The Weight of America s Boards

THE WEIGHT
WEIGHT
THE
OF
OF
AMERICA’S BOARDS
AMERICA’S BOARDS
Ranking America’s Largest Corporations
Ranking America’s
Corporations
byLargest
the
by the of Their Boards
Governance Capacity
Governance Capacity of Their Boards
2012 Edition
2014 Edition
Chicago,
Chicago, Illinois
Illinois
An
An
theBoardroom
Boardroom
InInthe
Publication
Publication
A Research Report by
THE LEADERSHIP
QUOTIENT
A Research Report
by
THE LEADERSHIP QUOTIENT
Research Affiliate
Affiliate
Research
of
of
Boardroom Consultants
Consultants
Boardroom
TABLE OF CONTENTS
Overview ............................................................................................................... 1
Introduction ........................................................................................................... 1
Background & Foundation ......................................................................................... 1
Quick-Take Analysis ................................................................................................ 5
Current Status of Board Diversity ................................................................................ 7
Appropriate Governance Capacity Guidelines & Ideal Board Weight .................................... 9
Preview of Governance Scores & Companies That Distinguished Themselves ...................... 10
2014 Board Weight & Governance Capacity Observations & Findings ...... 13
Improving Your Governance Capacity Ratings ............................................. 25
Closing Reflections & Official 2014 Board Weight Rankings ....................... 29
America’s Largest Corporations as Ranked by Revenue & Market Cap ............................... 31
Alphabetical Index of America’s Largest Corporations.................................................... 41
Director Distribution by Business Acumen Category ...................................................... 46
JamesDruryPartners Profile ............................................................................. 47
*
*
*
We wish to thank the many board directors who have provided us with their insight and encouragement.
THE WEIGHT OF AMERICA’S BOARDS
Ranking America’s Largest Corporations by the
Governance Capacity of Their Boards
by
James J. Drury III and James J. Drury IV
OVERVIEW
Introduction
Background & Foundation
As we present the findings of our 4th annual “Weight
of America’s Boards” report, a bit of reflection.
When we introduced this unique analytical approach
for examining the governance “capacity” of corporate
boards, it was with the recognition that an assessment
of a board’s governance “quality” would be nearly
impossible. It would have to be based on direct
observation and subjective evaluation, both subject to
widely varying interpretation. And for starters, direct
observation is not plausible or possible.
Since its inception, the intent of our report has been
to provide a uniquely objective perspective regarding
the governance capacity of America’s largest
corporations. Additionally, we trust that our report
can serve as an alternative point of view, when
considering the opinions expressed by shareholder
activists and institutional investment advisors.
Having worked closely with corporate boards for
over 25 years, we believe that the quality of the
directors’ collective business acumen in the
boardroom is the principal measurable factor
indicative of a board’s capacity to govern well. This
premise is becoming more widely accepted by the
chairpersons and directors of the boards we have
assessed. This report culminates our most recent
analysis of the governance capacity of more than 600
public companies and their 6,000+ directors.
Over the years, our governance analysis report has
been reasonably well received. It appears to be the
only objective methodology out there that recognizes
the boards that have been successful in assembling a
strong cast of directors, and challenges those that
have not.
In this year’s report, a number of new boards have
moved up in the rankings, some have retreated, and
others have held their positions among America’s
most respected.
The foundation of our study
continues to be our analysis focused on the business
acumen of the 6,097 directors who govern America’s
most significant corporations.
If our report can serve as a meaningful standard in
judging the governance capacity of a board to
represent the long-term interests of its shareholders, it
will have served its purpose. We appreciate the
recognition accorded our 2012 report by Parker
Hannifin in its 2012 Annual Report and 2012
Sustainability Report. This is the 4th straight year
Parker Hannifin has ranked among America’s top
10 boards, a distinction achieved by only one other
company – PPG Industries.
Board diversity continues to be one of the most
debated topics in the realm of governance, but with
very limited hard data as a reference point. This
year, we have attempted to enrich the understanding
of this topic by examining the diversity of every
director in our study. The results might surprise you.
THE ROLE OF TODAY’S CORPORATE BOARD
Historically, the board’s fiduciary oversight role has
been defined as both powerful and limited, firmly
grounded in the principles of corporate law and
governance mandate. That said, some prefer a
simpler definition. In the words of one of America’s
most respected retired CEOs, and a director of
Fortune 50 corporations, the role of a board is
twofold: “To determine who runs the place, and who
owns the place.”
We hope that you will enjoy this year’s report, and
consider it a useful reference guide when
contemplating director appointments to strengthen
your board’s governance capacity in the best interest
of shareholders.
1
The clear separation between the board’s
governance-oversight responsibility and management’s decision-making responsibility is widely
understood. Yet that distinction does not seem to
satisfy those who hold boards accountable for almost
every corporate failure, misstep, and transgression.
The board seems to be viewed as the conscience of
the public corporation. It is almost assumed that a
board should have anticipated and prevented
anything that goes awry.
TRENDS THAT CONCERN US
Based on our experience advising boards, there are a
number of factors and trends that we believe will be
detrimental to board governance capacity, unless they
are reversed:


A board’s responsibility is complex and multifaceted.
A board oversees management performance,
safeguards the long-term health of the business, and
represents the interests of shareholders. In addition,
it must consider the interests of other company
stakeholders – employees, pensioners, customers,
suppliers, and the communities in which the company
operates. As the board’s governance role continues
to be under scrutiny, its “capacity to govern well”
becomes ever more important.

A marked erosion of boardroom business acumen,
as fewer of America’s most accomplished
business executives occupy boardroom seats.
Growing public mistrust of corporate boards
without deeper understanding of the board’s role,
leading to ever-increasing rules and regulations
that impede a board’s decision-making ability.
A long-observed propensity for shareholder
activists, and some business journalists, to
presume that boards are at fault whenever a
corporation experiences difficulty.
Decline in Board Business Acumen
Much of the erosion in board service by business
executives is the result of increased demands on
directors’ time, as well as pressure from the boards
on America’s best business leaders (CEOs and top
executives) to reduce their outside board
commitments. The era of the over-boarded CEO is
long behind us. In 1990, 70% of active Fortune 500
CEOs served on outside boards, filling 772 seats. In
2014, only 47% served on outside boards, filling only
276 seats – a 64% decline. We can assume that if
CEOs are not serving on boards, their top executives
aren’t either. As a result, America’s boards have
experienced a significant “brain drain” of business
acumen.
GOVERNANCE CAPACITY – WHAT IS IT?
The true measure of a board’s governance capacity is
the perceived ability, and courage, of its directors to
understand complex business issues and take action.
In examining a board’s governance capacity, do its
directors have the heft and seasoned experience to
step up to the plate? When it comes to business
acumen, are they heavyweights or lightweights?
We developed a model by which a board’s
governance capacity can be measured based on the
“weight of director business acumen” in the
boardroom. In a climate of ever-increasing scrutiny
and criticism by shareholder activists, there have
been very few tools, if any, that measure board
governance capacity.
We disagree with shareholder activists who suggest
that CEOs lack the time and independence to be
effective directors.
Most of America’s board
chairmen with whom we have spoken agree with our
position: the greater the number of directors lacking
in business accomplishment, the weaker the board’s
grasp of key business issues, and the less effective
the board’s governance process.
A fundamental premise of our report is that we value
business experience more highly than nonbusiness experience in measuring governance
capacity.
Our research shows that the more
accomplished a director is in business achievement,
the more likely that director is to engage the CEO,
management team, and other directors in rigorous
discussion regarding critical business issues. If there
is any question about the value of business acumen,
observe which directors lead in a crisis, and which
directors follow.
It defies logic to suggest that governing complex
businesses can be accomplished more effectively if
America’s most accomplished business executives
are not present as independent directors in the
boardroom. Rather, board chairmen believe that the
greater the business acumen of a board’s directors,
the more likely they are to raise the right issues,
challenge conventional thinking, and exercise
leadership in a crisis.
2
THE NEED FOR DISPASSIONATE OBJECTIVITY
board’s effectiveness will only be known in the
future, can there actually be an objective method to
assess the quality of a board in the present? We
believe there is.
Public commentary on the quality of corporate boards
is pretty one-sided.
Seldom do we hear the
perspective of respected professionals who have
spent years in the boardroom as directors. Rather, the
views most often heard are those of shareholder
activists and institutional investment advisors.
However, it is important to recognize that objectivity
is not their stock in trade; their businesses are forprofit enterprises. Never have they singled out a
board for exemplary performance. There is little
profit in doling out praise: no advisory fees earned
for extolling a board’s virtues; no proxy contests to
be mounted; no shares to be tendered.
A FRESH PERSPECTIVE
While effectiveness is a relative term and may be
difficult to measure, objectivity is possible if one
measures a board’s “capacity” for governance
effectiveness.
If capacity is low, governance
effectiveness will be difficult to achieve. If capacity
is high, and combined with able boardroom
leadership, governance effectiveness can generate
superior shareholder returns.
We hope that our annual governance study can be a
voice for reason, one that will encourage
shareholders to think twice when unfounded criticism
is directed toward boards of “high governance
capacity”, and to be more attentive when concerns
are focused on the performance of boards having
“low governance capacity”.
Where is the other side of the story? Why aren’t the
observations of board chairmen, directors, and CEOs
being heard to corroborate the true successes of
corporate governance that could serve as a model?
There are several reasons.



First, there is the necessity for confidentiality.
Sharing privileged discussions regarding
executive leadership effectiveness, business risks
and opportunities, strategy, competitive threats,
and key investments could aid competitors,
destabilize stock performance, and break the
trust between the board and management.
Secondly, governance is both art and science. Its
actual effectiveness is not easy to observe or
measure while governance is taking place. In
reality, board processes might be conducted well,
with good counsel provided, issues openly
debated, and well-reasoned decisions made. But
that is not the real measure of governance
effectiveness. Effective governance can only be
assessed months and years later, when the results
of those decisions are known. Did the board’s
decision to change leadership, consummate an
acquisition, or diversify globally result in
improved future performance and enhanced
shareholder return, or not? Effectiveness is
measured best when looking backward at
decisions previously made, not while observing
them in the process of being made.
Lastly, when boards become the target of
criticism, even when completely unwarranted,
the last thing they feel they need is to escalate a
“war of words” in the media.
OUR “BUSINESS ACUMEN WEIGHT”
VALUATION METHODOLOGY
As the weight of an executive’s business acumen and
accomplishments can be reasonably approximated,
we have developed a method by which each
director’s weight, and the board’s total weight, can be
valued as a predictive indicator of a board’s
governance capacity.
While there are factors other than the weight of
business acumen that could be considered in the
assessment of a director’s governance capacity (i.e.,
quality of experience in the boardroom, preparation
for board meetings, time allocated, etc.), these factors
are virtually impossible to measure and do not
necessarily translate into effective governance
capacity. However, the weight of a director’s
business accomplishment does lend itself to
measurement, both objectively and subjectively. And
the total weight of a board’s directors is a factor
unique to each board.
CALIBRATING BOARD WEIGHT
Drawing upon board feedback during a professional
lifetime of experience evaluating America's most
accomplished executives, we created a methodology
by which business acumen weight values are awarded
to directors, ranging from 1 to 10. The award is
based on their level of business accomplishment in
their primary field of endeavor, and the relative value
boards currently place on that experience in the
If we accept the notion that shareholder activists and
advisors cannot judge governance effectiveness
objectively, that directors in the boardroom cannot
freely defend themselves against criticism for reasons
of confidentiality, and that the true measure of a
3
boardroom. A company's total board weight is the
sum of the weights of its individual directors.
boardroom. Therefore, while that view is not true in
every case, retired executive weights are adjusted
downward by 1 point, reflecting this general
perception. Non-independent directors who have had
a close affiliation with the company are deducted 3
points, recognizing that their personal interests might
occasionally compromise the value of their judgment
in the boardroom. As the corporation’s CEO is
almost always a member of the board, we have
excluded him/her from our board weight analysis.
The intent of our system is to measure only those
variable weight-relevant factors over which the board
actively exercises control, i.e., board size and the
experiential backgrounds of directors.
CEO and board chairman experience is awarded the
highest weight rating for director governance
capacity: 10. All other director weights are scaled
down from that weight. Weights are downward
adjusted further in two circumstances: (1) if a
director is retired from his/her principal field of
endeavor, and/or (2) the director is considered an
insider.
Boards tend to prefer active executives to retired
executives, because they are thought to bring more
currently relevant insight and experience to the
Weight Ratings
10 Points
 Active Chairman or CEO
9 Points
 Retired Chairman or CEO
8 Points
 Vice Chairman
 President
 Chief Operating Officer
7 Points
 CEO - Company <$500MM Revenue
 Chief Financial Officer
 Chief Administrative Officer
 Group/Division/Subsidiary President
 Non-CEO Banker
3 Points
 Academic - Dean/Professor
 Exec - IT/Science
 Exec - Human Resources
 Exec - Investor Relations
 Exec - Communications/PR
6 Points
 Group VP
 VP Finance/Treasurer
 Investment Banker
 Private Equity Investor
 Venture Capitalist
 Management Consultant
 Chief Information Officer
 Exec - General Counsel
 Exec - Operations
 Exec - Accounting
 Exec - Sales/Marketing/PR
 Accounting Partner (active and retired)
2 Points
 Exec - Government/Public Policy
 Exec - Hospital/Museum/Foundation
 Exec - Trade Association
 Exec - Real Estate
 Exec - Publishing
 Exec - Sports
 Military
5 Points
 Corporate Secretary
 Exec - Advertising/Marketing/Media
 Lawyer
0 Points
 No Professional
Affiliation
4 Points
 Academic - President
 Exec - Financial Regulatory (SEC)
 Exec - Entertainment
4
1 Point
 Religious Leader
 Executive Search Consultant
 Exec - Other*
* Not elsewhere classified
ws:
The ddistribution off all boards by ssize is as follow
Quick-T
Take Analysis
k
At this poiint, it might be helpful to prrovide a quick
overview of
o our study before presentin
ng the body off
our 2014 report. In addition
a
to highlighting thee
uished themseelves, we willl
companiess that distingu
share a nu
umber of key observations and
a interesting
g
trends.
Boarrd Size Distrib
bution
B
By # of Directo
ors
# Directorrs
# Boards
%
Small Boards
s
S
TREND
BOARD SIZE
oard size (exclluding the CEO
O) continues to
o
Average bo
decline – this past yeaar by 1%, fro
om 9.7 to 9.6
6
nt shift occurrred in median
n
directors. A significan
board sizee declining fro
om 10 to 9. CME Group
p
repeats as the largest board with 23 directors; lastt
d 29. The smalllest board is Travel
T
Centerss
year it had
of America, the only boaard with 4 direcctors.
4
1
0.2%
5
6
0.9%
6
24
3.8%
7
62
9.7%
8
108
17.0%
Medium Boards
9
122
19.2%
10
119
18.7%
11
97
15.2%
12
54
8.5%
Large Boards
s
d most this yeaar is Freeport-The board that expanded
n Copper & Gold, adding
g 4 directors.
McMoRan
Those that contracted mo
ost are CME Group
G
down 6,,
val and SLM, both down 5.
and Carniv
S
CONSID
DERATIONS
BOARD SIZE
13
22
3.5%
14
14
2.2%
15
3
0.5%
16
1
0.2%
17 -29
b
size fitss
If you aree interested in where your board
compared to others, the boards of Am
merica's largestt
owing ranges:
companiess sort by quartille into the follo
4
0.6%
637
100.0%
Board Size D
Distribution
150
# of Companies
Board Size Distribution
n
Q
By Quartile
# of Directo
ors
Top Quartile
11-23
2nd Quartile
9-11
rd
3 Quartile
8-9
Bottom Quartile
4-8
100
50
0
4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23
# of Directors
5
COMPOSITION OF TODAY'S BOARDS
There is no ideal standard for the composition of a board; no formula. Boards are like snowflakes – no two are identical.
Question: Who are the directors that populate America's boards? What are their qualifications and backgrounds?
Do they tend to be from industrial corporations, professional services, or academia?
Answer: Consistent with our earlier reports, corporate executives with P&L experience still account for the greatest
number of board seats – 3,507 seats or 57.5% of all seats. Outside financial advisors (commercial bankers,
investment bankers, private equity investors, and venture capitalists) account for the second largest group with 802
board seats (13.2%). The smallest professional group represented on America's boards are “non-mainstream
industry” executives (advertising, media, publishing, real estate, and sports executives) with 77 seats (1.3%).
Distribution of Director Board Seats
By Business Acumen
# of
Board Seats
% of Total
Change from
2013
3,507
57.5%
+ 1.2%
57.5%
Outside Financial Advisors
802
13.2%
- 0.5%
70.7%
Corporate Staff Executives
739
12.1%
+ 0.4%
82.8%
Other Outside Professional Advisors
412
6.8%
- 0.2%
89.6%
Academics
265
4.3%
- 0.5%
93.9%
Government/Military
195
3.2%
0.0%
97.1%
Non-Profit Executives
89
1.5%
- 0.3%
98.6%
“Non-Mainstream Industry” Executives
77
1.3%
0.0%
99.9%
No Professional Affiliation
11
0.2%
0.0%
100.0%
6,097
100%
Group
P&L Executives
Cumulative %
For a finer understanding of the cross-section of America's directors, we analyzed each director's background against
37 business acumen categories. Retired CEOs account for the greatest number of board seats, 1,423 or 23.3%.
Active CEOs and Investment Professionals tied for the second most prominent category with 641 seats or 10.5%
each. Ten business acumen categories account for 79% of all board seats, as noted below. (A complete ranking of
all 37 business acumen categories can be found on page 46.)
Distribution of Director Board Seats
Top 10 and Bottom 10 Business Acumen Categories
Top 10 Acumen Categories
# of
Board
Seats
% of
Total
Bottom 10 Acumen Categories
CEO
# of
Board
Seats
% of
Total
2,064
33.9%
Foundation Executive
37
0.60%
Group/Div./Sub. President
641
10.5%
VP-Finance/Treasurer
35
0.60%
President/COO/Exec-Ops./Vice Chm.
460
7.5%
Chief Administrative Officer
30
0.50%
CFO
414
6.8%
Human Resources
20
0.30%
Chairman
342
5.6%
Sports/Entertainment
15
0.20%
Private Equity Investor
198
3.2%
Trade Association Executive
13
0.20%
Investment Manager
195
3.2%
Publishing Executive
12
0.20%
Investment Banker
187
3.1%
Real Estate Executive
11
0.20%
Accountant
167
2.7%
Gov. Relations/Public Policy
4
0.10%
Lawyer
165
2.7%
Museum Executive
1
0.00%
6
It m ay come as a surprise to m
many that Ameerica’s
n might havee been
boarrds are more diverse than
imaggined. Approxximately 29% of the 6,097 board
seatss analyzed in tthis report are held by directtors of
gendder and/or ethniic diversity.
V RETIRED
D EXECUTIV
VES
ACTIVE VS.
The majorrity of the 6,097 board seatss analyzed aree
filled by directors
d
retired
d from their prrincipal careerss
– 3,782 seaats (62%), verssus 2,315 (38%
%) who are stilll
active. This represents an interesting
g shift of 3%
%
from activ
ve to retired since our 201
13 study. Thee
categories with the greaatest proportio
on of directorss
still active in their careerrs are private equity investorss
a
academicc
(88%), veenture capitalists (87%), and
professors (83%). Exclu
uding those wh
ho cannot servee
ve (public accountants, millitary officers,,
while activ
and elected governmeent officials), the directorr
mallest proporttion of activee
categories with the sm
professionaals are Vice Chairmen
C
(17%
%), Group Vicee
Presidents (24%), and Non-CEO
N
Bank
kers (26%). In
n
C
37% and
d
terms of diirectors who arre CEOs and CFOs,
33% are active,
a
respecttively. It sho
ould be noted,,
however, that
t
many rettired executivees joined theirr
boards as active
a
executiv
ves, and retired subsequently.
ERALL BOAR
RD DIVERSIT
TY COMPOS
SITION
OVE
while white males
Our analysis inddicates that w
consttitute 70.6% of board seeats, white feemales
occuppy 15.7%. N
Non-white malees constitute 110.5%,
and nnon-white femaales account foor roughly 3.3%
%.
Compo
osition of Board Seats
Genneral Race
Whiite
Nonn-White
Totaal
M
Male
#
%
4,3033 70.6%
6388 10.5%
4,9411 81.1%
Fem
male
#
%
956 15.7%
200
3.3%
1,156 19.0%
Total
#
%
5,259 86.3%
838 13.7%
6,097 1100.0%
The overall ratio of board seatts held by maales to
By white maless to white fem
males is
femaales is 4.3:1. B
4.5:11. And by non--white males to non-white feemales
– 3.22:1. As enrriching board diversity norrmally
transslates to growiing the percenntage of femalees and
white males sserving as direectors, the folllowing
non-w
chartt also indicatess that the perceentage of boardd seats
filledd by diverse dirrectors is approoximately 30%
%.
ARD SERVIC
CE TREND
CEO BOA
Since our first governancce study in 2011, and after a
prolonged decline that began 23 yeaars ago, CEOss
b returning to
o board servicce. Examining
g
appear to be
the 568 bo
oards common to this and lasst year’s study,,
the number of board seatts filled by CE
EOs (active and
d
0 to 2,094, up
p
retired) acctually increaseed from 2,050
2.1%. Bo
oard seats filled by active CEOs increased
d
1.3%, from
m 594 to 602; while those fiilled by retired
d
CEOs increased 2.5%, fro
om 1,456 to 1,492.
Div
verse Board S
Seats
Feemales (White)
Maales (Non-White)
Feemales (Non-White)
Tootal
Curren
nt Status of
o Board Diversity
D
d diversity is discussed in thee
When the value of board
broader co
ontext, it is commonly ackno
owledged that,,
at its core, it is diversity of thought, peerspective, and
d
expertise that
t
really maatters. Howev
ver, seldom iss
passionate debate devotted to assurin
ng that boardss
adhere to those standarrds. The greatest focus off
attention continues to be on the diversity of a board’ss
on by gender an
nd ethnicity.
compositio
# of Seats
956
638
200
11,794
% of Tootal
Seatss
15.7%
%
10.5%
%
3.3%
%
29.4%
%
ERSITY BY G
GENDER
DIVE
male directors seerve on the 6377
922 iindividual fem
boardds analyzed. Thhis is an increaase of 72 or 8.55%
sincee our 2013 studdy. These femaale directors occcupy
1,1566 board seats, oor 19% (previoously 17%) of tthe
6,0977 board seats aanalyzed, an avverage 1.3 boarrd
seatss per female dirrector. The num
mber of boardss that
did nnot have a femaale director deccreased significcantly
from
m 87 to 51, dow
wn 41%. The booards that havee
femaale directors avveraged 2 per bboard. The top ttwo
boardds in terms of ffemale directorr representationn are
Estéee Lauder (7) aand Avon (6).
uded for the first time an
n
Our 2013 report inclu
assessmentt of the exten
nt to which geender diversity
y
exists on th
he boards of America’s
A
largest companies.
Our reportt this year pro
ovides an upd
date on genderr
diversity. It also, for the
t first time, examines thee
w
ethnic diversity
d
has been
b
embraced
d
degree to which
by Americca’s boards. In doing so,, we hope to
o
provide a rare glimpsee of the comp
plete diversity
y
g
and etthnicity, in th
he governancee
picture, gender
space.
7
Population of Female Directors
Board Seat Representation by Gender
# Companies
250
Corporate P&L Executives
Corporate Staff Executives *
Financial Advisors
Professional Advisors *
Academia *
Government / Military *
Non-Profit *
200
150
100
50
0
0
1
2
3
4
# Female Directors
5
6
7
35
68
102
12
103
54
46
65
96
56
Cos. with # Female
Female
Board
Directors
Seats
100%
96%
97%
83%
94%
100%
98%
94%
84%
70%
i
61.8%
10.0%
13.2%
6.6%
3.8%
2.7%
1.0 %
#
Females i
%
452
246
151
88
79
63
42
39.1%
21.3%
13.1%
7.6%
6.8%
5.4%
3.6%
655 directors of ethnic diversity occupy 838 board
seats (13.7%) of the 6,097 board seats analyzed, an
average of 1.3 seats per ethnic director, compared to
1.2 seats per white director. Black and Hispanic
directors occupy the largest share of ethnic board
seats – 639 (76%).
Racial and Ethnic Composition
% of
% of
% of Total
Non-White
Seats
#
#
Non-White
Race
(6,097)
Directors Directors Seats
Seats
Black
320
48.8%
441
52.6%
7.2%
Hispanic
161
24.5%
198
23.6%
3.2%
Asian
84
12.8%
97
11.6%
1.6%
Indian
72
11.0%
84
10.0%
1.4%
Middle Eastern
18
2.7%
18
2.1%
0.3%
Total
655
100.0%
838
100.0%
13.7%
Female Director Representation by Industry
Utilities
Consumer Goods
Financials
Telecommunications
Consumer Services
Health Care
Basic Materials
Technology
Industrials
Oil & Gas
3,055
493
651
324
186
132
47
%
DIVERSITY BY ETHNICITY
The industry sectors with the greatest number of
female directors are Financials (208), Consumer
Services (196), Consumer Goods (151), and
Industrials (151).
Sector
Males
* Females have higher percentage.
Green indicates an increase from last year.
Red indicates a decrease from last year.
Women who have senior-level executive experience
occupy the most board seats – 698, or 60.4% of the
total female director population. CEOs, Presidents,
COOs, CFOs, and Group Presidents make up the
bulk of that group. These female directors represent
11.4% of the total director population, or one seat on
an average board of ten directors. (A complete
breakdown of female directors by business acumen
category can be found on page 46.)
# Cos. in
Sector
#
78
151
208
24
196
102
84
103
151
59
Average #
Female
Directors
2.23
2.22
2.04
2.00
1.90
1.89
1.82
1.58
1.57
1.05
Taking a close look at board diversity across all
ethnic categories, black and Hispanic directors
account for 10.4% of all board seats. In addition,
directors of Asian, Indian, or Middle Eastern
ethnicity occupy 1.6%, 1.4% and 0.3% of all board
seats, respectively. While the male to female ratio of
board seats held by whites and Hispanics is 4.5:1, it
is 6:1 for Indian directors and 5:1 for Middle Eastern
directors. It is significantly more balanced among
black directors at 2.8:1, and Asian Directors at 1.9:1.
Interestingly, the composition of the female board
population by area of business acumen is markedly
different from that of the male population. The
percentages may differ because males might simply
outnumber females in the experience categories that
appear to be the most desirable for director talent. (A
more detailed analysis can be found on page 46.)
Diversity Composition of All Board Seats
Race
White
Black
Hispanic
Asian
Indian
Middle Eastern
Non-White
8
Male Seats
Female Seats
Total Seats
% of All
% of All
% of All Male:Female
#
#
#
Seats
Seats
Seats
Ratio
4,303 70.6%
956
15.7% 5,259 86.3%
4.5 : 1
325
5.3%
116
1.9%
441
7.2%
2.8 : 1
162
2.7%
36
0.6%
198
3.3%
4.5 : 1
67
1.1%
33
0.6%
97
1.6%
1.9 : 1
72
1.2%
12
0.2%
84
1.4%
6:1
15
0.3%
3
0.1%
18
0.3%
5:1
4,941 81.0% 1,156
19.0% 6,097
100%
638
10.5%
206
3.4%
838
13.8%
3.1 : 1
The majority (66%) of etthnic professionals serving ass
h
P&L respo
onsibility: 48%
% of the group
p
directors have
serve as CEOs,
C
with th
he balance heaading businesss
units with
hin companies:: 9% are in corporate
c
stafff
roles (fin
nance and marketing); 15% havee
backgrounds in outside business advisory
a
roless
nd investmentt
(lawyers, accountants, consultants an
professionaals); and 10% have
h
governmeent and
academic backgrounds.
b
rationnale that it shhould be 40% or 50%? Withhout a
moree well-reasonedd viewpoint, itt is likely therre may
neverr be satisfactioon that an apppropriate balannce has
been reached.
