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. 47 “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. 49 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] 50