| Summary: | Excellence is something we all strive for and awards for excellence are celebrated. For companies in Iceland, two awards claim to measure excellence, the Outstanding companies award (ice. Framúrskarandi fyrirtæki) and the Exemplary company award (ice. Fyrirmyndarfyrirtæki). Although the titles of the awards may sound comprehensive, each award only measures a part of a company’s operations. In this paper four international business excellence models are examined in order to try and determine how a company’s excellence can be measured. The models all have a common theme and agree on the fact that a company cannot be truly excellent without being socially responsible. With interest in social responsibility on the rise it is becoming even more important for a company to have a defined social responsibility strategy. When the recipients of the above-mentioned awards are asked, it turns out that being excellent in regard to your employees and your owners does not equal being excellent in social responsibility.
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