We bbelieve that a better appreciiation is requiired of
the eeconomic princcipals of “suppply and demannd”, in
termss of diversity of director-quualified talent in the
fieldss of expertise most valued bby boards. Forr those
who desire greaterr diversity, thee real challengge may
be inncreasing the ppopulation of aaccomplished ddiverse
execuutives, ratherr than simpply increasingg the
perceentage of diverrse directors.
Ethnic
c Distribution of Non-White Directors
By Business Acumen
Black
%
#
P&L Executives
Hispanic
#
%
Asian
#
%
Indian
#
%
CEO
O 76 25.0% 54 39.4% 21 30.0% 29 46.8%
Group/Div. Pres. 101 33.2% 52 38.0% 24 34.3% 21 33.9%
Total P&LL 177 58.2% 106 77.4% 48 68.6% 50 80.6%
Corporate Stafff 38 12.5%
Financiaal
Legaal
Consultant
Total Advisorss
Other
6
2
8
46.2% 186 31.7%
15.4% 203 34.6%
61.5% 389 66.4%
2
15.4% 51
4.6% 10 7.3% 11 15.7%
7.6% 9 6.6% 5.3%
- 17.4% 19 13.9% 11 15.7%
0 0.0%
3
3
23.1%
23.1%
6 9.7%
6 9.7%
0
- 34 5.8%
- 26 4.4%
0.0% 60 10.2%
304 100% 137 100% 70 100% 62 100% 13
100% 586 100%
Government 16 5.3% 12 8.8%
Academiaa 20 6.6%
Total Other 36 11.8% 12 8.8%
Grand Total
Total
%
6 9.7%
14
23
16
53
0%
#
5 7.1%
Outside Advisorrs
0
Middle
Eastern
#
%
6 8.6%
6 8.6%
App
propriate Governan
nce Capaccity
Guiidelines & Ideal Board Weigh
ht
8.7%
EAL" – DOES
S IT EXIST?
"IDE
38 6.5%
32 5.5%
16 2.7%
86 14.7%
An iddeal board weeight does not exist in an abbsolute
sensee. What is apppropriate for onne company m
may not
be apppropriate for another. How
wever, a comp
pany’s
boarrd weight ran
nking should n
not be signifiicantly
out oof sync with its revenue raank or markeet cap
rank
k. Our report focuses on laarge-scale com
mpanies
becauuse they cut thhe widest swatth in our econoomy –
accouunting for thee most emplooyees, sharehoolders,
custoomers, supplieers, etc. Suchh large corporrations
owe their stakeholdders equally siggnificant goverrnance
capaccity.
he most ethnicc
The industries that appeear to have th
nications, and
d
diversity are Utilities, Telecommun
o
Consumer Goods. Thosse that appearr generally to
hcare, Technolo
ogy, and Oil &
have the leeast are Health
Gas, with the exception
n that Technollogy has moree
broadly em
mbraced Indian
n and Asian dirrectors, and Oill
& Gas Mid
ddle Eastern directors.
d
The following
f
chartt
compares ethnic
e
and gend
der diversity by industry.
Whatt is appropriatee? We would certainly not expect
Costtco (ranked #177 in revenue) aand Citigroup
p (#33)
to bee ranked as far down as #541 and #4484 in
Averrage Director Weight*, andd #371 and #3343 in
Com
mposite Weightt Rank*, respeectively. Nor would
we eexpect Americca’s most valuuable companies (by
markket cap), such as Oracle (raanked #17 in m
market
cap) and Amazon
n.com (#25) tto be ranked as far
Weight,
downn as #481 and #444 in Averaage Director W
and #491 and #4451 in Compoosite Weight Rank,
respeectively.
Div
versity Representation by In
ndustry
Industry
Utilities
Telecommunnications
Consumer Goods
G
Consumer Services
S
Industrials
Financials
Basic Materials
Healthcare
Technology
Oil & Gas
Total Seats
366
119
683
976
898
1053
450
507
566
479
Non-White
#
%
71 19.4%
%
21 17.6%
%
119 17.4%
%
155 15.9%
%
123 13.7%
%
137 13.0%
%
55 12.2%
%
59 11.6%
%
61 10.8%
%
37
7.8%
%
Female
#
%
78 21.3%
24 20.2%
151 22.1%
196 20.1%
151 16.8%
208 19.8%
84 18.7%
102 20.1%
103 18.2%
59 12.5%
Convversely, to its credit, Polarris (ranked #5523 in
revennue) is rankedd #48 in Averaage Director W
Weight
and #141 in Com
mposite Weighht Rank. Wee also
mend Joy Gloobal (ranked ##526 in markeet cap)
comm
and Coach (#344)) for having ggovernance caapacity
Weight,
that rranks #11 andd #77 in Averaage Director W
and #87 and ##117 Compossite Weight Rank,
respeectively.
OR THOUGH
HT
FOOD FO
despread conceern continues to
o be expressed
d
While wid
that femaales and ethn
nic minorities are under-represented
d on corporate boards, there has
h never been
n
a persuasiv
ve case presen
nted for what the
t appropriatee
director balance
b
should
d be. With overall board
d
diversity now
n at approxim
mately 30%, iss there a cogentt
* Booard Weight Definiitions:
Totaal Board Weight (T
TBW) = sum of indiividual directors weeights
Averrage Director Weigght (ADW) = TBW divided by # of direectors
Com
mposite Weight Raank (CWR) = Rannked Average of T
TBW and
ADW
W Ranks
9
STRENGTHENING YOUR BOARD
GOVERNANCE CAPACITY
Year-to-Year Governance Capacity Comparison
We suggest that boards attempt to achieve rankings
in each of the weight categories – Total Board
Weight, Average Director Weight, and Composite
Weight Rank – no lower than 50 points below
their revenue rank, and/or market cap rank. A
more relaxed view might be no more than a 75-point
differential. In either case, how do the corporations
in our study measure up against these standards?
Highest Score
Lowest Score
Average
Median
Total Board Weight (TBW)
Average Director Weight (ADW)
Composite Weight Rank (CWR)
241
262
246
Margin >
75 Points
211
236
221
The highest ADW score was achieved by
Chesapeake Energy at 9.6, with 9 directors,
compared to its score of 9.0 in 2013, and 5.1 in 2012.
Second was Parker-Hannifin at 8.9, with 11
directors, consistent with 2013.
# of Companies with Weight Rankings
Well Below Their Market Cap Ranking
Total Board Weight (TBW)
Average Director Weight (ADW)
Composite Weight Rank (CWR)
Margin >
50 Points
242
253
242
Avg. Director Weight
2014
2013
9.6
9.3
3.1
3.0
6.5
6.4
6.6
6.5
In 2014, the average Total Board Weight (TBW)
score improved slightly from 62 in 2013 to 63, as did
in Average Director Weight (ADW) from 6.4 to 6.5.
The high water mark for Total Board Weight (TBW)
was recorded again by BlackRock at 133 with 18
directors, compared to its score of 152 last year. The
next highest TBW was registered by General
Electric at 116 with 16 directors, compared to its
score of 138 last year.
# of Companies with Weight Rankings
Well Below Their Revenue Ranking
Margin >
50 Points
Total Board Weight
2014
2013
133
152
21
16
63
62
62
61
Margin >
75 Points
213
236
214
Highest, Lowest, and Median Performers
TBW Scores
ADW Scores
CWR Scores
Highest BlackRock (133) Chesapeake Energy (9.6) Baker Hughes (6.5)
Union Pacific (6.6)
Boeing (306.5)
Median Google (62)
Wyndham (633)
Lowest TravelCenters (16) Erie Indemnity (3.1)
We also suggest the following targets as guidelines
(for a board of 10 directors):
 Average Director Weight of at least 7.0
 Total Board Weight of at least 70
MOVING UP & DOWN IN THE RANKINGS
In 2014, only 112 (18%) of America’s largest
companies by revenue met our proposed dual
standard. Similarly, only 101 (16%) of America’s
largest companies by market cap were able to do so.
Clearly, many boards need to take a serious look
at their governance capacity as they undertake
director succession planning discussions.
A number of companies experienced dramatic change
in their governance capacity rankings – both up and
down. This is largely due to changes in board size,
but also a result of changes in director business
acumen scores as board composition changed. The
companies having the greatest change in governance
capacity rankings follow.
(Excluded from this
analysis are the new companies that were not
included in our 2013 report.)
Preview of Governance Scores &
Companies That Distinguished
Themselves
Greatest Movement in Governance Rankings
Greatest Increase
Company
2014 Rank
2013 Rank
Total Board Weight (TBW)
Spectra Energy
Average Director Weight (ADW) Wellpoint
Composite Weight Rank (CWR) Spectra Energy
In 2014, a number of companies distinguished
themselves as having boards with the best, or the
worst, governance capacity scores. Movement in the
ratings from one year to the next is caused principally
by boardroom additions and retirements. As an
additional reference point, examples of companies
that achieved scores at the "median" governance
capacity levels follow.
Greatest Decrease
Company
Total Board Weight (TBW)
Cobalt Int'l
Average Director Weight (ADW) Barnes & Noble
Composite Weight Rank (CWR) Barnes & Noble
10
#140
#178
#52
#610
#597
#533
2014 Rank
#470
#553
#558
2013 Rank
#80
#197
#228
GREATEST RISE & FALL IN SCORES
It is important to note that all scores were determined based on the directors listed in proxy filings and on corporate
websites. Our analysis might have caught some boards in a transition, having lost directors and not yet elected their
replacements.
Governance rankings fall where they may, but governance scores are well within the control of the board. The chart
below illustrates the top three companies in each governance category that experienced the greatest increase or
decrease in their scores. (Excluded from this analysis are the new companies that were not included in our 2013
report.)
Greatest Movement in Governance Capacity Scores
Greatest Increase
Company
Total Board Weight (TBW)
Average Director Weight (ADW)
Composite Weight Rank Score (CWR)
Composite Weight Rank Score (CWR)
Change
74
37
+ 37
Alexion Pharmaceuticals
62
33
+ 29
BB&T
99
72
+ 27
Wellpoint
7.1
5.0
+ 2.1
Spectra Energy
8.2
6.2
+ 2.0
Yahoo!
7.7
6.2
+ 1.5
Spectra Energy
80.5
507.0
+ 426.5
WellPoint
189.5
550.5
+ 361.0
Best Buy
239.0
492.0
+ 253.0
2014
Report
Score
2013
Report
Score
Company
Average Director Weight (ADW)
2013
Report
Score
Spectra Energy
Greatest Decrease
Total Board Weight (TBW)
2014
Report
Score
CME Group
52
Change
82
- 33
PPG Industries
71
102
- 31
Cobalt International Energy
79
112
- 30
Barnes & Noble
5.4
7.0
- 1.6
Republic Services
5.7
7.0
- 1.3
Monster Beverage
5.1
6.3
- 1.2
Barnes & Noble
528.0
241.0
- 287.0
Rite Aid
501.0
229.5
- 271.5
Cobalt International Energy
402.0
158.0
- 244.0
11
2014 BOARD WEIGHT & GOVERNANCE
CAPACITY OBSERVATIONS & FINDINGS
13
2014 BOARD WEIGHT & GOVERNANCE
CAPACITY OBSERVATIONS & FINDINGS
COMPANIES ANALYZED
Our study focuses on America’s largest public companies, encompassing the largest 500 by revenue rank and the
largest 500 by market cap as of May 2014. The combined total number of companies analyzed this year is 637.
These companies generally command the greatest investor attention, employ the most people, and set the
governance tone for other companies.
The 6,097 directors analyzed are those listed in each company’s proxy statement and/or website during the term of
our analysis, July 2014 to October 2014. The weights accorded each director are based on our assessment of their
career record as profiled in the corporate proxies and cross-checked with a number of additional reference sources.
TOTAL BOARD WEIGHT (TBW)
In 2014, Total Board Weight (TBW) ranged from a high of 133 to a low of 21. This compares to our 2013 report in
which TBW ranged from a high of 152 to a low of 16. Average TBW slightly increased from 62 in 2013 to 63.
Boards with the Greatest Governance Capacity:
The top 10 corporations in terms of board governance capacity (TBW) range in revenue from $2.9B to $146.0B, and
in market cap from $14.2B to $264.9B. They span six industry sectors. Sixty percent of these companies have 14 or
more directors, with the smallest having 12 directors. Average board size for the 637 companies analyzed is 9.6.
This is the fourth year in a row that BlackRock is among the top two boards in TBW. General Electric, although
smaller in size than last year, repeats in the #2 spot.
Heaviest Weight Boards
TBW
Rank
TBW
# of
Directors*
Industry
BlackRock**
133
18
Financials
2
General Electric
116
16
Industrials
3
IBM
107
13
Technology
4
Ecolab
107
13
5
U.S. Bancorp
106
6
Campbell Soup
105
1
Company
Revenue
Rank
Revenue
($B)
260
$ 10.2
Market Cap
Rank
Market Cap
($B)
90
$ 50.5
9
146.0
7
264.9
21
99.8
14
99.8
Industrials
198
13.3
133
31.4
14
Financials
136
19.4
53
73.2
15
Consumer Goods
310
8.1
298
14.2
7
CME Group
104
23
Financials
551
2.9
185
23.4
8
Baker Hughes
103
12
Oil & Gas
122
22.4
141
30.0
9
AT&T
103
13
Telecommunications
11
128.8
15
189.1
Estée Lauder
103
14
Consumer Goods
258
10.2
157
28.0
10
______________________________
*Excludes company’s active CEO (all charts/tables)
Bold indicates repeats from prior year
** Indicates repeats from all four years
.
15
Boards with Lowest Governance Capacity:
The lowest ranked companies in terms of Total Board Weight (TBW) range in revenue from $0.2B to $48.3B, and
in market cap from $1.1B to $26.9B. They span five industry sectors. An important factor contributing to low
board weight is small board size, as well as the number of insiders serving on the board. All of these boards had
seven or fewer directors. The lightest board of America's 637 largest corporations is Travel Centers of America,
with a Total Board Weight of 21; this is its fourth year on the list.
Lightest Weight Boards
TBW
Rank
Company
TBW
# of
Directors*
Industry
Revenue
Rank
Revenue
($B)
Market Cap
Rank
Market Cap
($B)
637
TravelCenters of America**
21
4
Oil & Gas
311
$ 8.0
636
$ 0.3
636
SL Green Realty
23
5
Financials
617
1.5
368
10.7
635
Wyndham Worldwide
26
5
Oil & Gas
134
5.0
625
9.1
634
Oaktree Capital Group
26
5
Financials
636
0.2
476
7.6
633
Global Partners
26
6
Consumer Services
455
19.6
418
1.1
632
Microchip Technology
28
5
Technology
597
1.9
408
9.3
631
Wynn Resorts
29
7
Consumer Services
413
5.6
208
20.3
630
Oceaneering International
30
5
Consumer Goods
385
3.3
490
7.7
629
Energy Transfer Equity
30
6
Oil & Gas
54
48.3
165
26.9
628
D.R. Horton
30
6
Oil & Gas
540
6.3
471
7.2
______________________________
*Excludes company’s active CEO (all charts/tables)
Bold indicates repeats from prior year
** Indicates repeats from all four years
The companies with the greatest change in TBW are as follows:
Top 10 Companies with Greatest TBW Improvement and Decline
TBW Improvement
Chg.
# Dir.
2014
TBW
2013
TBW
Chg.
TBW
TBW Decline
Chg.
# Dir.
2014
TBW
2013
TBW
Chg.
TBW
1
Spectra Energy
+2
74
37
+ 37
1
CME Group
-6
104
137
- 33
2
Alexion Pharmaceuticals
+3
62
33
+ 29
2
PPG Industries
-3
71
102
- 31
3
BB&T
+3
99
72
+ 27
3
Cobalt International
-4
52
82
- 30
4
Chubb
+3
89
65
+ 24
4
SLM
-5
44
72
- 28
5
Marathon Petroleum
+2
94
71
+ 23
5
Cisco Systems
-3
69
95
- 26
5
AmerisourceBergen
+2
78
55
+ 23
5
Carnival
-5
55
81
- 26
7
Akamai Technologies
+2
70
48
+ 22
7
General Motors
-2
73
97
- 24
8
Fidelity Natl. Info. Services
+3
63
42
+ 21
8
Xerox
-2
51
74
- 23
8
Home Depot
+2
83
62
+ 21
8
Cliffs Natural Resources
-2
57
80
- 23
8
International Paper Company
+2
81
60
+ 21
8
ADP
-2
62
85
- 23
______________________________
Excludes companies not profiled in our 2013 study
16
AVERAGE DIRECTOR WEIGHT (ADW)
Recognizing that Total Board Weight can be skewed upward or downward simply based on the number of board
directors, we examined each board’s Average Director Weight (ADW) – the strength of business acumen of the
average director on the board, as an indication of “average director governance capacity”. It is possible that large
boards with a high Total Board Weight rating could be made up of many “lightweight” directors, and small boards
receiving a low Total Board Weight rating could be comprised largely of only a few “heavyweight” directors. The
latter, while having less “total board governance capacity”, but higher “average director governance capacity”, may
actually have greater governance “effectiveness”.
ADW for the average large company strengthened somewhat since 2013, from 6.4 to 6.5. ADW in this report
ranges from a high of 9.6 to a low of 3.1. This compares to our 2013 report, when ADW ranged from a high of 9.3
to a low of 3.0.
Boards with Highest Average Director Governance Capacity:
The 10 corporations in terms of Average Director Weight (ADW) range in revenue from $1.7B to $100.2B, and in
market cap from $6.7B to $30.0B. The boards range in size from 6 to 12 directors. This is the fourth year in a row
that PPG Industries and Parker-Hannifin have been among the top 4 boards. Ranked #1 this year, Chesapeake
Energy’s high ADW of 9.6, with 9 directors, is derived from having two active CEOs, three active outside
Chairmen, and four retired CEOs on its board. Two years ago Chesapeake was ranked #407 with an ADW of 5.1.
Parker-Hannifin ranked #4 in 2013 at 8.9 with 10 directors, rose to #2 in 2014, with an active CEO being added to
the board. PPG Industries fell from the top spot to #3, with an ADW of 8.9 as several CEOs stepped off of the
board.
Highest Average Director Weight
ADW
Rank
Company
ADW
# of
Directors*
Industry
Revenue
Rank
Revenue
($B)
Market Cap
Rank
Market Cap
($B)
1
Chesapeake Energy
9.6
9
Oil & Gas
151
$ 17.5
215
$ 19.9
2
Parker-Hannifin**
8.9
11
Industrials
202
13.0
226
18.5
3
PPG Industries**
8.9
8
Basic Materials
176
15.1
163
27.2
4
Marathon Oil
8.7
7
Oil & Gas
179
15.0
180
24.3
5
Baker Hughes
8.6
12
Oil & Gas
122
30.0
141
30.0
6
CF Industries
8.6
7
Basic Materials
423
5.5
331
12.3
7
Micron Technology
8.6
7
Technology
278
9.1
154
28.7
8
Marathon Petroleum
8.6
11
Oil & Gas
20
100.2
172
26.3
9
Cabot Oil & Gas
8.5
6
Oil & Gas
605
1.7
276
15.4
MeadWestvaco
8.5
8
Basic Materials
429
5.4
508
6.7
10
______________________________
*Excludes company’s active CEO (all charts/tables)
Bold indicates repeats from prior year
** Indicates repeats from all four years
17
Boards with Lowest Average Director Governance Capacity:
These 10 boards range in size from 6 to 17 directors. They span five industry sectors and range in revenue from
$2.5B to $13.1B, and in market cap from $3.2B to $40.6B. WellCare and Dominion have boards that are made up
entirely of independent directors, excluding their CEOs. The remaining eight companies average four inside
directors per board. The board with the lowest ADW value, 3.1, is Erie Indemnity – four of its eleven directors
have an individual score of 3.0 or less, and four are considered insiders. This is the fourth year in a row that Erie
Indemnity Company has been among the four lowest ranked boards. Cablevision Systems is on this list for the
third year in a row.
Lowest Average Director Weight
ADW
Rank
Company
ADW
# of
Directors*
Revenue
Rank
Industry
Revenue
($B)
Market Cap
Rank
Market Cap
($B)
637
Erie Indemnity Company**
3.1
11
Financials
384
$ 6.3
577
$ 3.5
636
Scripps Networks Interactive
3.7
11
Consumer Services
570
2.5
365
10.8
635
Cablevision Systems
4.1
17
Consumer Services
386
6.2
553
4.6
634
Dominion Resources
4.1
10
Utilities
199
13.1
105
40.6
633
Wynn Resorts
4.1
7
Consumer Services
413
5.6
208
20.3
632
Telephone & Data Systems
4.2
11
Telecommunications
460
4.9
592
2.9
631
Wyndham Worldwide
4.3
6
Consumer Services
455
5.0
418
9.1
630
Brown-Forman
4.4
11
Consumer Goods
558
2.8
221
19.2
629
Blackstone Group
4.4
8
Financials
361
6.6
129
32.9
628
WellCare Health Plans
4.4
9
Financials
271
9.5
586
3.2
______________________________
*Excludes company’s active CEO (all charts/tables)
Bold indicates repeats from prior year
** Indicates repeats from all four years
The companies with the greatest change in ADW are as follows:
Top 10 Companies with Greatest ADW Improvement and Decline
ADW Improvement
Chg.
# Dir.
2014
ADW
2013
ADW
Chg.
ADW
ADW Decline
Chg.
# Dir.
2014
ADW
2013
ADW
Chg.
ADW
1
WellPoint
-1
7.1
5.0
+ 2.1
1
Barnes & Noble
0
5.4
7.0
- 1.6
2
Spectra Energy
+2
8.2
6.2
+ 2.0
2
Republic Services
+1
5.7
7.0
- 1.3
3
Yahoo!
-3
7.7
6.2
+ 1.5
3
Monster Beverage
+1
5.1
6.3
- 1.2
3
Alexion Pharmaceuticals
+3
5.6
4.1
+ 1.5
3
Wisconsin Energy
+3
6.6
7.8
- 1.2
3
Kindred Healthcare
-1
7.0
5.5
+ 1.5
3
Ameriprise Financial
+1
6.3
7.5
- 1.2
6
Metlife
-1
6.4
5.0
+ 1.4
3
Energy Transfer Equity
0
5.0
6.2
- 1.2
7
Universal Health Services
0
5.3
4.0
+ 1.3
3
salesforce.com
+2
6.1
7.3
- 1.2
7
Alpha Natural Resources
-2
7.8
6.5
+ 1.3
9
Core-Mark
0
6.6
7.7
- 1.1
9
Waste Management
-1
8.1
6.9
+ 1.2
9
Dominion Resources
+1
4.1
5.2
- 1.1
9
Altera
0
8.0
6.8
+ 1.2
10
Freeport-McMoRan
+4
5.9
6.9
- 1.0
______________________________
Excludes companies not profiled in our 2013 study
18
COMPOSITE WEIGHT RANK (CWR) – A MEASURE OF OVERALL GOVERNANCE CAPACITY
To assess “overall governance capacity”, we looked at each company’s Total Board Weight rank and Average
Director Weight rank. We then averaged the two ranks to calculate the Composite Weight Rank score (CWR),
[(TBW Rank + ADW Rank) / 2]. Unlike TBW and ADW values, where the higher the value the better the ranking,
the lower the CWR score, the better the ranking. We then ranked the boards from best CWR (#1) to worst CWR
(#637) – in other words, we ranked the Composite Weight Rank scores. One should also note that some CWR
scores are fractional numbers.
Boards with Highest Overall Governance Capacity:
Baker Hughes, ranked #122 in revenue, has the highest overall governance capacity (CWR). It ranked
#8 in TBW and #5 in ADW, with a CWR score of 6.5. Six companies have distinguished themselves repeatedly as
being among America’s highest rated boards, as noted below. This is the fourth straight year that Parker Hannifin
and McDonald’s are among the top 10. The companies on this list span seven industry sectors. They range in
revenue from $13.0B to $128.8B, and in market cap from $18.5B to $192.4B. Board size ranges from 11 to 13
directors.
Highest Composite Weight Rankings
CWR
Rank
Company
1
Baker Hughes
2
Parker-Hannifin**
3
4
TBW
Rank
ADW
Rank
CWR
Score
# of
Dir.*
Industry
Revenue
Rank
Revenue
($B)
Market
Cap
Rank
Market
Cap
($B)
$ 30.0
8
5
6.5
12
Oil & Gas
122
$ 22.4
141
18
2
10.0
11
Industrials
202
13.0
226
18.5
IBM
3
20
11.5
13
Technology
21
99.8
14
192.4
Ecolab
4
19
11.5
12
Industrials
198
13.3
133
31.4
5
American Express
13
18
15.5
12
Financials
84
34.9
39
94.0
6
Marathon Petroleum
25
8
16.5
11
Oil & Gas
20
100.2
172
26.3
7
McDonald's**
16
26
21.0
12
Consumer Services
95
28.1
36
101.7
8
AT&T
9
41
25.0
13
Telecommunications
11
128.8
15
189.1
9
Halliburton
45
13
29.0
11
Oil & Gas
93
29.4
81
53.6
Philip Morris
21
39
30.0
12
Consumer Goods
30
80.0
24
135.9
10
______________________________
*Excludes company’s active CEO (all charts/tables)
Bold indicates repeats from prior year
** Indicates repeats from all four years
19
Boards with Lowest Overall Governance Capacity:
The 10 companies with the lowest overall governance capacity span four industry sectors. Forty percent are in the
Consumer Services sector. They range in revenue from $1.5B to $48.3B, and market cap from $3.5B to $32.9B.
Board size ranges from 5 to 11 directors. Wyndham Worldwide’s board has the lowest overall governance
capacity rating out of 637 companies. It ranks 635 in TBW and 631 in ADW, resulting in a CWR score of 633. In
2013, it ranked 641 out of 647 public companies. This is the fourth straight year that Erie Indemnity has been on
this list.
Lowest Composite Weight Rankings
CWR
Rank
Company
TBW
Rank
ADW
Rank
CWR
Score
# of
Dir.*
633.0
6
637
Wyndham Worldwide
635
631
636
Wynn Resorts
631
633
632.0
7
635
Erie Indemnity Company**
620
637
628.5
11
634
SL Green Realty
636
620
628.0
5
633
Blackstone Group
616
629
622.5
8
Industry
Revenue
Rank
Revenue
($B)
Market
Cap
Rank
Market
Cap
($B)
Consumer Services
155
$ 5.0
418
$ 9.1
Consumer Services
413
5.6
208
20.3
Financials
384
6.3
577
3.5
Financials
617
1.5
368
10.7
Financials
361
6.6
129
32.9
632
Liberty Media
619
624
621.5
8
Consumer Services
521
4.0
288
14.8
631
Host Hotels and Resorts
612
625
618.5
8
Consumer Services
438
5.2
263
16.2
630
Continental Resources
622
615
618.5
7
Oil & Gas
534
3.5
179
24.6
629
Liberty Interactive
623
614
618.5
8
Technology
254
10.3
230
18.2
628
Energy Transfer Equity
629
604
616.5
6
Oil & Gas
54
48.3
165
26.9
______________________________
*Excludes company’s active CEO (all charts/tables)
Bold indicates repeats from prior year
** Indicates repeats from two years
The companies with the greatest change in CWR rank are as follows:
Top 10 Companies with Greatest CWR Rank Improvement and Decline
CWR Improvement
Chg.
# Dir.
2014
CWR
Rank
2013
CWR
Rank
Chg.
CWR
Rank
CWR Decline
Chg.
# Dir.
1
Spectra Energy
+2
52
533
- 481
1
Barnes & Noble
2
WellPoint
-1
162
580
- 418
2
Rite Aid
3
Best Buy
+1
222
522
- 300
3
Cobalt International
-4
4
Akamai Technologies
+2
285
568
- 283
4
Navistar International
-1
4
Live Nation Entertainment
+1
176
459
- 283
5
Lab Corp
-2
6
McKesson
+2
90
371
- 281
6
Republic Services
7
AmerisourceBergen
+2
45
320
- 275
7
8
Kindred Healthcare
+1
229
503
- 274
8
9
AK Steel
+2
234
488
- 254
9
0
170
417
- 247
10
10
CMS Energy
______________________________
Excludes companies not profiled in our 2013 study
20
2014
CWR
Rank
2013
CWR
Rank
Chg.
