognition, Colgate has been known to offer
numerous scholarships with a popular one being the Filipino Colgate Palmolive
scholarship (Colgate Website Scholarships, 2019). This opportunity may be seen as an
impactful or philanthropic movement, but there is a catch. Applicants can only be

14. 13
eligible for the scholarship if they purchase specific Colgate products as depicted in
Figure 1. This form of marketing and advertising gives off the image that they are giving
back to society when in reality are promoting themselves and subsidizing from their
income taxes. As another mode of marketing, they stated in the instructions that the
winner’s name might be announced in their website videos, blogs and various forms of
social media.
In addition to the scholarships, Colgate has collaborated with social media
influencers to create YouTube videos called “The smile Show”. YouTube is currently the
2nd most visited website in the world with close to 1,300,000,000 users and 30 million
visitors per day (Chen et al., 2005; Shapiro, 2018). The smile show series featuring
“influencers Andrea Brooks and Blair Fowler alone gained the attention of 24M viewers”
added Critic Monique Danao (Think with Google, 2016). These two beauty and fashion
experts were showing the public that their bright white smile was accentuated with
Colgate products.
Conclusion
The research paper allowed stakeholders to impart a deeper understanding of
the environmental, social and financial sustainability in Colgate. We have seen how the
company is taking proactive measures to reduce or eliminate greenhouse effects,
deforestation rates and use of harmful chemicals while promoting social sustainability.
This includes eradicating child labor and promoting human rights, wellness,
occupational safety and public’s health through initiatives like the dental van. From the
financial perspective, we saw how the ROA and net profit margin have been constantly
high with a drop in 2015, which was indicative of assets sold to pay dividends to
shareholders.
Despite the applicability of the Triple bottom line, we should acknowledge that
there are limitations: unlike financial sustainability which is quantitative, social and
environmental sustainability are subjective and are not as easily measurable and
comparable. Therefore. It may be difficult to compare various degrees of triple bottom
lines between companies.

15. 14
Although Colgate has taken proactive measures to enhance our ecosystem and
the humanistic area of labor and public health, we should be mindful and keep all
perspectives in mind with respect to sustainable investments as valuations can change
over time.
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22.Macrotrends. (2019). Colgate-Palmolive Profit Margin 2006-2019 | CL. Retracted
from: https://www.macrotrends.net/stocks/charts/CL/colgate-palmolive/profit-
margins
23.Macrotrends. (2019). Colgate-Palmolive ROE 2006-2019 | CL. Retracted from
https://www.macrotrends.net/stocks/charts/CL/colgate-palmolive/roe
24.Montville, R. Schaffner Donald, W. (2011). A Meta-Analysis of the Published
Literature on the Effectiveness of Antimicrobial Soaps. Journal of Food
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25.Planet Colgate Palmolive: PCP. (2019.) Our Planet: Sustainability Planet
Commitments. Retrieved from https://www.colgatepalmolive.com/en-us/core-
values/sustainability/planet
26.Purtill, C. (2019). Colgate eliminated triclosan from its toothpaste. Could a ban be
on the way? Quartz. Article retracted from https://qz.com/1540815/colgate-
eliminated-triclosan-from-its-toothpaste-could-a-ban-be-on-the-way/
27.Renko, M. Paalanne, N. Tapiainen, T. Hinkkainen, M; Pokka, T. Kinnula, S.
Sinikumpu, JJ. Uhari, M. Serlo, W. (2017). Triclosan-containing sutures versus
ordinary sutures for reducing surgical site infections in children: a double-blind,
randomised controlled trial. The Lancet. Infectious Diseases. 17 (1): 50–57
28.Riley, P. Lamont, T. (2013). Triclosan/copolymer containing toothpastes for oral
health . Reviews. 12(12): CD010514.
29.Shapiro, A. (2018). Youtube is about to pass Facebook as the second biggest
website in US, according to new study. Retracted from:
https://www.cnbc.com/2018/08/08/youtube-is-about-to-pass-facebook-as-the-
second-biggest-website-accor.html

18. 17
30.Schoenmaker,D. Schramade, W. (2019). Principles of Sustainable Finance.
Oxford. Chapter 2,6, 7.
31.Siegel, D. (2019). California Jury Awards $12M in 1st Joint Colgate, Johnson &
Johnson Talc Powder Trial. CVN. Retracted from https://blog.cvn.com/california-
jury-awards-12m-in-1st-joint-colgate-johnson-johnson-talc-powder-trial
32.S&P Capital IQ. (2019). Colgate-Palmolive Company Financials. Retracted from:
https://www.capitaliq.com/CIQDotNet/Financial/IncomeStatement.aspx?Compan
yId=262247https://www.swissre.com/institute/research/sigmaresearch/sigma-
2019-02.html
33.Swiss Re Institute. (2019). Number of Catastrophe Events. Retracted from
lecture PowerPoint on Insurance. 1.
34.Think with Google. (2016). Colgate Optic White Drives 1116% Increase in Brand
Interest by Reinventing its Video Strategy. Retracted from
https://www.thinkwithgoogle.com/intl/en-cee/success-stories/global-case-
studies/colgate-optic-white-drives-1116-increase-brand-interest-reinventing-its-
video-strategy/
35.Vargas, C. (2019). Lecture PowerPoint: Reporting. Harvard University
36.Wang, Z.X. Jiang, C.P. Cao, Y. Ding, Y.T. (2013). Systematic review and meta-
analysis of triclosan-coated sutures for the prevention of surgical-site
infection. British Journal of Surgery. 100 (4): 465–73. doi:10.1002/bjs.9062.
37.Weatherly, L. M. Gosse, J. A. (2017). Triclosan exposure, transformation, and
human health effects. Journal of toxicology and environmental health. Part B,
Critical reviews, 20(8), 447–469. doi:10.1080/10937404.2017.1399306
38.Williams, L. (2016). Colgate, Nestle and Others Allegedly Linked to Child Labor
Practices. Retracted from https://www.care2.com/causes/colgate-nestle-and-
others-allegedly-linked-to-child-labor-practices.html
39.Zorrilla, L.M. Gibson, E.K. Jeffray, S.C. Crofton, K.M. Woodrow, R.S. Cooper,
R.L. Stoker, T.E. (2008). The Effects of Triclosan on Puberty and Thyroid
Hormones in Male Wistar Rats. Toxicological Sciences, Volume 107, Issue 1,
January 2009, Pages 56–64,

19. 18
Appendix
Figure 1: (Colgate Website Scholarships, 2019)
Figure 2: (Colgate-Palmolive Annual Report, 2018)

20. 19
Figure 3: (Colgate-Palmolive Annual Report, 2018)
Figure 4: (Colgate Sustainability Report, 2015)
Figure 5: (Colgate Sustainability Report, 2015)

21. 20
Figure 6: (Colgate Corporate Social Responsibility and Sustainability Report, 2017)
Figure 7: (Macrotrends ROA, 2019)
Figure 8: (Macrotrends Net Margin, 2019)
Figure 9: (Macrotrends ROE, 2019)

22. 21
Figure 10: (S&P Capital IQ, 2019).