CWR
Rank
0
558
228
+ 330
-2
534
209
+ 325
416
128
+ 288
488
213
+ 275
548
274
+ 274
+1
494
223
+ 271
Xerox
-2
314
57
+ 257
Newmont Mining
-2
300
56
+ 244
Cliffs Natural Resources
-2
271
36
+ 235
Core-Mark
-0
459
227
+ 232
GOVERNANCE CAPACITY SURPRISES
One might expect that America’s largest corporations – given their significant economic importance, high market
value, and broad shareholder participation – would be among the top boards in governance capacity, as measured by
Total Board Weight and Average Director Weight. While somewhat true, there are many surprises in our study.
The tables below highlight the largest and smallest companies with the greatest disparities between their revenue
rank and their ADW and TBW rankings.
Of the 100 largest companies by revenue, only 38% have a top 100 TBW ranking, and only 28% have a top 100
ADW ranking. Surprisingly, 28% of the largest 100 companies are ranked lower than 250 in TBW, and 44% are
ranked lower than 250 in ADW.
Conversely, of the 100 smallest companies, only 23% have a TBW rank in the bottom 100, and only 11% have an
ADW rank in the bottom 100. Twelve percent achieved a top 250 TBW ranking, and 26% achieved a top 250 ADW
ranking.
25 Larger Companies with
Less-Than-Expected Governance Capacity
Rev.
Rank
1
Market
Cap
Rank
9
25 Smaller Companies with
Greater-Than-Expected Governance Capacity
TBW
Rank
ADW
Rank
# of
Dir.*
Berkshire Hathaway
135
410
12
159
299
27
403
Valero Energy
540
583
Costco Wholesale
173
95
Company
Wal-Mart Stores
68
TBW
Rank
General Growth Properties
339
85
8
11
560
213
Ventas
117
72
10
15
559
374
KLA-Tencor
324
70
8
9
523
437
Polaris Industries
289
48
8
541
13
480
314
CA
130
87
10
425
13
472
224
Mosaic
48
43
11
484
12
459
629
Alpha Natural Resources
310
59
8
444
9
458
381
Flowserve
56
61
11
250
12
454
526
Joy Global
231
11
8
420
10
449
439
LKQ
288
49
8
234
9
447
344
Coach
219
77
9
344
483
10
435
547
Owens Corning
23
67
12
162
450
12
429
508
MeadWestvaco
200
10
8
31
345
14
421
171
Spectra Energy
140
21
9
255
482
11
402
271
Harley-Davidson
47
44
11
79
General Motors
64
Ford Motor Company
10
143
17
89
28
8
33
22
Citigroup
169
34
25
Amazon.com
416
41
29
PepsiCo
74
45
3
Google
317
47
38
ConocoPhillips
311
51
30
Intel
52
16
Pfizer
57
18
Coca-Cola
60
83
Lockheed Martin
71
225
72
55
74
283
78
17
80
Wells Fargo
34
# of
Dir.*
Altera
8
275
ADW
Rank
204
7
606
Company
383
5
13
Market
Cap
Rank
571
4
362
Rev.
Rank
8
Humana
372
354
9
398
358
Dr Pepper Snapple Group
287
50
8
Goldman Sachs
179
352
11
391
549
Avery Dennison
126
14
9
United Continental
273
556
12
379
531
Ingredion
157
28
9
Oracle
432
481
9
377
262
Rockwell Automation
235
99
9
551
Sears Holdings
613
511
6
340
254
FMC Technologies
46
45
11
86
305
Tyson Foods
527
569
9
314
350
Royal Caribbean Cruises
89
36
10
90
111
General Dynamics
350
551
11
303
340
Coca-Cola Enterprises
52
53
11
100
607
Tech Data
453
499
9
298
43
MasterCard
26
52
12
104
481
Rite Aid
574
428
7
257
214
125
15
9
__________________
*Excludes company’s active CEO (all charts/tables)
TBW
ADW
CWR
Total Board Weight
Average Director Weight
Composite Weight Rank
21
Sherwin-Williams
DIFFERENCES IN GOVERNANCE CAPACITY BY REVENUE SIZE
Smaller companies tend to have smaller boards, which skews their TBW lower. Companies ranked 1 to 100 by
revenue had boards that averaged 10.7 directors, and companies ranked 500 to 647 averaged 8.6 directors. As a
result, average TBW declined steadily from 71.8 for the largest 100 companies by revenue, to 53.9 for the smallest
100. Average ADW also declined from 6.7 to 6.3, respectively, suggesting that smaller companies tend to staff their
boards with directors of somewhat lesser business acumen.
The TBW and ADW averages by market cap rank paralleled that of the revenue rankings. As market cap declines,
average board size declined from 11.0 to 9.2, and TBW declined from 74.3 to 56.6. ADW also drifted lower from
6.7 to 6.2, suggesting that companies of lesser market value are perhaps less able to attract directors of higher
business acumen.
Averages by Revenue Rank
Revenue
Rank
Averages by Market Cap Rank
Average
Board Size
Average
TBW
Average
ADW
Market Cap
Rank
Average
Board Size
Average
TBW
Average
ADW
1-100
10.7
74.2
6.9
1-100
10.9
74.9
6.9
101-200
10.2
67.9
6.7
101-200
10.6
69.1
6.5
201-300
9.8
64.2
6.5
201-300
9.1
59.2
6.5
301-400
9.3
59.3
6.4
301-400
9.4
60.9
6.5
401-500
9.2
58.8
6.4
401-500
8.8
56.7
6.5
501-637
8.6
54.1
6.3
501-637
8.9
56.7
6.4
DIFFERENCES IN OVERALL GOVERNANCE CAPACITY BY INDUSTRY SECTOR
Recall that overall governance capacity (Composite Weight Rank score) is an average of the TBW and ADW
rankings; therefore the lower the CWR score, the better the overall governance capacity. The heaviest industries in
overall governance capacity are Basic Materials and Consumer Goods.
The lightest industries are
Telecommunications and Health Care. On average, the largest boards are in the Utilities sector, while the smallest
boards are in Oil & Gas.
Overall Governance Capacity by Industry Sector
Overall Governance Capacity
i
Industry Sector
CWR Score i
Avg.
Rank
234
1
Consumer Goods
286
2
Utilities
297
3
Industrials
298
4
Technology
318
5
65
Financials
339
6
Consumer Services
339
6
Oil & Gas
349
8
56
Telecommunications
388
9
12
Health Care
363
10
54
7
Basic Materials
Industry Sector i
# Cos.
Rank
# Directors* i
Avg.
Rank
Averages by Industry
TBW Score i
Avg.
Rank
ADW Score i
Avg.
Rank
46
8
9.8
5
68.4
1
7.0
1
68
4
10.0
3
66.8
3
6.7
4
35
9
10.5
1
67.5
2
6.5
6
96
3
9.4
7
63.4
5
6.8
2
5
8.7
9
58.6
9
6.8
2
102
2
10.3
2
64.5
4
6.2
9
103
1
9.5
6
60.4
6
6.4
7
6
8.6
10
57.0
8
6.6
5
10
9.9
4
60.3
7
6.1
10
9.4
7
59.0
10
6.3
8
*Excludes company’s active CEO (all charts/tables)
22
i
Boards with the Highest and Lowest Governance Capacity
By Industry Sector
HIGH GOVERNANCE CAPACITY
Basic Materials (46 Companies)
DuPont
United States Steel
Kimberly Clark
i
LOW GOVERNANCE CAPACITY
Board
Size*
TBW
ADW
12
11
11
95
89
88
7.9
8.1
8.0
Plum Creek Timber
Westlake Chemical
Huntsman
12
11
10
96
87
82
8.0
7.9
8.2
Monster Beverage
Brown-Forman
Tyson Foods
12
10
13
98
83
99
8.2
8.3
7.6
Wyndham Worldwide
Wynn Resorts
Liberty Media
12
12
14
99
94
106
8.3
7.8
7.6
10
10
12
78
78
88
7.8
7.8
7.3
11
13
11
97
107
89
8.9
8.2
8.1
12
11
11
103
94
87
8.6
8.6
8.4
13
11
10
107
81
75
8.2
7.4
7.5
13
10
11
103
72
68
7.9
7.2
6.2
12
14
14
90
102
95
7.5
7.3
6.8
Basic Materials
Consumer Goods (68)
Philip Morris International
Harley-Davidson
Procter & Gamble
Erie Indemnity Company
SL Green Realty
Blackstone Group
Celgene
Universal Health Services
Gilead Sciences
Cummins
Kelly Services
Icahn Enterprises
Continental Resources
Energy Transfer Equity
Global Partners
Liberty Interactive
Leidos
Microchip Technology
Telephone & Data Systems
SBA Communications
Level 3 Communications
6
7
8
26
29
34
4.3
4.1
4.5
11
5
8
34
23
35
3.1
4.6
4.4
7
6
9
35
32
44
5.0
5.3
4.9
7
10
6
35
45
33
5.0
4.5
5.5
7
6
5
33
30
26
4.7
5.0
5.2
8
7
5
33
37
28
4.8
5.3
5.6
11
6
10
46
36
52
4.2
6.0
5.2
10
10
7
41
46
42
4.1
4.6
6.0
Utilities
Dominion Resources
Entergy
Targa Resources
______________________________
*Excludes company’s active CEO (all charts/tables)
TBW
ADW
5.1
4.4
5.3
Telecommunications
Utilities (35)
ONEOK
AGL Resources
Duke Energy
36
47
48
Technology
Telecommunications (12)
AT&T
Verizon Communications
Frontier Communications
7
11
9
Oil & Gas
Technology (65)
IBM
Hewlett-Packard
Texas Instruments
5.4
6.0
5.7
Industrials
Oil & Gas (56)
Baker Hughes
Marathon Petroleum
Halliburton
49
42
51
Health Care
Industrials (96)
Parker-Hannifin
Ecolab
Honeywell International
9
7
9
Financials
Health Care (54)
AmerisourceBergen
Abbott Laboratories
Johnson & Johnson
ADW
Consumer Services
Financials (102)
American Express
MasterCard
U.S. Bancorp
TBW
Consumer Goods
Consumer Services (103)
McDonald's
Cardinal Health
Walgreen
i
Board
Size*
Total Board Weight
Average Director Weight
23
DIFFERENCES IN GOVERNANCE CAPACITY BY GEOGRAPHIC REGION
We see wide differences in our statistical averages across geographic regions. Boards are largest in the North
Central and Northeast regions with an average of 9.9 directors, and smallest in the South Central and Southwest
region, with an average of 8.9 directors.
Total Board Weight is highest in the North Central region with an average of 66.1, closely followed by the Northeast
region at 64.8. It is lowest in the Southwest region, with an average of 57.6. Average Director Weight is highest in
the Northwest region averaging 6.8, and lowest in the Northeast region at 6.4. Overall governance capacity or
Composite Weight Rank (CWR) is the best in the North Central region averaging 273, and worst in the Southwest
region averaging 361.
Governance Capacity by Region
Geographic
Region
Total # of
Companies
Average
Revenue ($B)
Average
Market Cap ($B)
Northeast
176
$ 17.5
$ 31.5
9.9
Southeast
105
15.3
22.7
9.8
North Central
149
19.2
21.4
9.9
South Central
96
25.2
27.2
Northwest
15
24.8
52.4
Southwest
96
17.1
41.0
______________________________
TBW
ADW
CWR
Total Board Weight
Average Director Weight
Composite Weight Rank
Geographic Regions
24
Average
Board Size
Average
TBW
Average
ADW
Average
CWR Rank
63.8
6.4
322
63.7
6.5
315
66.1
6.7
273
8.9
58.3
6.6
354
9.7
64.8
6.8
274
8.9
57.6
6.5
361
IMPROVING YOUR
GOVERNANCE CAPACITY RATINGS
25
IMPROVING YOUR
GOVERNANCE CAPACITY RATINGS
Historically, when boards are considering the
recruitment of a new director and defining the "ideal
director specification", they typically ask two
questions:

If a director retirement is pending, does the board
need to recruit a director with a similar
background to replace the expertise lost and fill
vacated committee roles?

If a board audit has been performed to determine
requisite director expertise (based on strategic
objectives and business challenges), is there a
perceived gap that the new director must fill?
2.
SETTING YOUR STANDARD
If a board agrees upon a target ADW of 7.0, the
minimum TBW target with 10 directors would be 70.
If the board is larger, e.g., 12 directors, minimum
TBW would be 84. For a smaller board of eight, it
would be 56. While partly a function of board size,
we believe that TBW itself is a valuable indicator of
the substantive depth of governance capacity in the
boardroom. Companies of significant size, such as
America’s
largest
1000,
should
assure
shareholders that they meet the minimum
threshold of TBW governance capacity.
As neither of the above addresses the board’s
governance capacity, we recommend that a third
consideration be included in the discussion: Given
the company's governance capacity ratings,
relative to its stature, should the next director be
selected such that the board's governance capacity
will be enhanced? Such a step might communicate a
commitment to protecting shareholder interests and
achieving higher shareholder returns.
For boards of eight or fewer directors, we suggest a
minimum TBW of 56. However, if America’s largest
companies have boards of fewer than eight, we
believe that such a board size is insufficient for
competent oversight. Our report suggests there is
reason for concern in this regard: 15% (93) of the
companies analyzed have boards of seven or fewer
directors, and 36% (230) have TBW of less than 56.
If you wish your governance capacity to "exceed
expectations", your ADW and TBW ranks should be
higher than your revenue rank. Our share-price
performance analysis suggested in past years that the
greater the “positive margin” of difference, the
greater the possibility of superior shareholder
return. We do recognize that the largest companies
(top 50) are closer to the revenue rank ceiling and
have less head room for a significantly positive
margin of difference.
If a board has fewer than eight directors, its ADW by
necessity would have to be higher than 7.0 to
compensate and meet the minimum governance
capacity objective of 56 TBW. Seven boards in our
report have only four or five directors and are too
small to achieve the required TBW score without
expanding their size.
If "exceeding expectations" is not your goal, there are
two other litmus tests to determine if your board is at
least in line with expectation standards.
1.
Do Your Rankings Achieve Acceptable or
Minimal Standards?
If you strive for an "acceptable standard" of
governance capacity, your ADW and TBW
rankings should be no more than 50 points below
your revenue rank. The margin for a "minimum
acceptable standard" of governance capacity is
no more than a 75 point difference.
Do Your Scores Meet / Exceed Highly
Respected Governance Standards?
Achieving highly respected governance capacity
starts first with managing and maintaining your
Average Director Weight score (ADW); we
recommend an ADW of 7.0, or greater. At that
level, the board has a significant complement of
directors with high business acumen including
corporate CEOs and other senior business
executives, as well as accomplished leaders from
other professional fields.
26
Board
Size
7
Minimum
TBW
56
Required ADW to
Achieve Minimum TBW
8.0
6
56
9.3
4-5
56
Not feasible
Governance Capacity Improvement Guide
BE AMONG THE BEST
2014 Governance Peer Groups
“In which group would you like to be?”
If you believe in the value of having a board of high
business acumen, or governance capacity, and wish
to be in the upper ranks of companies regarded as
such, consider the chart to the right. If your
governance capacity is not consistent with our
guidelines, or your expectations, you may wish to
consider enhancing the mix of business acumen on
your board.
Group Rankings
Top 1 - 50
51 - 100
101 - 150
151 - 200
201 - 250
251 - 300
301 - 350
351 - 400
401 – 450
451 - 500
Bottom 501+
The following worksheet provides a step-by-step
analysis to attain a better understanding of where
your board is today compared to others, where it
would ideally like to be, and a path to get there.
(This worksheet is also available on our website.)
ADW Range
7.9 – 9.6
7.4 – 7.9
7.2 – 7.4
7.0 – 7.2
6.8 – 7.0
6.6 – 6.8
6.5 – 6.6
6.3 – 6.5
6.1 – 6.3
5.9 – 6.1
3.1 – 5.9
TBW Range
87 - 133
79 - 87
74 – 78
69 – 74
66 – 69
63 – 66
60 – 63
56 – 60
53 – 56
50 – 53
21 – 50
Worksheet
Let's get started.
STEP 1: Review Your Scores vs. Minimum Standards (Litmus Test 1):
If your company is among the 647 largest companies analyzed in this report, locate your company's governance
capacity scores and record them below. (An alphabetical guide of all analyzed companies is provided on page 41).
Does your board appear to be in line with expectations in terms of minimum standards?
Company: _______________
Revenue Rank: _____
# of Directors: _______________ (Excluding company's CEO)
Governance
Scores
Minimum Standard
(Average Board = 10 directors)
Meet/Exceed
Standard?
Average Director Weight (ADW)
_____
7.0
Y/N
Total Board Weight (TBW)
_____
70
Y/N
As we recommend a minimum ADW score of 7.0 for most boards, you may wish to calibrate your TBW minimum
standard by multiplying the number of your directors (excluding the company's CEO) by 7.0, if you have more than
or fewer than 10 directors.
STEP 2: Review Your Scores vs. Acceptable Standards (Litmus Test 2):
Another benchmark is to determine whether your rankings are in line with expectations considering your company's
stature, as measured by revenue rank. Ideally, your board satisfies both litmus tests, or at least one.
ADW Rank
TBW Rank
Score
Rank
_____
_____
Revenue
Rank
_____
_____
Margin
(Score - Revenue Rank)
_____
_____
Your Governance Capacity
High Standard
Low Standard
(Margin <50?)
(Margin <75?)
Y/N
Y/N
Y/N
Y/N
Depending upon steps 1 and 2, you may be satisfied that your governance capacity is exactly where you would like
it to be. Or you may have concluded that you wish to improve your governance capacity. It may be a simple matter
of achieving compliance with one or both of the litmus tests. Or you may have a higher objective - to attain parity
with other boards in the upper ranks of governance capacity (see above “Governance Peer Groups” chart).
27
STEP 3. Design the Ideal Board Profile
If improving governance capacity is the objective, use the following form to chart the course. Fill in your "current
profile" information, and record the appropriate business acumen category and weight ranking for each of your
directors, referring to our weight ratings chart on page 4 of this report (exclude your CEO). Total the individual
director weights to calibrate Total Board Weight (TBW), and divide by the number of directors (excluding your
CEO), to calibrate your Average Director Weight (ADW). Select an ADW you aspire to achieve, considering not
only the minimum ADW standard of 7.0, but also where you would like to rank among all companies, referencing
the "Governance Peer Groups" chart on the prior page. To help visualize what your board might need to look like in
order to move in a new direction, refer to the three board profiles shown below as examples of high, average, and
modest governance capacity. You can now create a roadmap to achieve your ideal board profile.
# of Directors:
ADW Score:
ADW Rank:
TBW Score:
TBW Rank:
Revenue Rank:
Director #
1
2
3
4
5
6
7
8
9
10
11
12
Current Profile
______
______
______
______
______
______
Business Acumen
Classification*
___________________
___________________
___________________
___________________
___________________
___________________
___________________
___________________
___________________
___________________
___________________
___________________
Total Board Weight:
Average Director Weight
YOUR BOARD
Director
Weight
______
______
______
______
______
______
______
______
______
______
______
______
______
Desired Profile
______
Desired # of Directors:
______
Target ADW Score:
ADW Peer Group Range:
______
______
TBW Score:
______
TBW Peer Group Range:
Revenue Rank:
______
Business Acumen
Director #
Classification*
1
___________________
2
___________________
3
___________________
4
___________________
5
___________________
6
___________________
7
___________________
8
___________________
9
___________________
10
___________________
11
___________________
12
___________________
Total Board Weight:
Director
Weight
______
______
______
______
______
______
______
______
______
______
______
______
______
______
Target Average Director Weight
______
i
*Refer to page 4 for Business Acumen Classifications and Director Weight Ratings; exclude your CEO.
i
BOARD EXAMPLES
High Governance Capacity
Cardinal Health
Director #
1
2
3
4
5
6
7
8
9
10
# of Directors:
ADW Score:
ADW Rank:
TBW Score:
TBW Rank:
CWR Rank:
Revenue Rank:
Business Acumen
Classification
Outside Chairman / Retired CEO
Active CEO
Active CEO
Active CEO
Retired CEO
Retired CEO
CEO – Small Company
CFO
Retired Group President
Group VP
Total Board Weight:
Average Director Weight:
10
8.3
17
83
62
17
19
Director
Weight
10
10
10
10
9
9
7
7
6
6
83
8.3
Average Governance Capacity
Boeing
# of Directors:
ADW Score:
ADW Rank:
TBW Score:
TBW Rank:
CWR Rank:
Revenue Rank:
Business Acumen
Classification
Outside Chairman / Retired CEO
Retired CEO
Retired CEO
Retired CEO
Retired CEO
Retired Vice Chairman
Former Group President
Government
Government
Military
Total Board Weight:
Average Director Weight:
28
10
6.5
346
65
267
320
27
Director
Weight
10
9
9
9
9
7
6
2
2
2
65
6.5
Modest Governance Capacity
Kelly Services
# of Directors:
ADW Score:
ADW Rank:
TBW Score:
TBW Rank:
CWR Rank:
Revenue Rank:
Business Acumen
Classification
Active CEO
Group President
Former Inside CEO
Former Accountant
General Counsel
Former Group VP
Former Academic - President
Academic - Professor
Hospital Executive
Non-Executive Insider
Total Board Weight:
Average Director Weight:
10
4.5
626
45
561
610
428
Director
Weight
10
7
6
6
6
5
3
3
2
-3
45
4.5
CLOSING REFLECTIONS
&
OFFICIAL 2014 BOARD WEIGHT RANKINGS
29
CLOSING REFLECTIONS
As we conclude our 4th annual governance study, we
are more convinced than ever that strong governance
capacity, on its own, is simply the high octane fuel in
the engine. It is the able leadership of the board
chairman and committee heads that catalyzes this
precious fuel in a manner that fosters governance
strength, quality, and effectiveness.
Just as with other qualitative rating systems, such as
Fortune’s “Most Admired Companies” and
Bloomberg Businessweek’s “Business School
Rankings and Profiles”, there will be companies that
feel good about the rankings, and others that do not,
perhaps dismissing the validity of our methodology.
However, for those companies that take the time to
consider our logic, perhaps during the annual cycle of
considering the composition of their own boards, this
study will have served a purpose.
Our principal interest is to provide a thoughtful
benchmark by which the integrity of a board’s
governance system can be measured. Too often,
boards receive undeserved criticism for ineptitude,
and are held accountable for flawed business
execution that is not their responsibility. It is not
appropriate to make the board the “whipping post”
for all that goes wrong in a corporation. If a board’s
high governance capacity rating causes some critics
to think twice before “firing a shot”, we have
accomplished one of our goals. Conversely, if a
board of low governance capacity becomes the focus
of critical scrutiny, it may deserve closer attention.
In the future, companies seeking to strengthen their
“board weight” or “governance capacity” rankings,
can take two simple steps.
We do not anticipate that all corporate boards will
embrace our study. But we hope that we can all
agree – greater governance capacity, no matter
how one measures it, is good for business.
30

Enlarge its board if it is too small, considering
the company's business scale, reputation, and
strategic opportunities.

Upgrade its boardroom talent by adding
directors of more substantive business
accomplishment, particularly if active and
retired CEOs are under-represented on the board.
OFFICIAL 2014 BOARD WEIGHT RANKINGS
America’s 637 Largest Corporations
2013
Rev.
Rank
2014
Mkt. Cap
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
9
2
10
5
96
1
79
64
7
143
15
42
52
106
13
67
89
84
193
172
14
183
12
149
20
287
37
8
11
24
35
4
22
25
114
60
6
148
49
77
29
28
34
352
3
73
38
59
41
94
30
16
33
165
56
169
18
110
31
83
23
195
RANKED BY REVENUE
Company
Wal-Mart Stores
Exxon Mobil
Chevron
Berkshire Hathaway
Phillips 66
Apple
General Motors
Ford Motor Company
General Electric
Valero Energy
AT&T
CVS Caremark
UnitedHealth Group
McKesson
Verizon Communications
Hewlett-Packard
Costco Wholesale
Express Scripts
Cardinal Health
Marathon Petroleum
International Business Machines
Kroger
JPMorgan Chase
Archer Daniels Midland
Bank of America
AmerisourceBergen
Boeing Company
Wells Fargo
Procter & Gamble
Philip Morris International
Home Depot
Microsoft
Citigroup
Amazon.com
Target
Walgreen
Johnson & Johnson
WellPoint
American International Group
Metlife
PepsiCo
Comcast
United Technologies
Bunge Ltd
Google
Dow Chemical
ConocoPhillips
Caterpillar
United Parcel Service
Lowe's Companies
Intel
Pfizer
Cisco Systems
Energy Transfer Equity
Enterprise Products Partners
Aetna
Coca-Cola
Prudential Financial
Schlumberger Limited
Lockheed Martin
Walt Disney
SYSCO
2013
Rev.
($B)
$476.3
420.8
220.3
182.2
171.6
170.9
155.4
146.9
146.0
138.1
128.8
126.8
122.5
122.5
120.6
112.3
105.2
104.1
101.1
100.2
99.8
98.4
96.6
89.8
89.0
88.0
86.6
84.4
84.2
80.0
78.8
77.8
76.9
74.5
72.6
72.2
71.3
71.1
68.9
68.4
66.4
64.7
62.6
61.3
59.8
57.1
56.2
55.7
55.4
53.4
52.7
51.6
48.6
48.3
47.7
47.3
46.9
46.7
46.5
45.4
45.0
44.4
TBW
ADW CWR
TBW Rank ADW Rank Score
83
84
82
75
46
56
73
94
116
47
103
59
65
74
72
81
72
78
83
94
107
79
71
80
101
78
65
80
82
96
83
67
72
55
75
99
88
69
97
70
82
72
75
63
62
67
62
83
92
78
60
73
69
30
53
80
91
75
74
66
73
59
68
60
71
135
545
394
159
27
2
540
9
352
266
141
163
81
173
105
62
25
3
98
177
90
12
101
267
95
70
21
63
232
169
416
127
14
40
201
19
193
74
167
131
298
317
233
311
64
28
102
344
162
202
629
459
94
31
132
142
255
156
356
6.4
7.6
7.5
6.3
6.6
8.0
6.6
6.3
7.3
5.2
7.9
7.4
6.5
7.4
7.2
7.4
5.5
7.1
8.3
8.5
8.2
6.6
7.1
7.3
7.2
7.8
6.5
6.2
8.2
8.0
7.5
7.4
6.0
6.1
7.5
7.6
7.3
7.1
7.5
6.4
6.8
6.5
6.8
6.3
6.2
7.4
6.9
7.5
6.6
7.8
6.0
6.1
6.9
5.0
5.3
6.7
6.5
6.8
7.4
6.0
8.1
6.6
362
69
97
410
324
40
299
403
149
583
41
118
347
113
162
122
541
186
17
8
20
317
180
142
157
57
346
425
25
39
84
102
484
444
93
71
129
178
94
373
250
332
254
392
420
101
234
83
323
56
483
450
228
604
572
296
345
253
112
482
29
330
215.0
64.5
84.0
272.5
434.5
217.0
229.0
215.0
75.5
561.5
25.0
235.0
306.5
127.0
162.5
101.5
357.0
145.5
39.5
16.5
11.5
207.5
178.5
116.0
84.5
79.0
306.5
260.0
47.5
30.0
73.5
167.0
326.5
430.0
110.0
42.5
84.5
189.5
56.5
283.0
162.0
249.5
192.5
345.0
368.5
167.0
272.5
73.5
175.5
79.0
413.5
306.0
215.0
616.5
515.5
195.0
188.0
192.5
127.0
368.5
92.5
343.0
CWR
Rank
2014
Mkt. Cap
Rank
2013
Rev.
Rank
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
6
2
45
32
4
37
9
28
1
3
29
23
15
21
11
52
78
57
64
25
316
33
61
30
34
108
223
42
41
51
59
233
53
43
31
95
27
47
84
91
49
12
298
125
161
143
141
113
39
112
97
13
136
73
72
55
347
118
48
36
106
83
202
35
54
268
464
205
212
204
44
578
8
217
319
90
128
67
371
107
17
6
3
184
152
80
58
45
320
248
24
10
41
134
343
451
76
19
57
162
28
282
123
233
163
353
378
135
262
42
148
46
436
313
197
628
543
168
161
164
91
383
63
347
31
RANKED BY MARKET CAP
Company
Apple
Exxon Mobil
Google
Microsoft
Berkshire Hathaway
Johnson & Johnson
General Electric
Wells Fargo
Wal-Mart Stores
Chevron
Procter & Gamble
JPMorgan Chase
Verizon Communications
International Business Machines
AT&T
Pfizer
Oracle
Coca-Cola
Merck
Bank of America
Facebook
Citigroup
Walt Disney
Philip Morris International
Amazon.com
QUALCOMM
Visa
Comcast
PepsiCo
Intel
Schlumberger Limited
Gilead Sciences
Cisco Systems
United Technologies
Home Depot
McDonald's
Boeing Company
ConocoPhillips
American Express
3M
United Parcel Service
CVS Caremark
MasterCard
Union Pacific
Bristol-Myers Squibb
Amgen
AbbVie
Altria Group
American International Group
Occidental Petroleum
Twenty-First Century Fox
UnitedHealth Group
U.S. Bancorp
Honeywell International
Goldman Sachs
Enterprise Products Partners
Biogen Idec
Eli Lilly
Caterpillar
Walgreen
Nike
Mondelez International
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$504.4
437.8
352.5
326.6
314.0
285.5
264.9
258.5
255.6
238.0
222.9
204.4
200.8
192.4
189.1
185.1
183.0
179.6
161.3
155.0
146.9
142.7
141.9
135.9
134.5
134.2
132.5
132.3
132.2
130.9
130.5
122.5
118.6
107.2
106.3
101.7
95.6
95.3
94.0
92.5
91.3
89.2
86.9
85.7
84.8
84.4
83.4
79.9
75.6
75.5
75.5
75.4
73.2
72.7
70.7
68.4
68.0
66.5
65.7
65.5
64.5
64.2
56
84
62
67
75
88
116
80
83
82
82
71
72
107
103
73
54
91
78
101
47
72
73
96
55
75
67
72
82
60
74
44
69
75
83
98
65
62
99
74
92
59
94
66
69
74
55
55
97
59
65
65
106
89
71
53
64
85
83
99
88
83
394
60
317
232
135
40
2
95
68
71
70
177
163
3
9
162
432
31
106
12
531
169
156
21
416
136
238
167
74
344
142
570
202
131
63
16
267
311
13
137
28
352
26
250
208
151
409
424
19
362
268
266
5
33
179
459
284
58
64
14
42
65
8.0
7.6
6.2
7.4
6.3
7.3
7.3
6.2
6.4
7.5
8.2
7.1
7.2
8.2
7.9
6.1
6.0
6.5
7.1
7.2
6.7
6.0
8.1
8.0
6.1
5.4
6.7
6.5
6.8
6.0
7.4
4.9
6.9
6.8
7.5
8.2
6.5
6.9
8.3
8.2
6.6
7.4
7.8
6.6
6.3
6.7
6.9
5.5
7.5
5.9
6.5
6.5
7.6
8.1
6.5
5.3
6.4
6.5
7.5
7.6
6.8
7.5
40
69
420
102
410
129
149
425
362
97
25
180
162
20
41
450
481
345
185
157
278
484
29
39
444
564
284
332
250
483
112
610
228
254
84
26
346
234
18
24
323
118
52
314
402
273
241
549
94
493
344
347
76
32
352
572
357
333
83
71
264
82
217.0
64.5
368.5
167.0
272.5
84.5
75.5
260.0
215.0
84.0
47.5
178.5
162.5
11.5
25.0
306.0
456.5
188.0
145.5
84.5
404.5
326.5
92.5
30.0
430.0
350.0
261.0
249.5
162.0
413.5
127.0
590.0
215.0
192.5
73.5
21.0
306.5
272.5
15.5
80.5
175.5
235.0
39.0
282.0
305.0
212.0
325.0
486.5
56.5
427.5
306.0
306.5
40.5
32.5
265.5
515.5
320.5
195.5
73.5
42.5
153.0
73.5
205
35
378
134
268
57
44
248
202
54
24
152
128
3
8
313
491
161
108
58
421
343
63
10
451
365
250
233
123
436
91
604
197
163
41
7
320
262
5
49
148
217
16
277
303
191
336
521
28
446
312
319
18
12
257
543
330
169
42
19
118
43
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
104
19
634
146
567
426
206
585
225
55
54
283
119
130
504
17
76
551
465
65
62
39
177
305
187
186
98
111
40
70
81
211
36
205
51
102
337
607
161
270
131
481
527
61
134
26
93
173
87
50
48
155
138
85
447
58
272
122
99
141
162
109
44
75
304
532
101
117
RANKED BY REVENUE
Company
FedEx
Merck
INTL Fcstone
Johnson Controls
Ingram Micro
Best Buy
Plains All American Pipeline
World Fuel Services
Humana
Goldman Sachs
Honeywell International
United Continental
Deere & Company
Delta Air Lines
Tesoro
Oracle
Morgan Stanley
Sears Holdings
Safeway
E I Du Pont De Nemours And Co
Mondelez International
American Express
Allstate
Tyson Foods
HCA Holdings
CIGNA
DIRECTV
General Dynamics
3M
Time Warner
Halliburton
International Paper Company
McDonald's
Macy's
Twenty-First Century Fox
TJX
Fluor
Tech Data
American Airlines Group
Hartford Financial Services Group
Travelers Companies
Rite Aid
Avnet
Nike
Exelon
QUALCOMM
Emerson Electric
Northrop Grumman
Duke Energy
Occidental Petroleum
Altria Group
AFLAC
Raytheon
EMC
Staples
Eli Lilly
Alcoa
National-Oilwell Varco
Capital One Financial
Baker Hughes
Hess
Time Warner Cable
Union Pacific
Abbott Laboratories
Xerox
Arrow Electronics
Kimberly Clark
Freeport-McMoRan Copper
2013
Rev.
($B)
TBW
ADW CWR
TBW Rank ADW Rank Score
$44.3
44.0
43.8
42.7
42.6
42.4
42.2
41.6
41.3
40.9
39.1
38.3
37.8
37.8
37.6
37.2
36.8
36.2
36.1
35.9
35.3
34.9
34.7
34.4
34.2
32.4
31.8
31.2
30.9
29.8
29.4
29.1
28.1
27.9
27.7
27.4
27.4
26.8
26.7
26.3
26.2
25.5
25.5
25.3
24.9
24.9
24.7
24.7
24.6
24.6
24.5
23.9
23.7
23.2
23.1
23.1
23.0
22.9
22.4
22.4
22.2
22.1
22.0
21.8
21.4
21.4
21.2
20.9
91
78
41
75
82
68
43
38
58
71
89
65
77
98
71
54
97
35
51
95
83
99
80
48
76
78
78
60
74
73
87
81
98
74
65
62
83
53
73
68
71
43
63
88
85
75
79
54
95
59
55
51
54
64
74
85
68
60
68
103
77
50
66
78
51
67
88
89
29
106
590
128
75
220
573
603
372
179
33
273
111
17
175
432
20
613
482
22
65
13
91
527
120
107
108
350
137
160
45
82
16
143
268
312
66
453
161
221
180
574
290
42
59
136
99
440
24
362
424
493
433
281
144
58
225
336
215
8
116
505
250
103
475
230
39
38
7.6
7.1
5.1
7.5
6.8
6.8
6.1
5.4
6.4
6.5
8.1
5.4
7.7
7.0
7.9
6.0
6.9
5.8
6.4
7.9
7.5
8.3
7.3
5.3
6.3
7.1
7.1
5.5
8.2
6.6
8.4
7.4
8.2
7.4
6.5
6.9
6.9
5.9
6.6
6.8
6.5
6.1
7.0
6.8
6.1
5.4
6.6
5.4
6.8
5.9
5.5
4.6
6.0
6.4
7.4
6.5
6.2
7.5
7.6
8.6
5.9
4.5
6.6
7.8
7.3
8.4
8.0
5.9
74
185
593
92
249
258
429
555
354
352
32
556
66
216
47
481
217
511
369
42
82
18
141
569
384
184
183
551
24
298
13
121
26
111
344
233
219
499
297
257
351
428
215
264
451
564
316
559
259
493
549
618
480
360
110
333
422
91
81
5
486
622
314
55
138
12
38
485
51.5
145.5
591.5
110.0
162.0
239.0
501.0
579.0
363.0
265.5
32.5
414.5
88.5
116.5
111.0
456.5
118.5
562.0
425.5
32.0
73.5
15.5
116.0
548.0
252.0
145.5
145.5
450.5
80.5
229.0
29.0
101.5
21.0
127.0
306.0
272.5
142.5
476.0
229.0
239.0
265.5
501.0
252.5
153.0
255.0
350.0
207.5
499.5
141.5
427.5
486.5
555.5
456.5
320.5
127.0
195.5
323.5
213.5
148.0
6.5
301.0
563.5
282.0
79.0
306.5
121.0
38.5
261.5
CWR
Rank
2014
Mkt. Cap
Rank
2013
Rev.
Rank
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
165
8
82
155
16
182
197
92
160
356
46
369
126
79
40
189
7
437
93
181
60
18
116
138
111
188
17
260
383
215
109
50
200
5
166
89
121
174
129
98
173
63
199
14
159
178
124
58
90
219
228
35
297
190
130
537
75
164
312
120
418
145
476
201
148
192
361
76
25
108
606
77
124
222
533
592
374
257
12
437
60
84
78
491
85
581
439
11
43
5
81
569
239
109
110
478
49
213
9
68
7
92
312
263
104
506
214
223
258
534
240
118
241
365
185
529
103
446
521
572
492
327
93
169
334
194
113
1
301
584
277
47
314
86
15
255
32
RANKED BY MARKET CAP
Company
eBay
Ford Motor Company
E I Du Pont De Nemours And Co
Colgate-Palmolive Company
Hewlett-Packard
Monsanto
Las Vegas Sands
Time Warner
Medtronic
Priceline Group
Dow Chemical
Celgene
Abbott Laboratories
Morgan Stanley
Metlife
EOG Resources
General Motors
Simon Property Group
Halliburton
Starbucks
Lockheed Martin
Express Scripts
EMC
Danaher
Duke Energy
Anadarko Petroleum
Costco Wholesale
BlackRock
Allergan
Texas Instruments
Emerson Electric
Lowe's Companies
Thermo Fisher Scientific
Phillips 66
PNC Financial Services Group
DIRECTV
Capital One Financial
NextEra Energy
Kimberly Clark
TJX
Baxter International
FedEx
Dominion Resources
McKesson
Southern Company
Bank of New York Mellon
Time Warner Cable
Prudential Financial
General Dynamics
Praxair
Automatic Data Processing
Target
Precision Castparts
Illinois Tool Works
Freeport-McMoRan Copper
American Tower
Deere & Company
Apache
Franklin Resources
National-Oilwell Varco
Charles Schwab
Kraft Foods Group
Yahoo!
Yum! Brands
General Mills
Kinder Morgan
Blackstone Group
Delta Air Lines
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$64.1
62.4
62.2
61.9
61.3
60.6
60.3
60.3
60.2
59.6
59.3
58.7
58.6
58.5
57.7
55.9
54.9
54.6
53.6
52.9
52.7
52.4
52.1
51.8
50.9
50.8
50.8
50.5
49.6
49.5
47.1
46.6
46.5
46.3
45.0
44.9
43.7
43.0
41.8
41.0
40.7
40.6
40.6
39.4
38.9
38.9
38.7
38.7
38.7
38.1
37.6
37.4
37.1
35.6
35.2
35.1
34.9
34.7
34.4
34.3
34.3
34.1
34.0
33.7
33.4
33.0
32.9
31.9
75
94
95
74
81
81
49
73
61
67
67
35
78
97
70
43
73
54
87
75
66
78
64
56
95
71
72
133
49
75
79
78
61
46
88
78
68
69
88
62
79
91
41
74
81
89
50
75
60
77
62
75
51
87
89
55
77
56
55
60
71
68
54
67
87
55
35
98
133
27
22
138
81
86
509
160
331
234
233
615
103
20
193
575
159
438
45
134
255
105
281
402
24
176
173
1
513
129
99
102
328
545
44
108
215
209
39
312
100
29
592
141
85
36
505
132
350
112
309
127
476
49
38
415
111
403
419
336
183
222
428
237
50
425
616
17
6.8
6.3
7.9
8.2
7.4
6.8
6.1
6.6
5.5
7.4
7.4
5.0
7.8
6.9
6.4
6.1
6.6
6.0
8.4
6.8
6.0
7.1
6.4
6.2
6.8
7.9
5.5
7.4
6.1
7.5
6.6
7.8
6.1
6.6
6.3
7.1
7.6
6.3
8.0
6.9
6.6
7.6
4.1
7.4
6.8
6.8
4.5
6.8
5.5
7.7
7.8
7.5
7.3
7.3
5.9
6.9
7.7
6.2
6.1
7.5
6.5
6.8
7.7
6.7
6.7
5.5
4.4
7.0
252
403
42
23
122
268
436
298
540
100
101
602
55
217
373
427
299
464
13
251
482
186
360
414
259
46
541
114
432
88
316
56
447
324
398
183
81
401
38
233
315
74
634
113
269
245
622
253
551
65
60
93
137
148
485
235
66
413
441
91
348
256
63
285
287
547
629
216
192.5
215.0
32.0
80.5
101.5
177.0
472.5
229.0
435.5
167.0
167.0
608.5
79.0
118.5
283.0
501.0
229.0
451.0
29.0
192.5
368.5
145.5
320.5
408.0
141.5
111.0
357.0
57.5
472.5
108.5
207.5
79.0
387.5
434.5
221.0
145.5
148.0
305.0
38.5
272.5
207.5
51.5
613.0
127.0
177.0
140.5
563.5
192.5
450.5
88.5
184.5
110.0
306.5
98.5
261.5
325.0
88.5
408.0
430.0
213.5
265.5
239.0
245.5
261.0
168.5
486.0
622.5
116.5
165
204
11
50
67
150
498
213
465
136
135
621
47
85
282
535
212
480
9
166
383
107
327
427
103
79
371
29
502
73
185
46
411
464
206
110
113
304
15
263
186
25
625
90
149
101
584
164
478
61
155
76
315
66
255
342
60
428
454
194
261
224
227
249
142
519
633
84
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
336
513
396
625
524
53
594
86
259
349
47
341
46
575
124
290
203
127
253
516
215
242
435
573
66
160
615
192
107
71
45
507
231
120
63
97
382
209
320
136
175
220
103
100
257
163
423
108
180
302
82
68
182
411
565
322
243
88
78
116
317
128
207
188
518
159
69
133
RANKED BY REVENUE
Company
Icahn Enterprises
ManpowerGroup
HollyFrontier
Global Partners
Goodyear Tire & Rubber
U.S. Bancorp
PBF Energy
Danaher
Nucor
Kohl's
AbbVie
Whirlpool
Amgen
Jabil Circuit
Kraft Foods Group
Progressive
CenturyLink
General Mills
Southwest Airlines
AutoNation
Chesapeake Energy
Dollar General
TRW Automotive
United States Steel
Colgate-Palmolive Company
Cummins
SUPERVALU
PACCAR
Southern Company
Medtronic
Bristol-Myers Squibb
Lear
Gap
Apache
eBay
PNC Financial Services Group
AES
PG&E
ConAgra Foods
Carnival
American Electric Power
Western Digital
Baxter International
NextEra Energy
Loews
PPG Industries
Computer Sciences
Bank of New York Mellon
Marathon Oil
FirstEnergy
Starbucks
Monsanto
Kellogg Company
Catamaran
Penske Automotive Group
ONEOK
Omnicom Group
Anadarko Petroleum
EOG Resources
Illinois Tool Works
Genuine Parts
Kinder Morgan
Waste Management
Chubb
ARAMARK
DISH Network
Las Vegas Sands
Ecolab
2013
Rev.
($B)
TBW
ADW CWR
TBW Rank ADW Rank Score
$20.5
20.3
20.2
19.6
19.5
19.4
19.2
19.1
19.1
19.0
18.8
18.8
18.7
18.3
18.2
18.2
18.1
17.8
17.7
17.5
17.5
17.5
17.4
17.4
17.4
17.3
17.2
17.1
17.1
16.6
16.4
16.2
16.1
16.1
16.0
16.0
15.9
15.6
15.5
15.5
15.4
15.4
15.3
15.1
15.1
15.1
15.0
15.0
15.0
14.9
14.9
14.9
14.8
14.8
14.7
14.6
14.6
14.6
14.5
14.1
14.1
14.1
14.0
13.9
13.9
13.9
13.8
13.3
33
74
47
26
74
106
56
56
60
66
55
85
74
54
68
64
68
87
54
55
75
55
57
89
74
35
74
78
81
61
69
50
60
56
75
88
61
73
78
55
78
74
79
69
63
71
57
89
61
87
75
81
57
59
76
90
67
71
43
87
74
55
57
89
63
55
49
107
621
149
534
633
150
5
401
402
337
246
409
55
151
429
222
274
227
50
434
417
123
408
384
34
138
614
145
104
85
331
208
496
340
403
133
44
332
158
109
410
110
154
100
209
307
174
378
36
323
51
134
86
393
353
118
32
245
176
575
49
155
425
377
37
299
426
509
4
5.5
6.7
5.9
5.2
6.7
7.6
6.2
6.2
7.5
7.3
6.9
7.7
6.7
6.8
6.8
8.0
5.7
6.7
6.0
6.1
9.6
7.9
6.3
8.1
8.2
5.0
7.4
7.8
6.8
5.5
6.3
6.3
6.7
6.2
6.8
6.3
5.5
7.3
7.1
6.9
7.1
6.2
6.6
6.3
5.3
8.9
7.1
6.8
8.7
6.7
6.8
6.8
5.2
7.4
6.9
7.5
5.6
7.9
6.1
7.3
6.2
5.5
8.1
6.8
6.3
5.5
6.1
8.2
548
275
505
587
274
76
415
414
90
128
241
62
273
270
256
37
532
287
479
443
1
51
383
31
23
603
109
54
269
540
402
409
295
413
252
398
539
130
182
240
181
424
315
401
580
3
172
245
4
286
251
268
588
117
221
89
536
46
427
148
423
547
27
244
391
546
436
19
584.5
212.0
519.5
610.0
212.0
40.5
408.0
408.0
213.5
187.0
325.0
58.5
212.0
349.5
239.0
155.5
379.5
168.5
456.5
430.0
62.0
229.5
383.5
32.5
80.5
608.5
127.0
79.0
177.0
435.5
305.0
452.5
317.5
408.0
192.5
221.0
435.5
144.0
145.5
325.0
145.5
289.0
207.5
305.0
443.5
88.5
275.0
140.5
163.5
168.5
192.5
177.0
490.5
235.0
169.5
60.5
390.5
111.0
501.0
98.5
289.0
486.0
202.0
140.5
345.0
486.0
472.5
11.5
CWR
Rank
2014
Mkt. Cap
Rank
599
189
546
623
190
18
426
427
195
157
336
30
191
364
224
121
395
142
493
452
33
215
405
13
50
620
94
48
149
465
303
481
323
428
165
206
466
106
111
337
112
289
186
304
473
59
269
101
133
143
166
150
524
218
144
32
414
79
535
66
290
519
175
102
354
520
498
4
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
33
2013
Rev.
Rank
103
208
198
107
517
170
282
115
611
301
122
352
10
518
596
66
230
38
24
286
250
218
531
278
114
591
258
255
196
156
101
123
176
319
54
214
302
269
56
226
421
20
110
547
171
453
85
259
534
179
247
183
22
325
551
88
87
194
309
594
574
158
19
607
62
462
337
532
RANKED BY MARKET CAP
Company
Travelers Companies
Thomson Reuters
Ecolab
Exelon
salesforce.com
Carnival
Stryker
Raytheon
Alexion Pharmaceuticals
Reynolds American
Baker Hughes
Williams Companies
Valero Energy
Adobe Systems
Public Storage
Johnson Controls
Norfolk Southern
WellPoint
Archer Daniels Midland
Cognizant Technology Solutions
Devon Energy
CSX
Pioneer Natural Resources
Micron Technology
AFLAC
Regeneron Pharmaceuticals
Estee Lauder Companies
State Street
DISH Network
Cummins
American Airlines Group
Hess
PPG Industries
Corning
Energy Transfer Equity
Marsh & McLennan Companies
Discover Financial Services
BB&T
Aetna
VF
Spectra Energy
Marathon Petroleum
Northrop Grumman
Crown Castle International
American Electric Power
Noble Energy
Allstate
Air Products & Chemicals
Continental Resources
Marathon Oil
Sempra Energy
Kellogg Company
Kroger
Applied Materials
CME Group
CIGNA
HCA Holdings
Chubb
Becton, Dickinson and Co.
Tesla Motors
Equity Residential
PACCAR
Cardinal Health
Intercontinentalexchange Group
SYSCO
McGraw Hill Financial
Hershey
T. Rowe Price Group
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$31.7
31.5
31.4
31.1
30.9
30.7
30.6
30.4
30.2
30.2
30.0
30.0
29.8
29.7
29.6
29.6
29.5
29.2
29.1
29.0
28.8
28.8
28.8
28.7
28.6
28.2
28.0
27.9
27.8
27.6
27.6
27.5
27.2
27.1
26.9
26.9
26.8
26.7
26.6
26.6
26.4
26.3
25.9
25.8
25.5
25.5
25.2
25.2
24.6
24.3
24.1
24.1
23.7
23.4
23.4
23.2
22.9
22.7
22.7
22.6
22.3
22.2
21.9
21.7
21.5
21.4
21.4
21.3
71
68
107
85
61
55
44
54
62
82
103
71
47
82
40
75
91
69
80
49
54
77
70
60
51
63
103
80
55
35
73
77
71
68
30
64
81
99
80
80
74
94
54
59
78
50
80
69
33
61
82
57
79
74
104
78
76
89
69
43
60
78
83
71
59
81
54
51
180
228
4
59
329
410
568
433
322
77
8
182
540
78
598
128
30
201
90
511
436
114
198
334
493
306
10
93
426
614
161
116
174
229
629
282
83
15
94
92
140
25
440
365
110
504
91
205
622
323
76
393
98
152
7
107
120
37
213
576
349
104
62
184
356
84
442
494
6.5
5.7
8.2
6.1
6.1
6.9
5.5
6.0
5.6
6.8
8.6
6.5
5.2
6.8
5.7
7.5
7.6
7.1
7.3
6.1
6.0
7.0
5.8
8.6
4.6
5.7
7.4
7.3
5.5
5.0
6.6
5.9
8.9
5.7
5.0
6.4
7.4
5.8
6.7
7.3
8.2
8.5
5.4
5.9
7.1
5.0
7.3
6.9
4.7
8.7
6.8
5.2
6.6
6.7
4.5
7.1
6.3
6.8
4.9
6.1
6.0
7.8
8.3
5.9
6.6
7.4
5.4
4.6
351
531
19
451
446
240
544
480
533
247
5
349
583
246
522
92
73
178
142
434
474
212
509
7
618
520
123
139
546
603
297
486
3
529
604
359
120
512
296
140
21
8
559
490
181
600
141
225
615
4
248
588
317
272
623
184
384
244
605
426
454
54
17
488
330
119
557
617
265.5
379.5
11.5
255.0
387.5
325.0
556.0
456.5
427.5
162.0
6.5
265.5
561.5
162.0
560.0
110.0
51.5
189.5
116.0
472.5
455.0
163.0
353.5
170.5
555.5
413.0
66.5
116.0
486.0
608.5
229.0
301.0
88.5
379.0
616.5
320.5
101.5
263.5
195.0
116.0
80.5
16.5
499.5
427.5
145.5
552.0
116.0
215.0
618.5
163.5
162.0
490.5
207.5
212.0
315.0
145.5
252.0
140.5
409.0
501.0
401.5
79.0
39.5
336.0
343.0
101.5
499.5
555.5
258
396
4
241
412
337
575
492
450
126
1
260
578
127
577
77
26
162
80
500
489
132
369
146
572
435
36
83
520
620
214
301
59
394
628
328
69
256
168
82
52
6
529
449
112
570
81
200
630
133
125
524
184
192
322
109
239
102
432
536
415
48
17
345
347
70
531
573
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
105
95
126
226
562
291
252
605
441
132
393
234
391
342
258
166
92
367
316
152
112
199
599
480
27
292
328
170
311
113
347
147
597
202
32
560
521
590
310
583
275
568
606
539
596
260
326
543
181
582
410
151
510
442
537
230
158
289
214
157
178
90
584
218
525
321
338
631
RANKED BY REVENUE
Company
Dominion Resources
Thermo Fisher Scientific
Yum! Brands
Parker-Hannifin
Community Health Systems
Whole Foods Market
Marriott International
CST Brands
C.H. Robinson Worldwide
Thomson Reuters
L-3 Communications
Edison International
CarMax
Nordstrom
Consolidated Edison
Marsh & McLennan Companies
Texas Instruments
Textron
Lincoln National
CSX
Praxair
PPL
J.C. Penney
Jacobs Engineering Group
Visa
DaVita HealthCare Partners
Bed Bath & Beyond
VF
Entergy
Automatic Data Processing
NRG Energy
Norfolk Southern
Office Depot
Ameriprise Financial
Gilead Sciences
Tenet Healthcare
Huntsman
Health Net
Stanley Black & Decker
URS
Xcel Energy
Centene
SYNNEX
AGCO
Navistar International
L Brands
Hertz Global Holdings
CDW
Sempra Energy
RR Donnelley & Sons
Leucadia National
Devon Energy
Family Dollar Stores
Unum Group
Reinsurance Group of America
Liberty Interactive
State Street
Ross Stores
Sherwin-Williams
Estee Lauder Companies
Air Products & Chemicals
BlackRock
Western Refining
Public Service Enterprise Group
Avon Products
Cameron International
MGM Resorts International
Core-Mark
2013
Rev.
($B)
TBW
ADW CWR
TBW Rank ADW Rank Score
$13.1
13.1
13.1
13.0
13.0
12.9
12.8
12.8
12.8
12.7
12.6
12.6
12.6
12.5
12.4
12.3
12.2
12.1
12.0
12.0
11.9
11.9
11.9
11.8
11.8
11.8
11.5
11.4
11.4
11.3
11.3
11.2
11.2
11.2
11.2
11.1
11.1
11.1
11.0
11.0
10.9
10.9
10.8
10.8
10.8
10.8
10.8
10.8
10.6
10.5
10.4
10.4
10.4
10.4
10.3
10.3
10.3
10.2
10.2
10.2
10.2
10.2
10.1
10.0
10.0
9.8
9.8
9.8
41
61
67
97
37
53
69
48
60
68
58
63
62
84
60
64
75
70
62
77
77
83
68
74
67
64
46
80
46
62
72
91
70
57
44
42
51
58
65
69
69
52
57
75
54
56
68
65
82
74
53
54
45
82
59
33
80
51
75
103
69
133
44
68
70
89
51
46
592
328
237
18
605
454
203
523
341
228
374
305
313
61
345
282
129
187
318
114
112
69
216
146
238
276
552
92
554
309
170
30
186
385
570
586
489
373
259
210
204
466
386
124
435
405
217
260
76
139
460
436
560
79
357
623
93
483
125
10
205
1
567
218
188
35
492
546
4.1
6.1
6.7
8.9
5.3
5.9
6.9
6.0
6.7
5.7
5.8
5.7
6.9
7.0
6.0
6.4
7.5
7.0
6.2
7.0
7.7
6.4
7.6
7.4
6.7
7.1
5.1
7.3
4.6
7.8
6.0
7.6
7.8
6.3
4.9
5.3
5.7
6.4
7.2
6.3
6.9
6.5
6.3
8.3
6.0
5.1
7.6
7.2
6.8
8.2
5.3
6.0
4.5
6.3
6.6
4.8
7.3
6.4
8.3
7.4
6.9
7.4
5.5
7.6
7.0
8.1
4.8
6.6
634
447
285
2
574
498
227
478
294
531
515
521
232
214
477
359
88
213
419
212
65
361
80
108
284
177
595
140
621
60
476
73
58
382
610
579
530
353
156
400
226
343
381
16
475
597
79
155
248
22
571
474
627
385
329
614
139
368
15
123
225
114
545
78
211
30
613
322
613.0
387.5
261.0
10.0
589.5
476.0
215.0
500.5
317.5
379.5
444.5
413.0
272.5
137.5
411.0
320.5
108.5
200.0
368.5
163.0
88.5
215.0
148.0
127.0
261.0
226.5
573.5
116.0
587.5
184.5
323.0
51.5
122.0
383.5
590.0
582.5
509.5
363.0
207.5
305.0
215.0
404.5
383.5
70.0
455.0
501.0
148.0
207.5
162.0
80.5
515.5
455.0
593.5
232.0
343.0
618.5
116.0
425.5
70.0
66.5
215.0
57.5
556.0
148.0
199.5
32.5
552.5
434.0
CWR
Rank
2014
Mkt. Cap
Rank
625
411
249
2
602
507
198
532
324
396
474
434
264
100
433
328
73
174
379
132
61
203
114
95
250
207
590
82
601
155
333
26
88
406
604
597
541
375
177
305
199
424
407
37
488
537
115
178
125
51
544
489
609
216
348
629
83
440
38
36
200
29
574
116
173
14
571
459
199
200
201
202
203
204
205
206
207
208
209
210
211
212
213
214
215
216
217
218
219
220
221
222
223
224
225
226
227
228
229
230
231
232
233
234
235
236
237
238
239
240
241
242
243
244
245
246
247
248
249
250
251
252
253
254
255
256
257
258
259
260
261
262
263
264
265
266
34
2013
Rev.
Rank
220
345
511
232
147
571
96
69
193
413
168
321
94
390
560
257
151
563
501
262
592
172
558
631
556
472
71
202
357
619
590
254
163
613
618
210
422
630
277
600
294
548
502
152
187
355
509
300
349
553
272
290
561
205
149
339
621
482
175
213
139
244
420
377
438
568
491
601
RANKED BY MARKET CAP
Company
PPL
Lorillard
Intuit
Ameriprise Financial
CenturyLink
General Growth Properties
Macy's
Plains All American Pipeline
Waste Management
Wynn Resorts
PG&E
SunTrust Banks
International Paper Company
SanDisk
Ventas
Sherwin-Williams
Chesapeake Energy
Vornado Realty Trust
Netflix
Public Service Enterprise Group
HCP
Western Digital
Brown-Forman
Twitter
Health Care REIT
Mosaic
Humana
Parker-Hannifin
Agilent Technologies
Illumina
Boston Properties
Liberty Interactive
Gap
LinkedIn
AvalonBay Communities
Edison International
St. Jude Medical
KKR & Co. L.P.
AutoZone
Magellan Midstream Partners
Weyerhaeuser
Moody's
Keurig Green Mountain
Dollar General
Omnicom Group
Fifth Third Bancorp
Mead Johnson Nutrition
Broadcom
Mylan
Cerner
W.W. Grainger
Motorola Solutions
TD Ameritrade
Marriott International
Southwest Airlines
Boston Scientific
Antero Resources
Zimmer Holdings
Loews
Consolidated Edison
Nucor
L Brands
Discovery Communications
Rockwell Automation
Host Hotels and Resorts
Analog Devices
M&T Bank
EQT
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$21.2
21.2
21.2
21.1
21.0
20.9
20.8
20.6
20.4
20.3
20.3
20.2
20.2
20.1
19.9
19.9
19.9
19.8
19.7
19.4
19.3
19.3
19.2
18.9
18.8
18.6
18.6
18.5
18.5
18.4
18.3
18.2
18.1
18.1
18.1
18.0
17.9
17.9
17.8
17.7
17.7
17.7
17.7
17.6
17.5
17.5
17.4
17.4
17.2
17.2
17.2
17.1
17.1
17.0
16.9
16.8
16.8
16.8
16.7
16.5
16.5
16.4
16.3
16.3
16.2
16.0
16.0
15.9
83
50
58
57
68
60
74
43
57
29
73
82
81
44
76
75
75
43
40
68
48
74
47
47
55
87
58
97
51
55
67
33
60
39
58
63
51
46
67
42
61
54
66
55
67
85
58
55
63
42
74
49
57
69
54
60
47
60
63
60
60
56
55
67
36
62
64
65
69
497
369
385
227
339
143
573
377
631
158
72
82
563
117
125
123
577
595
218
521
154
543
533
422
48
372
18
477
427
242
623
340
600
370
305
479
550
239
580
325
430
257
408
245
57
376
411
308
587
147
506
392
203
434
347
539
338
307
345
337
405
420
235
612
321
286
271
6.4
6.3
7.3
6.3
5.7
7.5
7.4
6.1
8.1
4.1
7.3
7.5
7.4
6.3
7.6
8.3
9.6
5.4
6.7
7.6
6.9
6.2
4.4
6.7
6.1
7.9
6.4
8.9
7.3
5.5
6.7
4.8
6.7
6.5
7.3
5.7
7.3
6.6
6.7
7.0
6.8
6.8
6.0
7.9
5.6
7.1
5.3
6.9
5.3
5.3
7.4
7.0
5.7
6.9
6.0
6.0
5.9
7.5
5.3
6.0
7.5
5.1
6.1
7.4
4.5
6.2
4.9
6.5
361
408
145
382
532
85
111
429
27
633
130
96
121
396
72
15
1
562
290
78
243
424
630
276
438
43
354
2
136
542
280
614
295
335
144
521
134
318
283
189
262
266
458
51
536
187
575
239
577
576
107
209
523
227
479
469
500
86
580
477
90
597
440
99
625
416
606
337
215.0
452.5
257.0
383.5
379.5
212.0
127.0
501.0
202.0
632.0
144.0
84.0
101.5
479.5
94.5
70.0
62.0
569.5
442.5
148.0
382.0
289.0
586.5
404.5
430.0
45.5
363.0
10.0
306.5
484.5
261.0
618.5
317.5
467.5
257.0
413.0
306.5
434.0
261.0
384.5
293.5
348.0
357.5
229.5
390.5
122.0
475.5
325.0
442.5
581.5
127.0
357.5
457.5
215.0
456.5
408.0
519.5
212.0
443.5
411.0
213.5
501.0
430.0
167.0
618.5
368.5
446.0
304.0
203
482
244
406
395
188
92
533
175
636
106
55
68
513
65
38
33
585
469
116
399
289
600
423
457
23
374
2
316
517
254
629
323
497
245
434
318
463
251
410
291
362
373
215
414
89
505
338
472
596
96
372
495
198
493
430
551
187
473
433
195
537
455
137
631
382
476
302
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
307
394
168
499
586
249
425
306
319
529
237
154
610
546
563
137
621
614
379
150
622
323
299
250
506
405
511
239
454
329
115
43
335
246
140
167
340
369
495
284
587
380
189
298
636
121
574
350
533
21
363
635
164
459
210
483
552
570
184
556
309
569
485
392
294
455
576
601
RANKED BY REVENUE
Company
DTE Energy
Henry Schein
BB&T
Rock-Tenn
WellCare Health Plans
W.W. Grainger
Genworth Financial
Principal Financial Group
Eastman Chemical
Reliance Steel & Aluminum
AutoZone
Micron Technology
Owens & Minor
Assurant
GameStop
Stryker
Dean Foods
Group 1 Automotive
News Corp.
Cognizant Technology Solutions
Sonic Automotive
Hormel Foods
Dover
Motorola Solutions
Crown Holdings
Fidelity National Financial
Darden Restaurants
Weyerhaeuser
Ball
Republic Services
Precision Castparts
Mastercard
Newmont Mining
Broadcom
Reynolds American
Discover Financial Services
Coca-Cola Enterprises
PVH
Masco
Charter Communications
AECOM Technology
CenterPoint Energy
Becton, Dickinson and Co.
Campbell Soup Company
TravelCenters of America
Franklin Resources
Tenneco
Royal Caribbean Cruises
Avis Budget Group
Facebook
Dollar Tree
Pantry
Corning
Ashland
SunTrust Banks
Sealed Air
Oshkosh
WESCO International
Applied Materials
Visteon
BorgWarner
Steel Dynamics
Jarden
Mohawk Industries
Northeast Utilities System
Universal Health Services
KBR
Casey's General Stores
2013
Rev.
($B)
TBW
ADW CWR
TBW Rank ADW Rank Score
$9.7
9.6
9.6
9.5
9.5
9.4
9.4
9.4
9.4
9.2
9.1
9.1
9.1
9.1
9.0
9.0
9.0
8.9
8.9
8.8
8.8
8.8
8.7
8.7
8.7
8.6
8.6
8.5
8.5
8.4
8.4
8.3
8.3
8.3
8.2
8.2
8.2
8.2
8.2
8.2
8.2
8.1
8.1
8.1
8.0
8.0
8.0
8.0
7.9
7.9
7.8
7.8
7.8
7.8
7.8
7.7
7.7
7.5
7.5
7.4
7.4
7.4
7.4
7.3
7.3
7.3
7.3
7.3
81
70
99
63
39
74
55
69
74
49
67
60
63
67
59
44
47
41
44
49
41
86
69
49
77
54
77
61
59
57
51
94
56
55
82
81
86
66
65
64
59
53
69
105
21
55
49
80
50
47
53
52
68
70
82
63
65
64
74
44
64
60
66
51
72
32
51
36
87
199
15
291
601
147
418
206
148
510
239
334
300
240
363
568
530
588
572
511
591
54
211
506
113
441
115
325
358
391
476
26
395
411
77
83
52
256
261
277
364
444
213
6
637
419
512
89
502
531
461
471
229
189
72
292
269
278
152
562
283
346
247
484
171
624
485
610
6.8
5.4
5.8
7.0
4.4
7.4
6.1
6.9
7.4
6.1
6.7
8.6
6.3
6.7
5.9
5.5
6.7
5.9
4.8
6.1
5.1
6.6
6.3
7.0
7.7
5.4
7.0
6.8
6.6
5.7
7.3
7.8
7.0
6.9
6.8
7.4
7.8
6.0
7.2
7.1
5.9
6.6
4.9
7.0
5.3
6.1
6.1
8.0
5.6
6.7
5.3
5.8
5.7
7.0
7.5
7.0
6.5
7.1
6.7
6.3
6.4
6.0
7.3
6.4
6.0
5.3
6.4
5.1
267
560
512
210
628
107
442
224
106
435
283
7
390
282
492
544
279
508
611
434
592
309
399
209
64
558
208
262
328
524
137
52
207
239
247
120
53
473
154
176
491
308
605
206
578
441
433
36
537
278
570
517
529
205
96
204
342
175
272
397
358
472
127
367
471
568
366
591
177.0
379.5
263.5
250.5
614.5
127.0
430.0
215.0
127.0
472.5
261.0
170.5
345.0
261.0
427.5
556.0
404.5
548.0
591.5
472.5
591.5
181.5
305.0
357.5
88.5
499.5
161.5
293.5
343.0
457.5
306.5
39.0
301.0
325.0
162.0
101.5
52.5
364.5
207.5
226.5
427.5
376.0
409.0
106.0
607.5
430.0
472.5
62.5
519.5
404.5
515.5
494.0
379.0
197.0
84.0
248.0
305.5
226.5
212.0
479.5
320.5
409.0
187.0
425.5
321.0
596.0
425.5
600.5
CWR
Rank
2014
Mkt. Cap
Rank
151
397
256
238
626
96
453
201
97
499
251
146
355
252
447
575
420
568
608
500
607
154
306
372
62
530
122
291
349
494
315
16
300
338
126
69
27
376
179
208
448
385
432
72
618
454
501
34
552
421
545
527
394
172
55
232
307
209
192
512
329
431
158
441
332
613
442
616
267
268
269
270
271
272
273
274
275
276
277
278
279
280
281
282
283
284
285
286
287
288
289
290
291
292
293
294
295
296
297
298
299
300
301
302
303
304
305
306
307
308
309
310
311
312
313
314
315
316
317
318
319
320
321
322
323
324
325
326
327
328
329
330
331
332
333
334
35
2013
Rev.
Rank
536
360
542
102
402
119
479
395
239
605
624
490
467
463
393
485
74
306
580
489
26
521
256
146
204
224
603
331
515
350
539
310
289
581
432
180
541
127
86
274
267
585
327
237
227
371
346
480
340
217
191
528
275
169
264
186
288
504
634
245
622
225
296
575
423
380
627
514
RANKED BY MARKET CAP
Company
Southwestern Energy
O'Reilly Automotive
Chipotle Mexican Grill
Hartford Financial Services Group
Harley-Davidson
Alcoa
Invesco
Fidelity National Info Services
Xcel Energy
Cabot Oil & Gas
Vertex Pharmaceuticals
Zoetis
Fiserv
Constellation Brands
Starwood Hotels & Resorts
Amphenol
United Continental
Charter Communications
Paychex
Activision Blizzard
AmerisourceBergen
Liberty Media
Ross Stores
Progressive
Whole Foods Market
DaVita HealthCare Partners
Range Resources
Northeast Utilities System
Northern Trust
Symantec
Fastenal Company
Campbell Soup Company
Dover
Concho Resources
Regions Financial
FirstEnergy
Roper Industries
Xerox
Tyson Foods
Principal Financial Group
DTE Energy
Intuitive Surgical
BorgWarner
Stanley Black & Decker
Entergy
Mattel
Ralph Lauren
CA
FMC Technologies
Lincoln National
Genuine Parts
AMETEK
Eastman Chemical
ConAgra Foods
Cameron International
ONEOK
Hormel Foods
Alliance Data Systems
Workday
Hertz Global Holdings
SBA Communications
Bed Bath & Beyond
Republic Services
Xilinx
CF Industries
Ally Financial
Tripadvisor
KeyCorp
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$15.9
15.8
15.8
15.8
15.7
15.5
15.5
15.5
15.4
15.4
15.4
15.3
15.2
15.2
15.2
15.1
15.0
14.9
14.9
14.9
14.8
14.8
14.7
14.6
14.6
14.5
14.5
14.5
14.5
14.4
14.3
14.2
14.2
14.2
14.1
14.1
13.9
13.8
13.7
13.7
13.6
13.6
13.5
13.5
13.4
13.4
13.3
13.2
13.2
13.1
13.1
13.0
13.0
13.0
12.9
12.9
12.9
12.8
12.6
12.5
12.5
12.5
12.5
12.4
12.3
12.1
12.1
12.0
44
46
32
68
87
68
58
63
69
52
47
50
56
72
68
42
65
64
54
42
78
34
51
64
53
64
53
72
62
53
55
105
69
52
83
87
49
51
48
69
81
46
64
65
46
71
76
75
87
62
74
56
74
78
89
90
86
50
48
68
36
46
57
38
60
69
58
86
565
553
626
221
47
225
368
301
204
462
542
499
397
165
223
583
273
277
431
584
101
619
483
274
454
276
458
171
320
446
421
6
211
468
67
51
508
475
527
206
87
548
283
259
554
178
119
130
46
318
155
398
148
109
35
32
54
495
520
217
609
552
391
604
335
207
371
53
6.3
5.1
5.3
6.8
7.9
6.2
7.3
6.3
6.9
8.5
5.2
6.3
7.0
7.2
6.8
6.0
5.4
7.1
6.8
6.0
7.8
4.5
6.4
8.0
5.9
7.1
5.9
6.0
6.2
6.6
6.1
7.0
6.3
6.5
6.9
6.7
7.0
7.3
5.3
6.9
6.8
6.6
6.4
7.2
4.6
7.1
6.9
7.5
7.9
6.2
6.2
7.0
7.4
7.1
8.1
7.5
6.6
7.1
8.0
7.6
6.0
5.1
5.7
5.4
8.6
6.9
7.3
7.2
394
594
565
257
44
422
146
389
226
9
581
406
196
160
255
460
556
176
265
459
57
624
368
37
498
177
494
471
417
306
439
206
399
338
218
286
193
138
569
224
267
320
358
156
621
179
220
87
45
419
423
194
106
182
30
89
309
166
33
79
453
595
524
554
6
222
143
165
479.5
573.5
595.5
239.0
45.5
323.5
257.0
345.0
215.0
235.5
561.5
452.5
296.5
162.5
239.0
521.5
414.5
226.5
348.0
521.5
79.0
621.5
425.5
155.5
476.0
226.5
476.0
321.0
368.5
376.0
430.0
106.0
305.0
403.0
142.5
168.5
350.5
306.5
548.0
215.0
177.0
434.0
320.5
207.5
587.5
178.5
169.5
108.5
45.5
368.5
289.0
296.0
127.0
145.5
32.5
60.5
181.5
330.5
276.5
148.0
531.0
573.5
457.5
579.0
170.5
214.5
257.0
109.0
515
591
612
223
22
334
243
356
199
221
580
484
298
130
225
554
437
208
363
555
45
632
440
121
507
207
511
332
381
387
456
72
306
419
105
143
366
314
569
201
151
461
329
177
601
153
145
74
21
379
290
297
97
111
14
32
154
344
275
115
561
590
494
593
147
196
246
75
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
536
407
197
451
254
315
475
559
542
535
200
313
57
515
247
296
609
142
627
545
244
72
227
580
564
268
129
613
464
550
571
489
412
500
74
422
312
554
624
557
589
528
262
353
531
332
376
400
91
577
490
553
588
616
514
212
549
541
281
443
274
581
523
358
530
473
617
271
RANKED BY REVENUE
Company
UGI
CBRE Group
Hershey
Quest Diagnostics
Boston Scientific
FMC Technologies
Interpublic Group of Companies
Terex
Peabody Energy
Owens-Illinois
Lorillard
Ralph Lauren
Biogen Idec
PetSmart
Mylan
Symantec
Commercial Metals Company
Williams Companies
Barnes & Noble
Huntington Ingalls Industries
Fifth Third Bancorp
Priceline Group
Agilent Technologies
Dana Holding
Dillard's
O'Reilly Automotive
Blackstone Group
Molina Healthcare
CMS Energy
Targa Resources
SLM
Quanta Services
Celanese
Foot Locker
Celgene
Advance Auto Parts
Mattel
Live Nation Entertainment
General Cable
Ryder System
Emcor Group
W.R. Berkley
Rockwell Automation
NetApp
Ingredion
Ally Financial
Level 3 Communications
Calpine
Allergan
Erie Indemnity Company
D.R. Horton
Cablevision Systems
Anixter International
Susser Holdings
Dicks Sporting Goods
SanDisk
Avery Dennison
NCR
Starwood Hotels & Resorts
Expeditors International
Fidelity National Info Services
United Natural Foods
Omnicare
Dr Pepper Snapple Group
Windstream
Lennar
Sanmina
Harley-Davidson
2013
Rev.
($B)
$7.2
7.2
7.1
7.1
7.1
7.1
7.1
7.1
7.0
7.0
7.0
6.9
6.9
6.9
6.9
6.9
6.9
6.9
6.8
6.8
6.8
6.8
6.8
6.8
6.7
6.6
6.6
6.6
6.6
6.6
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.5
6.4
6.4
6.4
6.4
6.4
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.2
6.2
6.2
6.2
6.2
6.1
6.1
6.1
6.1
6.1
6.1
6.0
6.0
6.0
5.9
5.9
5.9
TBW
ADW CWR
TBW Rank ADW Rank Score
53
54
54
62
60
87
59
66
71
70
50
76
64
60
63
53
66
71
50
47
85
67
51
48
56
46
35
49
70
42
44
63
56
63
35
59
71
70
46
79
61
37
67
60
73
69
52
57
49
34
30
69
72
40
58
44
75
52
68
60
63
42
55
63
63
49
53
87
445
437
442
314
347
46
354
248
181
194
497
119
284
342
308
446
249
182
503
535
57
234
477
519
406
553
616
517
190
581
571
293
396
294
615
359
178
191
544
96
326
607
235
343
157
207
473
379
513
620
628
214
164
594
367
563
126
463
223
351
301
582
412
287
302
514
447
47
6.6
6.0
5.4
6.9
6.0
7.9
7.4
7.3
6.5
6.4
6.3
6.9
6.4
6.7
5.3
6.6
7.3
6.5
5.4
5.9
7.1
7.4
7.3
8.0
5.1
5.1
4.4
4.9
7.0
6.0
4.9
7.0
7.0
7.0
5.0
6.6
7.1
6.9
7.7
7.2
6.8
4.6
7.4
6.7
8.1
6.9
5.2
7.1
6.1
3.1
6.0
4.1
7.2
6.7
7.3
6.3
8.3
7.4
6.8
5.5
6.3
6.0
6.9
7.9
6.3
6.1
6.6
7.9
307
470
557
231
469
45
116
126
350
372
408
220
357
293
577
306
125
349
553
504
187
100
136
35
596
594
629
608
203
468
609
202
201
200
602
327
179
223
68
164
261
619
99
292
28
222
586
171
432
637
467
635
161
291
147
396
14
105
255
550
389
466
238
50
388
431
305
44
376.0
453.5
499.5
272.5
408.0
45.5
235.0
187.0
265.5
283.0
452.5
169.5
320.5
317.5
442.5
376.0
187.0
265.5
528.0
519.5
122.0
167.0
306.5
277.0
501.0
573.5
622.5
562.5
196.5
524.5
590.0
247.5
298.5
247.0
608.5
343.0
178.5
207.0
306.0
130.0
293.5
613.0
167.0
317.5
92.5
214.5
529.5
275.0
472.5
628.5
547.5
424.5
162.5
442.5
257.0
479.5
70.0
284.0
239.0
450.5
345.0
524.0
325.0
168.5
345.0
472.5
376.0
45.5
CWR
Rank
2014
Mkt. Cap
Rank
386
487
531
265
430
21
219
159
259
283
482
145
330
325
472
387
160
260
558
547
89
136
316
276
538
591
633
582
170
557
605
231
299
230
621
350
153
176
309
98
292
624
137
326
64
196
559
270
502
635
566
438
129
468
242
513
39
286
225
479
356
556
339
139
357
503
388
22
335
336
337
338
339
340
341
342
343
344
345
346
347
348
349
350
351
352
353
354
355
356
357
358
359
360
361
362
363
364
365
366
367
368
369
370
371
372
373
374
375
376
377
378
379
380
381
382
383
384
385
386
387
388
389
390
391
392
393
394
395
396
397
398
399
400
401
402
36
2013
Rev.
Rank
299
131
99
265
508
303
142
212
477
447
519
565
229
535
140
314
412
44
378
410
608
633
586
398
595
483
546
577
317
529
570
430
216
617
304
487
584
587
623
559
533
381
493
403
285
308
458
167
606
628
609
512
525
578
500
545
211
330
209
268
552
133
522
629
589
382
404
598
RANKED BY MARKET CAP
Company
Newmont Mining
Icahn Enterprises
Fluor
MGM Resorts International
Molson Coors Brewing
Coca-Cola Enterprises
Whirlpool
Nordstrom
Juniper Networks
Coach
Tiffany & Co.
Sigma-Aldrich
NRG Energy
Helmerich & Payne
Kohl's
Royal Caribbean Cruises
Clorox
Bunge Ltd
NetApp
NiSource
Markwest Energy Partners
Essex Property Trust
Monster Beverage
Dr Pepper Snapple Group
Cimarex Energy
Annaly Capital Management
C.R. Bard
Kansas City Southern
Dollar Tree
Electronic Arts
Scripps Networks Interactive
Murphy Oil
Textron
SL Green Realty
PVH
Rockwell Collins
Autodesk
Affiliated Managers Group
Linear Technology
KLA-Tencor
B/E Aerospace
Level 3 Communications
Wisconsin Energy
J.M. Smucker
News Corp.
CenterPoint Energy
Flowserve
AES
Altera
FleetCor Technologies
Verisk Analytics
NVIDIA
Westlake Chemical
Under Armour
Carlyle Group
CONSOL Energy
CarMax
Mohawk Industries
L-3 Communications
Henry Schein
Citrix Systems
HollyFrontier
FMC
Realty Income
Stericycle
Calpine
Ameren
TransDigm Group
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$12.0
12.0
12.0
11.9
11.8
11.8
11.8
11.7
11.7
11.5
11.5
11.5
11.5
11.5
11.4
11.4
11.4
11.3
11.3
11.3
11.3
11.2
11.2
11.2
11.2
11.0
11.0
11.0
10.9
10.9
10.8
10.8
10.7
10.7
10.7
10.7
10.7
10.6
10.6
10.5
10.5
10.4
10.4
10.4
10.3
10.3
10.3
10.2
10.1
10.1
10.1
10.1
10.0
10.0
10.0
10.0
9.9
9.9
9.9
9.8
9.8
9.8
9.7
9.7
9.6
9.6
9.5
9.5
56
33
83
51
88
86
85
84
72
68
65
53
72
65
66
80
62
63
60
63
46
71
36
63
57
45
67
53
53
51
41
60
70
23
66
53
57
47
34
61
41
52
53
56
44
53
85
61
64
56
79
63
42
55
40
65
62
51
58
70
62
47
62
31
53
57
66
46
395
621
66
492
43
52
55
61
166
219
262
457
170
263
246
89
319
298
343
303
551
185
611
287
390
557
241
451
461
487
593
348
187
636
256
449
389
541
618
324
589
473
450
407
572
444
56
332
275
400
97
296
585
423
599
272
313
484
374
199
316
534
315
627
452
379
251
549
7.0
5.5
6.9
4.8
6.8
7.8
7.7
7.0
7.2
7.6
7.2
5.9
6.0
7.2
7.3
8.0
6.2
6.3
6.7
6.3
5.8
5.9
5.1
7.9
6.3
5.6
6.7
6.6
5.3
6.4
3.7
6.0
7.0
4.6
6.0
6.6
6.3
5.2
5.7
7.6
5.9
5.2
6.6
4.7
4.8
6.6
7.7
5.5
8.0
7.0
7.2
7.0
6.0
6.1
5.0
5.9
6.9
6.4
5.8
5.4
6.9
5.9
6.9
5.2
6.6
7.1
6.6
6.6
207
548
219
613
263
53
62
214
159
77
153
495
476
152
128
36
418
392
292
387
518
487
590
50
375
534
281
301
570
364
636
465
213
620
473
303
376
582
525
70
506
586
302
616
611
308
61
539
34
188
163
195
457
437
598
489
232
367
515
560
229
505
230
589
300
171
313
319
301.0
584.5
142.5
552.5
153.0
52.5
58.5
137.5
162.5
148.0
207.5
476.0
323.0
207.5
187.0
62.5
368.5
345.0
317.5
345.0
534.5
336.0
600.5
168.5
382.5
545.5
261.0
376.0
515.5
425.5
614.5
406.5
200.0
628.0
364.5
376.0
382.5
561.5
571.5
197.0
547.5
529.5
376.0
511.5
591.5
376.0
58.5
435.5
154.5
294.0
130.0
245.5
521.0
430.0
598.5
380.5
272.5
425.5
444.5
379.5
272.5
519.5
272.5
608.0
376.0
275.0
282.0
434.0
300
599
104
571
119
27
30
100
131
117
180
510
333
181
157
34
380
353
326
358
563
346
617
139
403
564
253
392
545
444
627
425
174
634
376
390
402
579
588
171
567
559
391
542
608
385
31
466
120
295
99
228
553
458
615
398
264
441
474
397
267
546
266
619
393
270
278
462
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
378
401
446
595
457
602
502
354
548
351
208
620
628
430
630
123
433
261
171
235
331
603
558
604
611
632
508
366
612
301
608
591
547
534
80
263
424
520
512
626
462
519
538
619
344
469
439
429
566
505
176
526
418
593
421
381
629
592
623
196
280
633
561
579
279
618
600
637
RANKED BY REVENUE
Company
J.M. Smucker
Ameren
Laboratory Corp. of America
Leidos
Newell Rubbermaid
Cliffs Natural Resources
PulteGroup
NiSource
Integrys Energy Group
Clorox
Wynn Resorts
Andersons
Midcoast Energy Partners
J.B. Hunt Transport Services
AK Steel
Charles Schwab
Western Union
Discovery Communications
Spectra Energy
St. Jude Medical
CF Industries
Con-way
Old Republic International
JetBlue Airways
Calumet Specialty Products Ptrs
Kelly Services
MeadWestvaco
Murphy Oil
Asbury Automotive Group
Regions Financial
Big Lots
Advanced Micro Devices
Owens Corning
Realogy
Simon Property Group
Host Hotels and Resorts
Tractor Supply Company
Gannett
Alaska Air Group
Insight Enterprises
Harris
Quintiles Transnational
American Financial Group
United Stationers
Coach
Airgas
LKQ
Buckeye Partners
Bemis Company
Alleghany
Noble Energy
Joy Global
Wyndham Worldwide
First American Financial
United Rentals
Flowserve
Alpha Natural Resources
Telephone & Data Systems
Kindred Healthcare
McGraw Hill Financial
Constellation Brands
YRC Worldwide
Sonoco Products
Exelis
Fiserv
ABM Industries
Hanover Insurance Group
NII Holdings
2013
Rev.
($B)
$5.9
5.8
5.8
5.8
5.7
5.7
5.7
5.7
5.6
5.6
5.6
5.6
5.6
5.6
5.6
5.5
5.5
5.5
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.4
5.4
5.4
5.3
5.3
5.3
5.3
5.3
5.3
5.2
5.2
5.2
5.2
5.2
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.1
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
4.9
4.9
4.9
4.9
4.9
4.8
4.8
4.8
4.8
4.8
4.8
TBW
ADW CWR
TBW Rank ADW Rank Score
56
66
47
37
61
57
59
63
66
62
29
53
51
58
72
71
82
55
74
51
60
63
52
67
32
45
69
60
44
83
55
67
95
49
54
36
57
48
57
49
76
65
45
44
68
70
63
59
70
66
50
67
26
45
69
85
62
46
63
81
72
47
70
50
56
48
51
48
407
251
536
606
333
380
355
303
252
319
631
448
478
375
168
183
73
420
140
479
335
304
474
243
625
561
200
348
569
67
413
244
23
507
438
612
381
528
387
515
121
270
558
564
219
192
288
360
195
253
504
231
635
559
212
56
310
555
295
84
165
537
197
498
397
524
490
525
4.7
6.6
5.9
5.3
5.5
7.1
7.4
6.3
6.6
6.2
4.1
6.6
7.3
5.8
6.5
6.5
7.5
6.1
8.2
7.3
8.6
6.3
5.2
6.1
5.3
4.5
8.5
6.0
5.5
6.9
6.9
6.1
7.7
7.0
6.0
4.5
7.1
5.3
6.3
6.1
6.3
6.5
5.0
6.3
7.6
7.0
7.9
6.6
6.4
6.6
5.0
8.4
4.3
5.0
5.8
7.7
7.8
4.2
7.0
7.4
7.2
5.9
5.8
6.3
7.0
6.0
5.7
6.0
616
313
503
573
538
170
115
387
312
418
633
304
135
514
331
348
95
440
21
134
6
386
585
449
567
626
10
465
543
218
237
448
67
199
464
625
169
566
380
430
379
341
601
395
77
198
49
326
371
311
600
11
631
599
519
61
59
632
197
119
160
502
510
407
196
463
528
462
511.5
282.0
519.5
589.5
435.5
275.0
235.0
345.0
282.0
368.5
632.0
376.0
306.5
444.5
249.5
265.5
84.0
430.0
80.5
306.5
170.5
345.0
529.5
346.0
596.0
593.5
105.0
406.5
556.0
142.5
325.0
346.0
45.0
353.0
451.0
618.5
275.0
547.0
383.5
472.5
250.0
305.5
579.5
479.5
148.0
195.0
168.5
343.0
283.0
282.0
552.0
121.0
633.0
579.0
365.5
58.5
184.5
593.5
246.0
101.5
162.5
519.5
353.5
452.5
296.5
493.5
509.0
493.5
CWR
Rank
2014
Mkt. Cap
Rank
542
278
548
603
467
271
220
358
279
380
636
389
317
475
234
261
56
455
52
318
147
359
560
360
614
610
71
425
576
105
340
361
20
367
480
631
272
565
408
504
236
308
595
514
117
167
140
351
284
280
570
87
637
594
377
31
156
611
229
70
130
549
368
483
298
525
540
526
403
404
405
406
407
408
409
410
411
412
413
414
415
416
417
418
419
420
421
422
423
424
425
426
427
428
429
430
431
432
433
434
435
436
437
438
439
440
441
442
443
444
445
446
447
448
449
450
451
452
453
454
455
456
457
458
459
460
461
462
463
464
465
466
467
468
469
470
37
RANKED BY MARKET CAP
2013
Rev.
Rank
Company
588
610
292
579
336
597
626
249
184
367
526
625
543
612
567
455
583
507
457
370
177
439
273
68
593
471
450
416
503
510
419
599
153
635
523
582
449
572
207
252
394
550
530
405
117
513
566
555
338
602
481
295
332
573
407
492
320
549
632
443
520
363
81
604
562
620
448
616
Equinix
Akamai Technologies
Fidelity National Financial
Linn Energy
CBRE Group
Microchip Technology
Kimco Realty
Leucadia National
Catamaran
Celanese
Lam Research
Macerich
Church & Dwight
Red Hat
Pall
Wyndham Worldwide
Trimble Navigation
Colfax
United Rentals
Advance Auto Parts
Computer Sciences
Tractor Supply Company
Genworth Financial
Best Buy
Edwards Lifesciences
Expedia
Buckeye Partners
J.B. Hunt Transport Services
Markel
Hyatt Hotels
Western Union
Waters Corporation
TRW Automotive
Incyte
Polaris Industries
Equifax
LKQ
Comerica
C.H. Robinson Worldwide
Unum Group
Expeditors Intl of Washington
Varian Medical Systems
CareFusion
Laboratory Corp. of America
Staples
McCormick & Company
Whiting Petroleum
American Water Works
Quest Diagnostics
IHS
Hanesbrands
Ball
Universal Health Services
CIT Group
Newell Rubbermaid
Cincinnati Financial
Ashland
International Flavors & Fragrances
Federal Realty Investment Trust
Harris
Hospira
CMS Energy
Safeway
Skyworks Solutions
Vulcan Materials
Plum Creek Timber
Airgas
F5 Networks
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$9.5
9.5
9.4
9.4
9.4
9.3
9.3
9.3
9.3
9.3
9.3
9.3
9.3
9.2
9.2
9.1
9.1
9.1
9.1
9.1
9.1
9.1
9.0
9.0
9.0
8.9
8.9
8.9
8.9
8.9
8.8
8.8
8.7
8.7
8.7
8.7
8.7
8.7
8.7
8.6
8.6
8.5
8.5
8.5
8.4
8.4
8.3
8.3
8.3
8.2
8.2
8.2
8.2
8.1
8.1
8.0
8.0
8.0
8.0
8.0
7.9
7.9
7.9
7.8
7.8
7.8
7.8
7.8
51
70
54
36
54
28
48
53
59
56
61
48
56
51
68
26
42
47
69
59
57
57
55
68
52
64
59
58
59
74
82
50
57
38
63
65
63
50
60
82
60
57
67
47
74
56
40
46
62
52
57
59
32
72
61
82
70
76
40
76
49
70
51
48
88
49
70
51
480
196
441
608
437
632
526
460
353
396
330
529
399
488
224
635
579
538
212
359
378
381
418
220
465
279
360
375
366
153
73
501
384
602
289
265
288
500
341
79
351
388
236
536
144
404
596
547
314
469
382
358
624
172
333
80
189
122
597
121
518
190
482
522
41
516
192
481
7.3
6.4
5.4
7.2
6.0
5.6
6.0
5.3
7.4
7.0
6.1
4.8
7.0
6.4
5.8
4.3
7.0
5.9
5.8
6.6
7.1
7.1
6.1
6.8
7.4
7.1
6.6
5.8
5.4
6.7
7.5
6.3
6.3
6.3
7.9
7.2
7.9
6.3
6.7
6.3
5.5
6.3
7.4
5.9
7.4
6.2
6.7
6.6
6.9
6.5
7.1
6.6
5.3
6.0
5.5
5.9
7.0
6.3
6.7
6.3
4.9
7.0
6.4
6.9
7.3
5.4
7.0
7.3
132
370
558
158
470
535
452
571
117
201
445
612
192
363
513
631
190
501
519
327
172
169
442
258
103
174
326
514
563
271
95
404
383
374
48
150
49
405
294
385
550
377
98
503
110
412
289
321
231
336
168
328
568
455
538
507
205
378
288
379
607
203
369
242
124
552
198
131
306.0
283.0
499.5
383.0
453.5
583.5
489.0
515.5
235.0
298.5
387.5
570.5
295.5
425.5
368.5
633.0
384.5
519.5
365.5
343.0
275.0
275.0
430.0
239.0
284.0
226.5
343.0
444.5
464.5
212.0
84.0
452.5
383.5
488.0
168.5
207.5
168.5
452.5
317.5
232.0
450.5
382.5
167.0
519.5
127.0
408.0
442.5
434.0
272.5
402.5
275.0
343.0
596.0
313.5
435.5
293.5
197.0
250.0
442.5
250.0
562.5
196.5
425.5
382.0
82.5
534.0
195.0
306.0
310
285
530
404
487
598
523
544
218
299
413
587
296
445
384
637
409
550
377
350
269
272
453
222
288
210
351
475
496
193
56
486
405
522
141
183
140
485
324
216
479
401
138
548
93
429
470
460
265
417
273
349
613
321
467
294
172
237
471
236
583
170
439
400
53
562
167
311
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
428
224
522
555
598
125
343
503
273
314
453
256
360
517
282
544
370
501
286
278
265
458
377
482
572
578
494
509
540
389
217
241
431
324
487
497
420
339
245
432
201
386
448
334
295
486
135
144
345
463
288
397
437
492
387
413
478
318
364
445
153
198
375
179
348
267
118
477
RANKED BY REVENUE
Company
Expedia
Mosaic
Frontier Communications
SPX
Ascena Retail Group
Yahoo!
Juniper Networks
Pepco
Invesco
CA
Hanesbrands
Zimmer Holdings
Annaly Capital Management
AGL Resources
Amphenol
Superior Energy Services
Rockwell Collins
Raymond James Financial
Activision Blizzard
Zoetis
M&T Bank
Cincinnati Financial
Wisconsin Energy
SCANA
CNO Financial Group
Graphic Packaging
Energizer Holdings
MDU Resources Group
Jones Lang LaSalle
Carlyle Group
Netflix
Keurig Green Mountain
Markel
Alliance Data Systems
Cintas
Harman International Industries
Colfax
Molson Coors Brewing
Mead Johnson Nutrition
Hyatt Hotels
Intuit
NVIDIA
McCormick & Company
KeyCorp
Northern Trust
Hasbro
salesforce.com
Adobe Systems
Tiffany & Co.
Hospira
Liberty Media
FMC
Polaris Industries
Torchmark
Westlake Chemical
Lam Research
Towers Watson
AMETEK
Electronic Arts
CareFusion
Pioneer Natural Resources
T. Rowe Price Group
B/E Aerospace
Continental Resources
Helmerich & Payne
Southwestern Energy
American Tower
Amdocs Limited
2013
Rev.
($B)
TBW
ADW CWR
TBW Rank ADW Rank Score
$4.8
4.8
4.8
4.7
4.7
4.7
4.7
4.7
4.6
4.6
4.6
4.6
4.6
4.6
4.6
4.6
4.6
4.6
4.6
4.6
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.5
4.4
4.4
4.4
4.3
4.3
4.3
4.3
4.2
4.2
4.2
4.2
4.2
4.1
4.1
4.1
4.1
4.1
4.1
4.1
4.0
4.0
4.0
3.9
3.8
3.8
3.8
3.6
3.6
3.6
3.6
3.6
3.5
3.5
3.5
3.5
3.4
3.4
3.4
3.3
64
87
68
47
34
54
72
54
58
75
57
60
45
102
42
57
53
64
42
50
64
82
53
53
51
64
59
66
51
40
40
66
59
50
55
53
47
88
58
74
58
63
56
86
62
81
61
82
65
49
34
62
63
52
42
61
52
56
51
67
70
51
41
33
65
44
55
61
279
48
226
532
617
428
166
439
368
130
382
338
557
11
583
383
449
285
584
499
286
80
450
455
486
280
361
254
491
599
595
257
366
495
414
456
538
43
376
153
369
296
404
53
320
88
329
78
262
518
619
315
289
472
585
330
464
398
487
236
198
494
589
622
263
565
415
327
7.1
7.9
6.2
6.7
5.7
7.7
7.2
6.0
7.3
7.5
7.1
7.5
5.6
7.3
6.0
7.1
6.6
6.4
6.0
6.3
4.9
5.9
6.6
5.9
6.4
7.1
6.6
6.6
5.7
5.0
6.7
6.0
5.4
7.1
6.9
5.9
5.9
6.8
5.3
6.7
7.3
7.0
6.2
7.2
6.2
6.2
6.1
6.8
7.2
4.9
4.5
6.9
7.9
5.8
6.0
6.1
7.4
7.0
6.4
7.4
5.8
4.6
5.9
4.7
7.2
6.3
6.9
6.8
174
43
421
277
527
63
159
461
146
87
168
86
534
133
460
167
303
356
459
406
606
507
302
497
365
173
325
310
526
598
290
458
563
166
236
496
501
263
575
271
145
195
412
165
417
411
446
246
153
607
624
230
48
516
457
445
104
194
364
98
509
617
506
615
152
394
235
260
226.5
45.5
323.5
404.5
572.0
245.5
162.5
450.0
257.0
108.5
275.0
212.0
545.5
72.0
521.5
275.0
376.0
320.5
521.5
452.5
446.0
293.5
376.0
476.0
425.5
226.5
343.0
282.0
508.5
598.5
442.5
357.5
464.5
330.5
325.0
476.0
519.5
153.0
475.5
212.0
257.0
245.5
408.0
109.0
368.5
249.5
387.5
162.0
207.5
562.5
621.5
272.5
168.5
494.0
521.0
387.5
284.0
296.0
425.5
167.0
353.5
555.5
547.5
618.5
207.5
479.5
325.0
293.5
CWR
Rank
2014
Mkt. Cap
Rank
210
23
335
422
589
227
131
477
243
74
273
187
564
40
554
274
390
331
555
484
476
294
391
508
443
211
352
281
539
615
469
373
496
344
341
509
550
119
505
193
244
228
429
75
381
235
412
127
180
583
632
266
141
528
553
413
287
297
444
138
369
573
567
630
181
515
342
293
471
472
473
474
475
476
477
478
479
480
481
482
483
484
485
486
487
488
489
490
491
492
493
494
495
496
497
498
499
500
501
502
503
504
505
506
507
508
509
510
511
512
513
514
515
516
517
518
519
520
521
522
523
524
525
526
527
528
529
530
531
532
533
534
535
536
537
538
38
2013
Rev.
Rank
540
554
400
564
341
636
538
527
615
222
104
494
322
557
329
516
505
569
366
385
637
524
544
497
305
614
506
576
270
368
488
409
478
77
452
291
162
429
498
251
293
441
132
389
348
150
484
195
444
440
235
473
397
135
263
454
105
376
276
399
379
128
315
436
344
335
253
445
RANKED BY MARKET CAP
Company
Oceaneering International
H & R Block
Lennar
Huntington Bancshares
Interpublic Group of Companies
Oaktree Capital Group
Amdocs Limited
Towers Watson
Digital Realty Trust
Jacobs Engineering Group
Rite Aid
SCANA
Sealed Air
OGE Energy
Jarden
Hasbro
Cintas
Westinghouse Air Brake Tech
Quanta Services
D.R. Horton
Cobalt International Energy
Torchmark
Arthur J. Gallagher & Co.
Energizer Holdings
Masco
ResMed
Harman International Industries
Mettler-Toledo International
Rock-Tenn
Foot Locker
Raymond James Financial
PulteGroup
Pepco
Tesoro
Alleghany
Crown Holdings
Lear
MeadWestvaco
MDU Resources Group
Family Dollar Stores
Darden Restaurants
Alaska Air Group
ManpowerGroup
Dicks Sporting Goods
PetSmart
AutoNation
AGL Resources
ARAMARK
Quintiles Transnational
Gannett
Huntsman
Frontier Communications
Omnicare
Goodyear Tire & Rubber
Avon Products
Joy Global
Avnet
W.R. Berkley
Reliance Steel & Aluminum
Windstream
Ingredion
Arrow Electronics
Avis Budget Group
Realogy
Owens-Illinois
UGI
Reinsurance Group of America
American Financial Group
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$7.7
7.7
7.7
7.6
7.6
7.6
7.5
7.5
7.4
7.4
7.4
7.3
7.2
7.2
7.2
7.2
7.2
7.2
7.2
7.2
7.1
7.1
7.1
7.1
7.1
7.1
7.1
7.1
7.1
7.0
6.9
6.9
6.9
6.9
6.8
6.7
6.7
6.7
6.6
6.6
6.6
6.5
6.5
6.5
6.5
6.5
6.2
6.2
6.2
6.2
6.1
6.1
6.0
5.9
5.9
5.9
5.8
5.7
5.6
5.5
5.5
5.5
5.5
5.4
5.4
5.4
5.3
5.3
30
65
49
66
59
26
61
52
53
74
43
53
63
63
66
81
55
43
63
30
52
52
44
59
65
45
53
52
63
63
64
59
54
71
66
77
50
69
66
45
77
57
74
58
60
55
102
63
65
48
51
68
55
74
70
67
63
37
49
63
73
67
50
49
70
53
59
45
630
264
514
258
354
634
327
464
443
146
574
455
292
297
247
88
414
578
293
628
470
472
566
361
261
556
456
467
291
294
285
355
439
175
253
113
496
200
254
560
115
387
149
367
342
417
11
299
270
528
489
226
412
150
188
231
290
607
510
302
157
230
502
507
194
445
357
558
6.5
7.2
6.1
6.0
7.4
5.2
6.8
7.4
7.6
7.4
6.1
5.9
7.0
7.0
7.3
6.2
6.9
5.4
7.0
6.0
6.5
5.8
6.3
6.6
7.2
6.4
5.9
6.5
7.0
7.0
6.4
7.4
6.0
7.9
6.6
7.7
6.3
8.5
6.6
4.5
7.0
6.3
6.7
7.3
6.7
6.1
7.3
6.3
6.5
5.3
5.7
6.2
6.9
6.7
7.0
8.4
7.0
4.6
6.1
6.3
8.1
8.4
5.6
7.0
6.4
6.6
6.6
5.0
340
151
431
456
116
584
260
104
75
108
428
497
204
191
127
411
236
561
202
467
334
516
393
325
154
355
496
339
210
200
356
115
461
47
311
64
409
10
310
627
208
380
275
147
293
443
133
391
341
566
530
421
238
274
211
11
215
619
435
388
28
12
537
199
372
307
329
601
485.0
207.5
472.5
357.0
235.0
609.0
293.5
284.0
259.0
127.0
501.0
476.0
248.0
244.0
187.0
249.5
325.0
569.5
247.5
547.5
402.0
494.0
479.5
343.0
207.5
455.5
476.0
403.0
250.5
247.0
320.5
235.0
450.0
111.0
282.0
88.5
452.5
105.0
282.0
593.5
161.5
383.5
212.0
257.0
317.5
430.0
72.0
345.0
305.5
547.0
509.5
323.5
325.0
212.0
199.5
121.0
252.5
613.0
472.5
345.0
92.5
121.0
519.5
353.0
283.0
376.0
343.0
579.5
518
182
503
370
219
622
293
287
247
95
534
508
232
226
158
235
341
586
231
566
416
528
516
352
179
490
509
418
238
230
331
220
477
78
280
62
481
71
281
609
122
408
189
242
325
452
40
354
308
565
541
335
339
190
173
87
240
624
499
357
64
86
552
367
283
386
348
595
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
297
471
303
269
415
493
390
361
174
240
460
444
185
395
248
472
450
223
484
221
374
213
251
467
216
474
346
449
417
264
488
365
204
440
456
191
330
498
362
388
406
285
300
438
419
371
308
357
372
403
399
229
156
219
427
190
359
145
408
402
434
238
266
452
293
466
276
383
RANKED BY REVENUE
Company
2013
Rev.
($B)
TBW
ADW CWR
TBW Rank ADW Rank Score
Fastenal Company
Oceaneering International
Roper Industries
Chipotle Mexican Grill
Church & Dwight
Arthur J. Gallagher & Co.
CONSOL Energy
C.R. Bard
Crown Castle International
Moody's
International Flavors & Fragrances
Varian Medical Systems
CME Group
Citrix Systems
Cerner
H & R Block
American Water Works
Health Care REIT
OGE Energy
Brown-Forman
KLA-Tencor
Ventas
TD Ameritrade
Vulcan Materials
Vornado Realty Trust
Huntington Bancshares
Sigma-Aldrich
Whiting Petroleum
Pall
Analog Devices
Westinghouse Air Brake Tech
Scripps Networks Interactive
General Growth Properties
Comerica
CIT Group
Equity Residential
Xilinx
Mettler-Toledo International
Kansas City Southern
Under Armour
Linn Energy
Paychex
Concho Resources
Equifax
Trimble Navigation
Autodesk
Intuitive Surgical
Monster Beverage
Affiliated Managers Group
Equinix
Stericycle
Boston Properties
Regeneron Pharmaceuticals
HCP
Edwards Lifesciences
Tesla Motors
Cimarex Energy
Public Storage
Microchip Technology
TransDigm Group
Waters Corporation
Magellan Midstream Partners
EQT
IHS
Range Resources
Skyworks Solutions
Cabot Oil & Gas
Altera
$3.3
3.3
3.2
3.2
3.2
3.2
3.1
3.0
3.0
3.0
3.0
2.9
2.9
2.9
2.9
2.9
2.9
2.9
2.9
2.8
2.8
2.8
2.8
2.8
2.8
2.7
2.7
2.7
2.6
2.6
2.6
2.5
2.5
2.5
2.4
2.4
2.4
2.4
2.4
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.3
2.2
2.2
2.2
2.1
2.1
2.1
2.1
2.0
2.0
2.0
2.0
1.9
1.9
1.9
1.9
1.9
1.8
1.8
1.8
1.7
1.7
55
30
49
32
56
44
65
67
59
54
76
57
104
62
42
65
46
55
63
47
61
76
57
88
43
66
53
40
68
62
43
41
60
50
72
60
38
52
53
55
36
54
52
65
42
57
46
36
47
51
53
67
63
48
52
43
57
40
28
46
50
42
65
52
53
48
52
64
421
630
508
626
399
566
272
241
365
430
122
388
7
316
587
264
547
422
297
543
324
117
392
41
577
258
457
596
224
321
578
593
339
500
172
349
604
467
451
423
608
431
468
265
579
389
548
611
541
480
452
242
306
521
465
576
390
598
632
549
501
580
271
469
458
522
462
275
6.1
6.5
7.0
5.3
7.0
6.3
5.9
6.7
5.9
6.8
6.3
6.3
4.5
6.9
5.3
7.2
6.6
6.1
7.0
4.4
7.6
7.6
5.7
7.3
5.4
6.0
5.9
6.7
5.8
6.2
5.4
3.7
7.5
6.3
6.0
6.0
5.4
6.5
6.6
6.1
7.2
6.8
6.5
7.2
7.0
6.3
6.6
5.1
5.2
7.3
6.6
6.7
5.7
6.9
7.4
6.1
6.3
5.7
5.6
6.6
6.3
7.0
6.5
6.5
5.9
6.9
8.5
8.0
439
340
193
565
192
393
489
281
490
266
378
377
623
229
576
151
321
438
191
630
70
72
523
124
562
456
495
289
513
416
561
636
85
405
455
454
554
339
301
437
158
265
338
150
190
376
320
590
582
132
300
280
520
243
103
426
375
522
535
319
404
189
337
336
494
242
9
34
430.0
485.0
350.5
595.5
295.5
479.5
380.5
261.0
427.5
348.0
250.0
382.5
315.0
272.5
581.5
207.5
434.0
430.0
244.0
586.5
197.0
94.5
457.5
82.5
569.5
357.0
476.0
442.5
368.5
368.5
569.5
614.5
212.0
452.5
313.5
401.5
579.0
403.0
376.0
430.0
383.0
348.0
403.0
207.5
384.5
382.5
434.0
600.5
561.5
306.0
376.0
261.0
413.0
382.0
284.0
501.0
382.5
560.0
583.5
434.0
452.5
384.5
304.0
402.5
476.0
382.0
235.5
154.5
CWR
Rank
2014
Mkt. Cap
Rank
456
518
366
612
296
516
398
253
449
362
237
401
322
267
596
182
460
457
226
600
171
65
495
53
585
370
510
470
384
382
586
627
188
485
321
415
593
418
392
458
404
363
419
183
409
402
461
617
579
310
393
254
435
399
288
536
403
577
598
462
486
410
302
417
511
400
221
120
539
540
541
542
543
544
545
546
547
548
549
550
551
552
553
554
555
556
557
558
559
560
561
562
563
564
565
566
567
568
569
570
571
572
573
574
575
576
577
578
579
580
581
582
583
584
585
586
587
588
589
590
591
592
593
594
595
596
597
598
599
600
601
602
603
604
605
606
39
2013
Rev.
Rank
242
499
392
343
246
486
354
280
435
411
391
364
80
323
386
372
474
326
374
425
342
234
465
203
281
359
185
451
67
240
328
324
365
495
154
313
144
333
384
496
466
358
396
248
238
261
70
271
307
387
375
236
434
460
456
137
406
243
231
475
221
469
334
408
424
426
206
241
RANKED BY MARKET CAP
Company
AGCO
Jones Lang LaSalle
NCR
Peabody Energy
CDW
Superior Energy Services
Huntington Ingalls Industries
Assurant
Owens Corning
Integrys Energy Group
Avery Dennison
Targa Resources
Sears Holdings
Oshkosh
Cablevision Systems
Live Nation Entertainment
SPX
Visteon
Ryder System
Old Republic International
Terex
Tenet Healthcare
Sonoco Products
Community Health Systems
GameStop
Dillard's
Penske Automotive Group
Bemis Company
Ingram Micro
Centene
Steel Dynamics
WESCO International
SLM
CNO Financial Group
United States Steel
Tenneco
Jabil Circuit
KBR
Erie Indemnity Company
Graphic Packaging
Exelis
Dana Holding
United Natural Foods
RR Donnelley & Sons
URS
Western Refining
World Fuel Services
WellCare Health Plans
AECOM Technology
Anixter International
Emcor Group
Health Net
Advanced Micro Devices
Telephone & Data Systems
First American Financial
PBF Energy
Leidos
Navistar International
Office Depot
Ascena Retail Group
J.C. Penney
Hanover Insurance Group
Casey's General Stores
Cliffs Natural Resources
Con-way
JetBlue Airways
CST Brands
SYNNEX
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$5.2
5.1
5.1
5.1
5.0
5.0
4.9
4.8
4.8
4.6
4.6
4.6
4.6
4.6
4.6
4.5
4.4
4.4
4.4
4.4
4.4
4.3
4.3
4.2
4.2
4.2
4.2
4.1
4.0
4.0
3.9
3.8
3.7
3.6
3.6
3.6
3.6
3.5
3.5
3.4
3.3
3.3
3.3
3.3
3.2
3.2
3.2
3.2
3.2
3.1
3.1
3.0
2.9
2.9
2.9
2.9
2.9
2.8
2.8
2.8
2.7
2.7
2.6
2.6
2.5
2.5
2.5
2.4
75
51
52
71
65
57
47
67
95
66
75
42
35
65
69
70
47
44
79
52
66
42
70
37
59
56
76
70
82
52
60
64
44
51
89
49
54
51
34
64
50
48
42
74
69
44
38
39
59
72
61
58
67
46
45
56
37
54
70
34
68
51
36
57
63
67
48
57
124
491
463
181
260
383
535
240
23
252
126
581
613
269
214
191
532
562
96
474
248
586
197
605
363
406
118
195
75
466
346
278
571
486
34
512
429
485
620
280
498
519
582
139
210
567
603
601
364
164
326
373
244
555
559
401
606
435
186
617
216
490
610
380
304
243
523
386
8.3
5.7
7.4
6.5
7.2
7.1
5.9
6.7
7.7
6.6
8.3
6.0
5.8
6.5
4.1
6.9
6.7
6.3
7.2
5.2
7.3
5.3
5.8
5.3
5.9
5.1
6.9
6.4
6.8
6.5
6.0
7.1
4.9
6.4
8.1
6.1
6.8
6.4
3.1
7.1
6.3
8.0
6.0
8.2
6.3
5.5
5.4
4.4
5.9
7.2
6.8
6.4
6.1
4.2
5.0
6.2
5.3
6.0
7.8
5.7
7.6
5.7
5.1
7.1
6.3
6.1
6.0
6.3
16
526
105
350
155
167
504
282
67
312
14
468
511
342
635
223
277
397
164
585
126
579
510
574
492
596
221
371
249
343
472
175
609
365
31
433
270
366
637
173
407
35
466
22
400
545
555
628
491
161
261
353
448
632
599
415
573
475
58
527
80
528
591
170
386
449
478
381
70.0
508.5
284.0
265.5
207.5
275.0
519.5
261.0
45.0
282.0
70.0
524.5
562.0
305.5
424.5
207.0
404.5
479.5
130.0
529.5
187.0
582.5
353.5
589.5
427.5
501.0
169.5
283.0
162.0
404.5
409.0
226.5
590.0
425.5
32.5
472.5
349.5
425.5
628.5
226.5
452.5
277.0
524.0
80.5
305.0
556.0
579.0
614.5
427.5
162.5
293.5
363.0
346.0
593.5
579.0
408.0
589.5
455.0
122.0
572.0
148.0
509.0
600.5
275.0
345.0
346.0
500.5
383.5
37
539
286
259
178
274
547
252
20
279
39
557
581
307
438
176
422
512
98
560
159
597
368
602
447
538
144
284
124
424
431
209
605
443
13
501
364
442
635
211
483
276
556
51
305
574
592
626
448
129
292
375
361
611
594
426
603
488
88
589
114
540
616
271
359
360
532
407
2014 Results
2013
Rev.
Rank
2014
Mkt. Cap
Rank
607
608
609
610
611
612
613
614
615
616
617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
194
355
385
404
139
416
232
496
479
470
368
233
228
468
255
327
373
277
414
409
333
384
398
236
222
461
356
325
436
476
491
RANKED BY REVENUE
Company
Intercontinentalexchange Group
Markwest Energy Partners
Verisk Analytics
Akamai Technologies
Alexion Pharmaceuticals
Red Hat
LinkedIn
ResMed
Digital Realty Trust
F5 Networks
SL Green Realty
AvalonBay Communities
Illumina
Plum Creek Timber
Antero Resources
SBA Communications
Linear Technology
Vertex Pharmaceuticals
Macerich
Kimco Realty
Tripadvisor
FleetCor Technologies
Realty Income
KKR & Co. L.P.
Twitter
Federal Realty Investment Trust
Essex Property Trust
Workday
Incyte
Oaktree Capital Group
Cobalt International Energy
2013
Rev.
($B)
$1.7
1.7
1.6
1.6
1.6
1.5
1.5
1.5
1.5
1.5
1.5
1.5
1.4
1.3
1.3
1.3
1.3
1.2
1.0
0.9
0.9
0.9
0.8
0.8
0.7
0.6
0.6
0.5
0.4
0.2
0.0
TBW
ADW CWR
TBW Rank ADW Rank Score
71
46
79
70
62
51
39
45
53
51
23
58
55
49
47
36
34
47
48
48
58
56
31
46
47
40
71
48
38
26
52
184
551
97
196
322
488
600
556
443
481
636
370
427
516
539
609
618
542
529
526
371
400
627
550
533
597
185
520
602
634
470
5.9
5.8
7.2
6.4
5.6
6.4
6.5
6.4
7.6
7.3
4.6
7.3
5.5
5.4
5.9
6.0
5.7
5.2
4.8
6.0
7.3
7.0
5.2
6.6
6.7
6.7
5.9
8.0
6.3
5.2
6.5
488
518
163
370
533
363
335
355
75
131
620
144
542
552
500
453
525
581
612
452
143
188
589
318
276
288
487
33
374
584
334
336.0
534.5
130.0
283.0
427.5
425.5
467.5
455.5
259.0
306.0
628.0
257.0
484.5
534.0
519.5
531.0
571.5
561.5
570.5
489.0
257.0
294.0
608.0
434.0
404.5
442.5
336.0
276.5
488.0
609.0
402.0
CWR
Rank
2014
Mkt. Cap
Rank
2013
Rev.
Rank
607
608
609
610
611
612
613
614
615
616
617
618
619
620
621
622
623
624
625
626
627
628
629
630
631
632
633
634
635
636
637
100
433
351
279
427
431
362
284
157
388
401
468
446
414
283
287
461
373
134
442
353
415
459
417
266
428
464
65
318
311
470
345
563
99
285
450
445
497
490
247
311
634
245
517
562
551
561
588
580
587
523
246
295
619
463
423
471
346
275
522
622
416
RANKED BY MARKET CAP
Company
Tech Data
Big Lots
Commercial Metals Company
Owens & Minor
Calumet Specialty Products Ptrs
Asbury Automotive Group
Molina Healthcare
Group 1 Automotive
SUPERVALU
Susser Holdings
Sanmina
ABM Industries
United Stationers
Andersons
Dean Foods
Sonic Automotive
Kindred Healthcare
General Cable
Global Partners
Insight Enterprises
Barnes & Noble
Midcoast Energy Partners
Alpha Natural Resources
AK Steel
Core-Mark
Kelly Services
YRC Worldwide
INTL Fcstone
Pantry
TravelCenters of America
NII Holdings
LEGEND
TIE BREAKERS
TBW Total Board Weight
ADW Average Director Weight
CWR Composite Weight Rank
TBW ADW Rank (ascending)
ADW # of Directors (descending); then Revenue Rank (ascending)
CWR ADW Rank (ascending)
40
2014
Mkt. Cap.
TBW
ADW CWR CWR
($B)
TBW Rank ADW Rank Score Rank
$2.4
2.3
2.2
2.1
2.1
1.9
1.9
1.9
1.9
1.7
1.7
1.5
1.5
1.5
1.4
1.3
1.2
1.2
1.1
1.1
1.0
1.0
0.9
0.9
0.9
0.7
0.6
0.4
0.3
0.3
0.1
53
55
66
63
32
44
49
41
74
40
53
48
44
53
47
41
63
46
26
49
50
51
62
72
46
45
47
41
52
21
48
453
413
249
300
625
569
517
588
145
594
447
524
564
448
530
591
295
544
633
515
503
478
310
168
546
561
537
590
471
637
525
5.9
6.9
7.3
6.3
5.3
5.5
4.9
5.9
7.4
6.7
6.6
6.0
6.3
6.6
6.7
5.1
7.0
7.7
5.2
6.1
5.4
7.3
7.8
6.5
6.6
4.5
5.9
5.1
5.8
5.3
6.0
499
237
125
390
567
543
608
508
109
291
305
463
395
304
279
592
197
68
587
430
553
135
59
331
322
626
502
593
517
578
462
476.0
325.0
187.0
345.0
596.0
556.0
562.5
548.0
127.0
442.5
376.0
493.5
479.5
376.0
404.5
591.5
246.0
306.0
610.0
472.5
528.0
306.5
184.5
249.5
434.0
593.5
519.5
591.5
494.0
607.5
493.5
506
340
160
355
614
576
582
568
94
468
388
525
514
389
420
607
229
309
623
504
558
317
156
234
459
610
549
606
527
618
526
Alphabetical Index
America’s 637 Largest Corporations
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
3M
Abbott Laboratories
AbbVie
ABM Industries
Activision Blizzard
Adobe Systems
91
126
141
468
489
518
40
75
47
618
286
144
9
10
8
8
7
12
NC
NC
NC
NE
SW
SW
Advance Auto Parts
Advanced Micro Devices
AECOM Technology
AES
Aetna
Affiliated Managers Group
AFLAC
AGCO
Agilent Technologies
AGL Resources
Air Products & Chemicals
Airgas
AK Steel
370
434
307
167
56
587
114
242
357
484
259
448
417
422
591
587
382
169
372
155
539
227
517
178
469
630
9
11
10
11
12
9
11
9
7
14
10
10
11
Akamai Technologies
Alaska Air Group
Alcoa
Alexion Pharmaceuticals
Alleghany
Allergan
Alliance Data Systems
Allstate
Ally Financial
Alpha Natural Resources
Altera
Altria Group
Amazon.com
Amdocs Limited
Ameren
American Airlines Group
American Electric Power
American Express
American Financial Group
American International Group
American Tower
American Water Works
Ameriprise Financial
AmerisourceBergen
AMETEK
Amgen
Amphenol
Anadarko Petroleum
Analog Devices
Andersons
Anixter International
Annaly Capital Management
Antero Resources
Apache
Apple
Applied Materials
ARAMARK
Archer Daniels Midland
Arrow Electronics
Arthur J. Gallagher & Co.
Asbury Automotive Group
Ascena Retail Group
Ashland
Assurant
610
441
119
611
452
383
504
85
380
459
606
113
34
538
404
101
171
84
445
39
537
555
232
26
528
143
485
188
568
414
387
483
621
164
6
325
195
24
128
544
431
475
320
280
404
512
272
139
505
91
324
177
332
629
383
48
25
477
401
161
175
39
538
49
118
450
202
287
318
46
282
88
264
620
588
360
255
120
1
184
518
149
532
493
612
598
459
546
11
9
11
11
10
8
7
11
10
8
8
10
9
9
10
11
11
12
9
13
8
7
9
10
8
11
7
9
10
8
10
8
8
9
7
11
10
11
8
7
8
6
10
10
Company
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Industry
Company
Region
State
MN
IL
IL
NY
CA
CA
Basic Materials
Healthcare
Healthcare
Industrials
Consumer Goods
Technology
AT&T
Autodesk
Automatic Data Processing
AutoNation
AutoZone
AvalonBay Communities
11
584
228
150
277
618
15
371
113
516
237
233
13
9
8
9
10
8
SC
SW
NE
SE
SE
SE
TX
CA
NJ
FL
TN
VA
Telecommunications
Technology
Industrials
Consumer Services
Consumer Services
Financials
SE
SW
SW
SE
NE
NE
SE
SE
SW
SE
NE
NE
NC
VA
CA
CA
VA
CT
MA
GA
GA
CA
GA
PA
PA
OH
Consumer Services
Technology
Industrials
Utilities
Financials
Financials
Financials
Industrials
Industrials
Utilities
Basic Materials
Basic Materials
Basic Materials
Avery Dennison
Avis Budget Group
Avnet
Avon Products
B/E Aerospace
Baker Hughes
Ball
Bank of America
Bank of New York Mellon
Barnes & Noble
Baxter International
BB&T
Becton, Dickinson and Co.
391
315
105
263
533
122
295
25
178
353
173
269
309
549
533
527
525
375
141
454
20
108
627
103
168
189
9
9
9
10
7
12
9
14
13
9
12
17
14
SW
NE
SW
NE
SE
SC
SC
SE
NE
NE
NC
SE
NE
CA
NJ
AZ
NY
FL
TX
CO
NC
NY
NY
IL
NC
NJ
Industrials
Industrials
Technology
Consumer Goods
Industrials
Oil & Gas
Basic Materials
Financials
Financials
Consumer Services
Healthcare
Financials
Healthcare
NE
NW
NE
NE
NE
SW
SC
NC
NC
SE
SW
SE
NW
NC
NC
SC
NC
NE
NC
NE
NE
NE
NC
NE
NE
SW
NE
SC
NE
NC
NC
NE
SC
SC
SW
SW
NE
NC
NE
NC
SE
NE
SE
NE
MA
WA
PA
CT
NY
CA
TX
IL
MI
VA
CA
VA
WA
MO
MO
TX
OH
NY
OH
NY
MA
NJ
MN
PA
PA
CA
CT
TX
MA
OH
IL
NY
CO
TX
CA
CA
PA
IL
NY
IL
GA
NY
KY
NY
Technology
Consumer Services
Basic Materials
Healthcare
Financials
Healthcare
Technology
Financials
Financials
Basic Materials
Technology
Consumer Goods
Consumer Services
Technology
Utilities
Consumer Services
Utilities
Financials
Financials
Financials
Telecommunications
Utilities
Financials
Healthcare
Industrials
Healthcare
Industrials
Oil & Gas
Technology
Consumer Services
Industrials
Financials
Oil & Gas
Oil & Gas
Technology
Technology
Industrials
Consumer Goods
Industrials
Financials
Consumer Services
Consumer Services
Basic Materials
Financials
Bed Bath & Beyond
Bemis Company
Berkshire Hathaway
Best Buy
Big Lots
Biogen Idec
BlackRock
Blackstone Group
Boeing Company
BorgWarner
Boston Properties
Boston Scientific
Bristol-Myers Squibb
Broadcom
Brown-Forman
Buckeye Partners
Bunge Ltd
C.H. Robinson Worldwide
C.R. Bard
CA
Cablevision Systems
Cabot Oil & Gas
Calpine
Calumet Specialty Products Ptrs
Cameron International
Campbell Soup Company
Capital One Financial
Cardinal Health
CareFusion
Carlyle Group
CarMax
Carnival
Casey's General Stores
Catamaran
Caterpillar
CBRE Group
CDW
Celanese
Celgene
Centene
CenterPoint Energy
CenturyLink
Cerner
CF Industries
225
451
4
68
433
347
260
361
27
327
590
339
161
300
558
450
44
207
546
480
386
605
382
427
264
310
121
19
530
500
211
170
334
184
48
336
246
367
369
240
308
147
553
423
328
566
5
426
608
57
90
129
37
309
229
254
45
246
221
429
352
441
361
314
553
276
400
611
321
298
99
193
445
389
391
136
601
411
59
407
543
412
74
568
380
203
248
331
9
11
12
10
8
10
18
8
10
10
10
10
11
8
11
9
10
9
10
10
17
6
8
6
11
15
9
10
9
8
9
8
7
8
11
9
9
8
7
8
8
12
8
7
NE
NC
SE
NC
NC
NE
NE
NE
NC
NC
NE
NE
NE
SW
SE
SC
NE
NC
NE
NE
NE
NE
SC
NC
SC
NE
SE
NC
SW
NE
SE
SE
NC
NC
NC
SW
NC
SC
NE
NC
SC
SC
NC
NC
NJ
WI
NE
MN
OH
MA
NY
NY
IL
MI
MA
MA
NY
CA
KY
TX
NY
MN
NJ
NY
NY
MA
TX
IN
TX
NJ
VA
OH
CA
DC
VA
FL
IA
IL
IL
CA
IL
TX
NJ
MO
TX
LA
MO
IL
Consumer Services
Basic Materials
Financials
Consumer Services
Consumer Services
Healthcare
Financials
Financials
Industrials
Consumer Goods
Financials
Healthcare
Healthcare
Technology
Consumer Goods
Oil & Gas
Consumer Goods
Industrials
Healthcare
Technology
Consumer Services
Oil & Gas
Utilities
Oil & Gas
Oil & Gas
Consumer Goods
Financials
Consumer Services
Healthcare
Financials
Consumer Services
Consumer Services
Consumer Services
Technology
Industrials
Financials
Technology
Basic Materials
Healthcare
Healthcare
Utilities
Telecommunications
Healthcare
Basic Materials
41
Industry
Alphabetical Index
Company
Charles Schwab
Charter Communications
Chesapeake Energy
Chevron
Chipotle Mexican Grill
Chubb
Church & Dwight
CIGNA
Cimarex Energy
Cincinnati Financial
Cintas
Cisco Systems
CIT Group
Citigroup
Citrix Systems
Cliffs Natural Resources
Clorox
CME Group
CMS Energy
CNO Financial Group
Coach
Cobalt International Energy
Coca-Cola
Coca-Cola Enterprises
Cognizant Technology Solutions
Colfax
Colgate-Palmolive Company
Comcast
Comerica
Commercial Metals Company
Community Health Systems
Computer Sciences
ConAgra Foods
Concho Resources
ConocoPhillips
CONSOL Energy
Consolidated Edison
Constellation Brands
Continental Resources
Con-way
Core-Mark
Corning
Costco Wholesale
Crown Castle International
Crown Holdings
CST Brands
CSX
Cummins
CVS Caremark
D.R. Horton
Dana Holding
Danaher
Darden Restaurants
DaVita HealthCare Partners
Dean Foods
Deere & Company
Delta Air Lines
Devon Energy
Dicks Sporting Goods
Digital Realty Trust
Dillard's
DIRECTV
Discover Financial Services
Discovery Communications
DISH Network
Dollar General
Dollar Tree
Dominion Resources
Dover
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
418
306
151
3
542
194
543
88
595
492
505
53
573
33
552
408
412
551
363
495
447
637
57
303
286
507
155
42
572
351
203
177
169
581
47
545
213
463
534
424
266
319
17
547
291
206
218
156
12
385
358
138
293
224
283
75
76
250
389
615
359
89
302
420
196
152
317
199
289
123
284
215
10
269
188
415
186
359
458
487
33
456
22
395
602
351
185
464
572
344
491
18
340
150
420
66
28
440
609
562
423
320
300
38
390
258
280
179
603
631
164
89
174
506
605
152
160
42
490
580
86
511
292
621
119
130
151
514
479
564
98
167
261
159
242
363
105
299
11
9
9
11
6
13
8
11
9
14
8
10
12
12
9
8
10
23
10
8
9
8
14
11
8
8
9
11
8
9
7
8
11
8
9
11
10
10
7
10
7
12
13
10
10
8
11
7
8
5
6
9
11
9
7
10
14
9
8
7
11
11
11
9
10
7
10
10
11
SW
NC
SC
SW
SC
NE
NE
NE
SC
NC
NC
SW
NE
NE
SE
NC
SW
NC
NC
NC
NE
SC
SE
SE
NE
NE
NE
NE
SC
SC
SE
SE
SE
SC
SC
NE
NE
NE
SC
NC
SW
NE
NW
SC
NE
SC
SE
NC
NE
SC
NC
NE
SE
SC
SC
NC
SE
SC
NE
SW
SC
SW
NC
NE
SC
SE
SE
SE
NC
CA
MO
OK
CA
CO
NJ
NJ
CT
CO
OH
OH
CA
NJ
NY
FL
OH
CA
IL
MI
IN
NY
TX
GA
GA
NJ
MD
NY
PA
TX
TX
TN
VA
NE
TX
TX
PA
NY
NY
OK
MI
CA
NY
WA
TX
PA
TX
FL
IN
RI
TX
OH
DC
FL
CO
TX
IL
GA
OK
PA
CA
AR
CA
IL
MD
CO
TN
VA
VA
IL
Industry
Company
Financials
Consumer Services
Oil & Gas
Oil & Gas
Consumer Services
Financials
Consumer Goods
Financials
Oil & Gas
Financials
Industrials
Technology
Financials
Financials
Technology
Basic Materials
Consumer Goods
Financials
Utilities
Financials
Consumer Services
Oil & Gas
Consumer Goods
Consumer Goods
Technology
Industrials
Consumer Goods
Consumer Services
Financials
Basic Materials
Healthcare
Technology
Consumer Goods
Oil & Gas
Oil & Gas
Basic Materials
Utilities
Consumer Goods
Oil & Gas
Industrials
Consumer Services
Industrials
Consumer Services
Telecommunications
Basic Materials
Consumer Services
Industrials
Industrials
Consumer Services
Consumer Goods
Consumer Goods
Industrials
Consumer Services
Healthcare
Consumer Goods
Industrials
Consumer Services
Oil & Gas
Consumer Services
Financials
Consumer Services
Consumer Services
Financials
Consumer Services
Consumer Services
Consumer Services
Consumer Services
Utilities
Industrials
Dow Chemical
Dr Pepper Snapple Group
DTE Energy
Duke Energy
E I Du Pont De Nemours And Co
Eastman Chemical
eBay
Ecolab
Edison International
Edwards Lifesciences
Electronic Arts
Eli Lilly
EMC
Emcor Group
Emerson Electric
Energizer Holdings
Energy Transfer Equity
Entergy
Enterprise Products Partners
EOG Resources
EQT
Equifax
Equinix
Equity Residential
Erie Indemnity Company
Essex Property Trust
Estee Lauder Companies
Exelis
Exelon
Expedia
Expeditors Intl of Washington
Express Scripts
Exxon Mobil
F5 Networks
Facebook
Family Dollar Stores
Fastenal Company
Federal Realty Investment Trust
FedEx
Fidelity National Financial
Fidelity National Info Services
Fifth Third Bancorp
First American Financial
FirstEnergy
Fiserv
FleetCor Technologies
Flowserve
Fluor
FMC
FMC Technologies
Foot Locker
Ford Motor Company
Franklin Resources
Freeport-McMoRan Copper
Frontier Communications
GameStop
Gannett
Gap
General Cable
General Dynamics
General Electric
General Growth Properties
General Mills
General Motors
Genuine Parts
Genworth Financial
Gilead Sciences
Global Partners
Goldman Sachs
42
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
46
398
267
111
82
275
165
198
210
593
529
118
116
375
109
497
54
227
55
189
601
582
588
574
384
633
258
466
107
471
394
18
2
616
316
251
539
632
63
292
395
355
456
180
467
628
458
99
522
340
368
8
312
130
473
281
440
163
373
90
9
571
148
7
191
273
233
134
72
73
358
307
87
65
319
63
133
234
427
364
58
85
589
93
494
165
311
56
78
266
438
403
191
577
356
157
579
134
428
443
84
2
470
21
510
297
461
104
405
274
244
593
302
279
384
381
337
397
315
500
64
121
117
522
563
520
231
624
111
7
204
127
79
317
425
32
625
55
9
8
12
14
12
10
11
13
11
7
8
13
10
9
12
9
6
10
10
7
10
9
7
10
11
12
14
8
14
9
11
11
11
7
7
10
9
6
12
10
10
12
9
13
8
8
11
12
9
11
9
15
9
15
11
10
9
9
6
11
16
8
13
11
12
9
9
5
11
NC
SC
NC
SE
NE
SE
SW
NC
SW
SW
SW
NC
NE
NE
NC
NC
SC
SC
SC
SC
NE
SE
SW
NC
NE
SW
NE
SE
NC
NW
NW
NC
SC
NW
SW
SE
NC
NE
SE
SE
SE
NC
SW
NC
NC
SE
SC
SC
NE
SC
NE
NC
SW
SW
NE
SC
SE
SW
SE
SE
NE
NC
NC
NC
SE
SE
SW
NE
NE
MI
TX
MI
NC
DE
TN
CA
MN
CA
CA
CA
IN
MA
CT
MO
MO
TX
LA
TX
TX
PA
GA
CA
IL
PA
CA
NY
VA
IL
WA
WA
MO
TX
WA
CA
NC
MN
MD
TN
FL
FL
OH
CA
OH
WI
GA
TX
TX
PA
TX
NY
MI
CA
AZ
CT
TX
VA
CA
KY
VA
CT
IL
MN
MI
GA
VA
CA
MA
NY
Industry
Basic Materials
Consumer Goods
Utilities
Utilities
Basic Materials
Basic Materials
Technology
Industrials
Utilities
Healthcare
Consumer Goods
Healthcare
Technology
Industrials
Industrials
Industrials
Oil & Gas
Utilities
Oil & Gas
Oil & Gas
Oil & Gas
Industrials
Technology
Financials
Financials
Financials
Consumer Goods
Industrials
Utilities
Consumer Services
Industrials
Consumer Services
Oil & Gas
Technology
Technology
Consumer Services
Industrials
Financials
Industrials
Financials
Financials
Financials
Financials
Utilities
Technology
Oil & Gas
Industrials
Industrials
Basic Materials
Oil & Gas
Consumer Services
Consumer Goods
Financials
Basic Materials
Telecommunications
Consumer Services
Consumer Services
Consumer Services
Industrials
Industrials
Industrials
Financials
Consumer Goods
Consumer Goods
Consumer Goods
Financials
Healthcare
Oil & Gas
Financials
Alphabetical Index
Company
Goodyear Tire & Rubber
Google
Graphic Packaging
Group 1 Automotive
H & R Block
Halliburton
Hanesbrands
Hanover Insurance Group
Harley-Davidson
Harman International Industries
Harris
Hartford Financial Services Group
Hasbro
HCA Holdings
HCP
Health Care REIT
Health Net
Helmerich & Payne
Henry Schein
Hershey
Hertz Global Holdings
Hess
Hewlett-Packard
HollyFrontier
Home Depot
Honeywell International
Hormel Foods
Hospira
Host Hotels and Resorts
Humana
Huntington Bancshares
Huntington Ingalls Industries
Huntsman
Hyatt Hotels
Icahn Enterprises
IHS
Illinois Tool Works
Illumina
Incyte
Ingram Micro
Ingredion
Insight Enterprises
Integrys Energy Group
Intel
Intercontinentalexchange Group
International Business Machines
International Flavors & Fragrances
International Paper Company
Interpublic Group of Companies
INTL Fcstone
Intuit
Intuitive Surgical
Invesco
J.B. Hunt Transport Services
J.C. Penney
J.M. Smucker
Jabil Circuit
Jacobs Engineering Group
Jarden
JetBlue Airways
Johnson & Johnson
Johnson Controls
Jones Lang LaSalle
Joy Global
JPMorgan Chase
Juniper Networks
Kansas City Southern
KBR
Kellogg Company
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
135
45
496
284
554
93
481
469
402
506
443
102
516
87
592
556
236
535
268
337
245
123
16
133
31
73
288
520
438
71
564
354
235
510
131
602
190
619
635
67
379
442
411
51
607
21
549
94
341
65
511
585
479
416
221
403
144
222
329
426
37
66
499
454
23
477
577
333
183
524
3
578
614
472
81
453
600
271
497
462
270
486
187
219
223
590
348
394
197
326
162
67
396
35
54
323
463
263
225
474
545
521
432
336
452
116
228
436
567
531
626
548
30
194
14
460
211
475
634
201
308
273
430
599
378
575
480
485
604
6
146
540
526
12
343
362
576
182
11
10
9
7
9
11
8
9
11
9
12
10
13
12
7
9
9
9
13
10
9
13
11
8
11
11
13
10
8
9
11
8
9
11
6
8
12
10
6
12
9
8
10
10
12
13
12
11
8
8
8
7
8
10
9
12
8
10
9
11
12
10
9
8
10
10
8
8
11
NC
SW
SE
SC
NC
SC
SE
NE
NC
NE
SE
NE
NE
SE
SW
NC
SW
SC
NE
NE
NE
NE
SW
SC
SE
NE
NC
NC
NE
SE
NC
SE
SW
NC
NE
SC
NC
SW
NE
SW
NC
SW
NC
SW
SE
NE
NE
SE
NE
NE
SW
SW
SE
SC
SC
NC
SE
SW
NE
NE
NE
NC
NC
NC
NE
SW
NC
SC
NC
OH
CA
GA
TX
MO
TX
NC
MA
WI
CT
FL
CT
RI
TN
CA
OH
CA
OK
NY
PA
NJ
NY
CA
TX
GA
NJ
MN
IL
MD
KY
OH
VA
UT
IL
NY
CO
IL
CA
DE
CA
IL
AZ
IL
CA
GA
NY
NY
TN
NY
NY
CA
CA
GA
AR
TX
OH
FL
CA
NY
NY
NJ
WI
IL
WI
NY
CA
MO
TX
MI
Industry
Company
Consumer Goods
Technology
Basic Materials
Consumer Services
Financials
Oil & Gas
Consumer Goods
Financials
Consumer Goods
Consumer Goods
Technology
Financials
Consumer Goods
Healthcare
Healthcare
Healthcare
Financials
Oil & Gas
Healthcare
Consumer Goods
Industrials
Oil & Gas
Technology
Oil & Gas
Consumer Services
Industrials
Consumer Goods
Healthcare
Consumer Services
Financials
Financials
Industrials
Basic Materials
Consumer Services
Industrials
Industrials
Industrials
Healthcare
Healthcare
Technology
Consumer Goods
Technology
Utilities
Technology
Financials
Technology
Basic Materials
Basic Materials
Consumer Services
Financials
Technology
Healthcare
Financials
Industrials
Consumer Services
Consumer Goods
Technology
Industrials
Consumer Goods
Consumer Services
Healthcare
Consumer Goods
Financials
Industrials
Financials
Technology
Industrials
Industrials
Consumer Goods
Kelly Services
Keurig Green Mountain
KeyCorp
Kimberly Clark
Kimco Realty
Kinder Morgan
Kindred Healthcare
KKR & Co. L.P.
KLA-Tencor
Kohl's
Kraft Foods Group
Kroger
L Brands
L-3 Communications
Laboratory Corp. of America
Lam Research
Las Vegas Sands
Lear
Leidos
Lennar
Leucadia National
Level 3 Communications
Liberty Interactive
Liberty Media
Lincoln National
Linear Technology
LinkedIn
Linn Energy
Live Nation Entertainment
LKQ
Lockheed Martin
Loews
Lorillard
Lowe's Companies
M&T Bank
Macerich
Macy's
Magellan Midstream Partners
ManpowerGroup
Marathon Oil
Marathon Petroleum
Markel
Markwest Energy Partners
Marriott International
Marsh & McLennan Companies
Masco
Mastercard
Mattel
McCormick & Company
McDonald's
McGraw Hill Financial
McKesson
MDU Resources Group
Mead Johnson Nutrition
MeadWestvaco
Medtronic
Merck
Metlife
Mettler-Toledo International
MGM Resorts International
Microchip Technology
Micron Technology
Microsoft
Midcoast Energy Partners
Mohawk Industries
Molina Healthcare
Molson Coors Brewing
Mondelez International
Monsanto
43
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
428
502
514
129
626
192
461
630
559
140
145
22
244
209
405
526
197
162
406
400
249
381
254
521
217
623
613
579
372
449
60
175
345
50
491
625
96
600
132
179
20
503
608
205
214
305
298
371
513
95
462
14
498
509
429
160
64
40
576
265
597
278
32
415
330
362
508
83
182
632
241
334
101
409
128
623
236
374
349
124
183
260
393
446
413
69
507
595
473
410
376
230
288
316
373
232
406
554
439
83
257
200
94
265
414
205
238
513
180
172
431
355
252
166
495
43
312
448
36
196
106
509
245
508
71
19
77
498
338
408
154
4
628
392
613
339
62
68
10
11
12
11
8
10
9
7
8
9
10
12
11
10
8
10
8
8
7
8
10
10
8
8
10
6
6
5
10
8
11
12
8
10
13
10
10
6
11
7
11
11
8
10
10
9
12
10
9
12
11
10
10
11
8
11
11
11
8
10
5
7
9
7
8
10
13
11
12
NC
NE
NC
SC
NE
SC
SE
NE
SW
NC
NC
NC
NC
NE
SE
SW
SW
NC
SE
SE
NE
SC
SE
SC
SC
SW
SW
SC
SW
NC
NE
NE
SE
SE
NE
SW
NC
SC
NC
SC
NC
SE
SC
NE
NE
NC
NE
SW
NE
NC
NE
SW
SE
NC
SE
NC
NE
NE
NC
SW
SW
NW
NW
SC
SE
SW
SC
NC
NC
MI
VT
OH
TX
NY
TX
KY
NY
CA
WI
IL
OH
OH
NY
NC
CA
NV
MI
VA
FL
NY
CO
KY
CO
CO
CA
CA
TX
CA
IL
MD
NY
NC
NC
NY
CA
OH
OK
WI
TX
OH
VA
CO
MD
NY
MI
NY
CA
MD
IL
NY
CA
ND
IL
VA
MN
NJ
NY
OH
NV
AZ
ID
WA
TX
GA
CA
CO
IL
MO
Industry
Industrials
Consumer Goods
Financials
Basic Materials
Financials
Oil & Gas
Healthcare
Financials
Technology
Consumer Services
Consumer Goods
Consumer Services
Consumer Services
Industrials
Healthcare
Technology
Consumer Services
Consumer Goods
Technology
Consumer Goods
Telecommunications
Telecommunications
Technology
Consumer Services
Consumer Services
Technology
Technology
Oil & Gas
Consumer Services
Consumer Goods
Industrials
Financials
Consumer Goods
Consumer Services
Financials
Financials
Consumer Services
Oil & Gas
Industrials
Oil & Gas
Oil & Gas
Financials
Oil & Gas
Consumer Services
Financials
Industrials
Financials
Consumer Goods
Consumer Goods
Consumer Services
Consumer Services
Healthcare
Utilities
Consumer Goods
Basic Materials
Healthcare
Healthcare
Financials
Industrials
Consumer Services
Technology
Technology
Technology
Oil & Gas
Consumer Goods
Financials
Consumer Goods
Consumer Goods
Basic Materials
Alphabetical Index
Company
Monster Beverage
Moody's
Morgan Stanley
Mosaic
Motorola Solutions
Murphy Oil
Mylan
National-Oilwell Varco
Navistar International
NCR
NetApp
Netflix
Newell Rubbermaid
Newmont Mining
News Corp.
NextEra Energy
NII Holdings
Nike
NiSource
Noble Energy
Nordstrom
Norfolk Southern
Northeast Utilities System
Northern Trust
Northrop Grumman
NRG Energy
Nucor
NVIDIA
Oaktree Capital Group
Occidental Petroleum
Oceaneering International
Office Depot
OGE Energy
Old Republic International
Omnicare
Omnicom Group
ONEOK
Oracle
O'Reilly Automotive
Oshkosh
Owens & Minor
Owens Corning
Owens-Illinois
PACCAR
Pall
Pantry
Parker-Hannifin
Paychex
PBF Energy
Peabody Energy
Penske Automotive Group
Pepco
PepsiCo
PetSmart
Pfizer
PG&E
Philip Morris International
Phillips 66
Pioneer Natural Resources
Plains All American Pipeline
Plum Creek Timber
PNC Financial Services Group
Polaris Industries
PPG Industries
PPL
Praxair
Precision Castparts
Priceline Group
Principal Financial Group
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
586
548
79
472
290
430
349
120
243
392
378
501
407
299
285
174
470
106
410
453
212
230
331
515
110
229
139
512
636
112
540
231
557
425
397
187
186
78
360
323
279
435
344
158
567
318
202
580
137
343
185
478
41
348
52
168
30
5
531
69
620
166
523
176
220
219
297
356
274
357
240
76
224
250
366
247
122
596
541
353
217
457
335
379
100
637
61
354
176
342
147
294
295
173
347
259
386
476
50
471
597
484
558
523
243
322
17
268
552
610
547
535
192
417
635
226
285
594
542
565
503
29
515
16
209
24
96
153
206
468
97
437
163
199
112
115
72
306
7
8
14
11
7
10
12
8
9
7
9
6
11
8
11
11
8
13
10
10
12
12
12
10
10
12
8
9
5
10
6
9
9
10
8
12
12
9
9
10
10
12
11
10
10
9
11
8
9
11
11
9
12
9
12
10
12
7
12
7
9
14
8
8
13
10
7
9
10
SW
NE
NE
NC
NC
SC
NE
SC
NC
SE
SW
SW
SE
SC
NE
SE
SE
NW
NC
SC
NW
SE
NE
NC
SE
NE
SE
SW
SW
SW
SC
SE
SC
NC
NC
NE
SC
SW
NC
NC
SE
NC
NC
NW
NE
SE
NC
NE
NE
NC
NC
NE
NE
SW
NE
SW
NE
SC
SC
SC
NW
NE
NC
NE
NE
NE
NW
NE
NC
CA
NY
NY
MN
IL
AR
PA
TX
IL
GA
CA
CA
GA
CO
NY
FL
VA
OR
IN
TX
WA
VA
MA
IL
VA
NJ
NC
CA
CA
CA
TX
FL
OK
IL
OH
NY
OK
CA
MO
WI
VA
OH
OH
WA
NY
NC
OH
NY
NJ
MO
MI
DC
NY
AZ
NY
CA
NY
TX
TX
TX
WA
PA
MN
PA
PA
CT
OR
CT
IA
Industry
Company
Consumer Goods
Industrials
Financials
Basic Materials
Technology
Oil & Gas
Healthcare
Oil & Gas
Industrials
Technology
Technology
Consumer Services
Consumer Goods
Basic Materials
Consumer Services
Utilities
Telecommunications
Consumer Goods
Utilities
Oil & Gas
Consumer Services
Industrials
Utilities
Financials
Industrials
Utilities
Basic Materials
Technology
Financials
Oil & Gas
Oil & Gas
Consumer Services
Utilities
Financials
Healthcare
Consumer Services
Utilities
Technology
Consumer Services
Industrials
Healthcare
Industrials
Basic Materials
Industrials
Industrials
Consumer Services
Industrials
Industrials
Oil & Gas
Basic Materials
Consumer Services
Utilities
Consumer Goods
Consumer Services
Healthcare
Utilities
Consumer Goods
Oil & Gas
Oil & Gas
Oil & Gas
Basic Materials
Financials
Consumer Goods
Basic Materials
Utilities
Basic Materials
Industrials
Consumer Services
Financials
Procter & Gamble
Progressive
Prudential Financial
Public Service Enterprise Group
Public Storage
PulteGroup
PVH
QUALCOMM
Quanta Services
Quest Diagnostics
Quintiles Transnational
Ralph Lauren
Range Resources
Raymond James Financial
Raytheon
Realogy
Realty Income
Red Hat
Regeneron Pharmaceuticals
Regions Financial
Reinsurance Group of America
Reliance Steel & Aluminum
Republic Services
ResMed
Reynolds American
Rite Aid
Rock-Tenn
Rockwell Automation
Rockwell Collins
Roper Industries
Ross Stores
Royal Caribbean Cruises
RR Donnelley & Sons
Ryder System
Safeway
salesforce.com
SanDisk
Sanmina
SBA Communications
SCANA
Schlumberger Limited
Scripps Networks Interactive
Sealed Air
Sears Holdings
Sempra Energy
Sherwin-Williams
Sigma-Aldrich
Simon Property Group
Skyworks Solutions
SL Green Realty
SLM
Sonic Automotive
Sonoco Products
Southern Company
Southwest Airlines
Southwestern Energy
Spectra Energy
SPX
St. Jude Medical
Stanley Black & Decker
Staples
Starbucks
Starwood Hotels & Resorts
State Street
Steel Dynamics
Stericycle
Stryker
SunTrust Banks
Superior Energy Services
44
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
29
146
58
262
596
409
304
108
366
338
444
346
603
488
115
436
629
612
591
432
253
276
296
614
301
104
270
377
487
541
256
314
248
374
81
517
390
401
622
494
59
570
322
80
247
257
565
437
604
617
365
287
465
159
149
536
421
474
422
237
117
181
393
255
328
589
282
321
486
11
290
110
218
145
502
369
26
489
451
519
313
293
501
138
534
398
416
156
301
537
529
329
496
140
481
499
262
370
303
289
350
582
557
465
135
212
617
327
482
31
365
483
551
181
214
346
80
466
368
571
622
561
107
253
267
171
555
235
310
447
82
281
158
569
399
137
210
544
10
8
11
9
7
8
11
14
9
9
10
11
9
10
9
7
6
8
11
12
9
8
10
7
12
7
9
9
8
7
8
10
9
11
8
10
7
8
6
9
10
11
9
6
12
9
9
9
7
5
9
8
12
12
9
7
9
7
7
9
10
11
10
11
10
8
8
11
8
NC
NC
NE
NE
SW
NC
NE
SW
SC
NE
SE
NE
SC
SE
NE
NE
SW
SE
NE
SE
NC
SW
SW
SW
SE
NE
SE
NC
NC
SE
SW
SE
NC
SE
SW
SW
SW
SW
SE
SE
SC
NC
NE
NC
SW
NC
NC
NC
NE
NE
NE
SE
SE
SE
SC
SC
SC
SE
NC
NE
NE
NW
NE
NE
NC
NC
NC
SE
SC
OH
OH
NJ
NJ
CA
MI
NY
CA
TX
NJ
NC
NY
TX
FL
MA
NJ
CA
NC
NY
AL
MO
CA
AZ
CA
NC
PA
GA
WI
IA
FL
CA
FL
IL
FL
CA
CA
CA
CA
FL
SC
TX
OH
NJ
IL
CA
OH
MO
IN
MA
NY
DE
NC
SC
GA
TX
TX
TX
NC
MN
CT
MA
WA
CT
MA
IN
IL
MI
GA
LA
Industry
Consumer Goods
Financials
Financials
Utilities
Industrials
Consumer Goods
Consumer Goods
Technology
Industrials
Healthcare
Healthcare
Consumer Goods
Oil & Gas
Financials
Industrials
Financials
Financials
Technology
Healthcare
Financials
Financials
Basic Materials
Industrials
Healthcare
Consumer Goods
Consumer Services
Basic Materials
Industrials
Industrials
Industrials
Consumer Services
Consumer Services
Industrials
Industrials
Consumer Services
Technology
Technology
Technology
Telecommunications
Utilities
Oil & Gas
Consumer Services
Basic Materials
Consumer Services
Utilities
Basic Materials
Basic Materials
Financials
Technology
Financials
Financials
Consumer Services
Basic Materials
Utilities
Consumer Services
Oil & Gas
Oil & Gas
Industrials
Healthcare
Industrials
Consumer Services
Consumer Services
Consumer Services
Financials
Basic Materials
Industrials
Healthcare
Financials
Oil & Gas
Alphabetical Index
Company
SUPERVALU
Susser Holdings
Symantec
SYNNEX
SYSCO
T. Rowe Price Group
Targa Resources
Target
TD Ameritrade
Tech Data
Telephone & Data Systems
Tenet Healthcare
Tenneco
Terex
Tesla Motors
Tesoro
Texas Instruments
Textron
Thermo Fisher Scientific
Thomson Reuters
Tiffany & Co.
Time Warner
Time Warner Cable
TJX
Torchmark
Towers Watson
Tractor Supply Company
TransDigm Group
TravelCenters of America
Travelers Companies
Trimble Navigation
Tripadvisor
TRW Automotive
Twenty-First Century Fox
Twitter
Tyson Foods
U.S. Bancorp
UGI
Under Armour
Union Pacific
United Continental
United Natural Foods
United Parcel Service
United Rentals
United States Steel
United Stationers
United Technologies
UnitedHealth Group
Universal Health Services
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
157
388
350
241
62
532
364
35
561
100
460
234
313
342
594
77
215
216
200
208
519
92
124
98
524
527
439
598
311
103
583
627
153
97
631
86
136
335
578
125
74
396
49
457
154
446
43
13
332
615
616
296
606
195
198
550
114
251
607
592
560
574
559
190
504
92
367
95
132
345
70
109
102
492
478
424
402
636
131
419
333
435
51
222
305
53
536
388
44
283
581
41
421
573
619
34
52
455
10
6
8
9
9
11
7
10
10
9
11
8
8
9
7
9
10
10
10
12
9
11
11
9
9
7
8
7
4
11
6
8
9
10
7
9
14
8
9
10
12
7
14
12
11
7
11
10
6
NC
SC
SW
SW
SC
NE
SC
NC
SE
SE
NC
SC
NC
NE
SW
SC
SC
NE
NE
NE
NE
NE
NE
NE
SC
NE
SE
NC
NC
NC
SW
NE
NC
NE
SW
SC
NC
NE
NE
SE
NC
NE
SE
NE
NE
NC
NE
NC
NE
MN
TX
CA
CA
TX
MD
TX
MN
NE
FL
IL
TX
IL
CT
CA
TX
TX
RI
MA
NY
NY
NY
NY
MA
TX
NY
TN
OH
OH
MN
CA
MA
MI
NY
CA
AR
MN
PA
MD
NE
IL
RI
GA
CT
PA
IL
CT
MN
PA
Industry
Company
Consumer Services
Industrials
Technology
Technology
Consumer Services
Financials
Utilities
Consumer Services
Financials
Consumer Services
Telecommunications
Healthcare
Consumer Goods
Industrials
Consumer Goods
Oil & Gas
Technology
Industrials
Healthcare
Financials
Consumer Services
Consumer Services
Consumer Services
Consumer Services
Financials
Industrials
Consumer Services
Industrials
Oil & Gas
Financials
Technology
Consumer Services
Consumer Goods
Consumer Services
Technology
Consumer Goods
Financials
Utilities
Consumer Goods
Industrials
Consumer Services
Consumer Services
Industrials
Industrials
Basic Materials
Industrials
Industrials
Financials
Healthcare
Unum Group
URS
Valero Energy
Varian Medical Systems
Ventas
Verisk Analytics
Verizon Communications
Vertex Pharmaceuticals
VF
Visa
Visteon
Vornado Realty Trust
Vulcan Materials
W.R. Berkley
W.W. Grainger
Walgreen
Wal-Mart Stores
Walt Disney
Waste Management
Waters Corporation
WellCare Health Plans
WellPoint
Wells Fargo
WESCO International
Western Digital
Western Refining
Western Union
Westinghouse Air Brake Tech
Westlake Chemical
Weyerhaeuser
Whirlpool
Whiting Petroleum
Whole Foods Market
Williams Companies
Windstream
Wisconsin Energy
Workday
World Fuel Services
Wyndham Worldwide
Wynn Resorts
Xcel Energy
Xerox
Xilinx
Yahoo!
YRC Worldwide
Yum! Brands
Zimmer Holdings
Zoetis
_____________________________
*Excludes company’s active CEO (all charts/tables)
REGIONS
NE
Northeast
SE
Southeast
NC
North Central
SC
South Central
NW
Northwest
SW
Southwest
45
2013
Rev.
Rank
2014
Mkt. Cap
Rank
# of
Dir. *
Region
State
252
238
10
550
560
609
15
624
226
223
326
563
562
376
272
36
1
61
193
599
271
38
28
324
172
261
419
569
525
294
142
566
204
352
399
493
634
70
455
413
239
127
575
476
464
201
482
490
442
583
143
444
213
385
13
277
170
27
556
216
467
528
249
60
9
23
207
434
586
148
8
570
220
584
433
488
387
239
341
449
291
142
530
377
325
585
418
208
275
304
330
125
633
126
256
278
13
11
9
9
10
11
10
9
11
10
7
8
12
8
10
13
13
9
7
8
9
9
13
9
12
8
11
8
7
9
11
6
9
11
10
8
6
7
6
7
10
7
7
7
8
10
8
8
SE
SW
SC
SW
NC
NE
NE
NE
SE
SW
NC
NE
SE
NE
NC
NC
SC
SW
SC
NE
SE
NC
SW
NE
SW
SC
SC
NE
SC
NW
NC
SC
SC
SC
SC
NC
SW
SE
NE
SW
NC
NE
SW
SW
SC
SE
NC
NE
TN
CA
TX
CA
IL
NJ
NY
MA
NC
CA
MI
NY
AL
CT
IL
IL
AR
CA
TX
MA
FL
IN
CA
PA
CA
TX
CO
PA
TX
WA
MI
CO
TX
OK
AR
WI
CA
FL
NJ
NV
MN
CT
CA
CA
KS
KY
IN
NJ
Industry
Financials
Industrials
Oil & Gas
Healthcare
Healthcare
Financials
Telecommunications
Healthcare
Consumer Goods
Financials
Consumer Goods
Financials
Basic Materials
Financials
Industrials
Consumer Services
Consumer Services
Consumer Services
Industrials
Healthcare
Financials
Financials
Financials
Industrials
Technology
Oil & Gas
Industrials
Industrials
Basic Materials
Basic Materials
Consumer Goods
Oil & Gas
Consumer Services
Oil & Gas
Telecommunications
Utilities
Technology
Oil & Gas
Consumer Services
Consumer Services
Utilities
Technology
Technology
Technology
Industrials
Consumer Services
Healthcare
Healthcare
Director Distribution By Business Acumen Category
All Directors (6,097)
# Seats
4,246
69.6%
698
60.4%
11.4%
3,507
57.5%
452
39.1%
7.4%
1,101
460
641
18.1%
7.5%
10.5%
260
67
193
22.5%
5.8%
16.7%
4.3%
1.1%
3.2%
739
12.1%
246
21.3%
4.0%
260
98
54
45
38
20
4
1
4.3%
1.6%
0.9%
0.7%
0.6%
0.3%
0.1%
0.0%
116
55
23
14
9
14
1
0
10.0%
4.8%
2.0%
1.2%
0.8%
1.2%
0.1%
0.0%
1.9%
0.9%
0.4%
0.2%
0.1%
0.2%
0.0%
0.0%
1,214
19.9%
239
20.7%
3.9%
802
198
195
187
161
61
13.2%
3.2%
3.2%
3.1%
2.6%
1.0%
151
12
35
46
48
10
13.1%
1.0%
3.0%
4.0%
4.2%
0.9%
2.5%
0.2%
0.6%
0.8%
0.8%
0.2%
412
167
165
80
6.8%
2.7%
2.7%
1.3%
88
22
37
29
7.6%
1.9%
3.2%
2.5%
1.4%
0.4%
0.6%
0.5%
549
9.0%
184
15.9%
3.0%
Government Official
Military Officer
195
145
50
3.2%
2.4%
0.8%
63
57
6
5.4%
4.9%
0.5%
1.0%
0.9%
0.1%
Professor
President
Dean
265
126
92
47
4.3%
2.1%
1.5%
0.8%
79
35
29
15
6.8%
3.0%
2.5%
1.3%
1.3%
0.6%
0.5%
0.2%
89
38
37
13
1
0
1.5%
0.6%
0.6%
0.2%
0.0%
0.0%
42
14
25
2
1
0
3.6%
1.2%
2.2%
0.2%
0.1%
0.0%
0.7%
0.2%
0.4%
0.0%
0.0%
0.0%
77
1.3%
26
2.2%
0.4%
39
15
12
11
0.6%
0.2%
0.2%
0.2%
16
1
6
3
1.4%
0.1%
0.5%
0.3%
0.3%
0.0%
0.1%
0.0%
Other P&L Executives
President/COO/Exec-Ops./Vice Chm.
Group/Div./Sub. President
Corporate Staff Executives
Finance Executives
CFO
VP-Finance/Treasurer
Chief Administrative Officer
Non-Finance Staff Executives
Marketing/Sales/PR/Communications
General Counsel / Corp. Secretary
Chief Risk/Investment/Information Officer
IT/Science/Engineering
Human Resources
Government Relations / Public Policy
Exec-Other
Outside Advisors
Private Equity Investor
Investment Manager
Investment Banker
Banker (non-CEO)
Venture Capitalist
Other Professional Advisors
Accountant
Lawyer
Management Consultant
Government/Academia/Non-Profit
Government
% of All
Seats
% Seats
Chairmen & CEOs
Chairman
CEO
Financial Advisors
% of All
Female Seats
# Seats
Corporate Business Executives
P&L Executives
All Female Directors (1,156)
Academia
Non-Profit
Hospital Executive
Foundation Executive
Trade Association Executive
Museum Executive
Religious Figurehead
Non-Mainstream Industry Executives
Advertising / Media Executive
Sports / Entertainment
Publishing Executive
Real Estate Executive
Non-Executive/Not Defined
Total:
2,406
342
2,064
39.5%
5.6%
33.9%
479
414
35
30
7.9%
6.8%
0.6%
0.5%
192
22
170
130
106
12
12
16.6%
1.9%
14.7%
11.2%
9.2%
1.0%
1.0%
3.1%
0.4%
2.8%
2.1%
1.7%
0.2%
0.2%
11
0.2%
9
0.8%
0.1%
6,097
100.0%
1,156
100.0%
19.0%
46
JamesDruryPartners
FIRM PROFILE
Founded in 2001 by Jim Drury, JamesDruryPartners is one of America’s leading board advisory services firms.
Our extensive board and governance practice is one of the most diverse in our industry. Our experience introducing
qualified director candidates to the most appropriate board opportunities spans 25 years. Our varied engagements
have involved recruiting individual directors to replace retiring directors, multiple directors to rejuvenate legacy
boards, and completely new boards for IPOs and spinouts. Over the years, our firm has played a leadership role in
the advancement of the governance process. As a result, we have had the opportunity to advise clients regarding
governance and policy statements; board and director evaluation systems; boardroom best practices; and CEO
succession planning.
JamesDruryPartners continues to be in the forefront of innovation within our industry. In addition to generating
intellectual capital, such as The Weight of America’s Boards, we provide proprietary advisory services that
significantly enhance the success of matching the world’s most accomplished business executives with the boards
that will be of greatest interest – those that best fit the executive’s professional objectives and the strategic priorities
of his/her company. BoardSelect® enables corporate boards to proactively select optimal directorships for their
CEO or top executives. DirectorSelect® enables corporate boards to access the confidential profiles of “America’s
foremost executives seeking a board opportunity”, carefully screened and qualified by our firm. Other customized
governance and board consulting services such as board succession planning, skills inventory analysis,
benchmarking best practices, and director training complete our governance offerings.
THE LEADERSHIP QUOTIENT
The Leadership Quotient is the research affiliate of JamesDruryPartners. It conducts intellectual capital projects,
providing original research on CEO and boardroom trends. Such topics have included CEO board service trends
over the years, evaluating board governance capacity, and modeling CEO tenure.
JAMES J. DRURY III, Founder
Jim Drury, our Founder, is an industry leader with a commitment to innovation. He founded the
annual corporate governance forum, Toward Common Ground, at Northwestern University's Kellogg
Graduate School of Management in 1990, and The Directors' College at the University of Chicago's
Booth School of Business in 1996. Both continue today. Prior to founding JamesDruryPartners, Jim
was Vice Chairman, Americas and a board director of Spencer Stuart, after an earlier career with New
York-based Nordeman Grimm. He is a past board director of the Association of Executive Search
Consultants, and member of the University of Chicago's Booth School Advisory Council. He
currently serves as a board trustee of The Museum of Science and Industry, a board trustee of Music
of the Baroque Chorus and Orchestra, and a member of The Commercial Club of Chicago. He earned
an MBA in Marketing from the University of Chicago Booth School, and a BS in Engineering from
the University of Notre Dame.
JAMES J. DRURY IV, Co-Author and Consultant
Jim is a consultant and has been with JamesDruryPartners since 2008. He is responsible for collaborating with the
firm's Partners in developing and executing our board services. He also serves as our Technology and Intellectual
Property Manager, overseeing data acquisition, analysis of industry and board trends, and the development of
proprietary studies on corporate governance which have been cited in The Wall Street Journal, Financial Times,
Financier Worldwide, Fox Business News, and CNBC.
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“IN THE BOARDROOM” PUBLICATIONS
BoardSelect®
An innovative service that enables boards to proactively select optimal directorships for their CEO or top
executives, without depending upon networking with executive search firms.
DirectorSelect®
A unique service enabling boards to identify qualified director candidates by accessing the confidential
profiles of “America’s most accomplished executives” who are actually seeking a director opportunity,
with the full support of their boards, and carefully screened using our proprietary director qualification
assessment process.
The Weight of America's Boards – 2011, 2012 and 2013 Reports
Past issues of our hallmark study providing a unique methodology by which the “weight” of each
director’s business acumen is valued, allowing evaluation of a board's governance capacity.
Building Great Boards for Corporate Spinouts and IPOs
A definitive guide to assembling complete boards for new public companies or for legacy boards
interested in reconstituting their board composition.
Flight of the American CEO
Our 2007, 2009, and 2013 reports documenting the decline in active CEO board service during the
modern governance era since 1990.
China’s Embrace of Corporate Governance
A moderated discussion of contemporary governance practices with 40 senior business officials of the
People’s Republic of China.
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For more information regarding our services, please contact us.
The John Hancock Center
875 N. Michigan Avenue, Suite 3805
Chicago, IL 60611
312-654-6708
www.jdrurypartners.com
[email protected]
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