Board Diversity and Director Qualifications
Transcript of Board Diversity and Director Qualifications
no. dn-012 august 2010
Enhanced Disclosure in the Dow 30 and Select Financial Companies
Board Diversity and Director Qualificationsby Louis L. Goldberg and Janice Brunner
The analysis of disclosure included in 2010 proxy statements by some of the largest
U.S. public companies shows that a wide variety of attributes, skills and experiences
are being considered for the purpose of determining the most qualified individuals
to serve on the board of directors. All of the surveyed companies cited leadership
roles and at least one director’s experience in the company’s industry or a closely
related industry as a consideration. Even though all of the financial institutions
pointed out risk management as a critical skill, only two non-financial institutions
explicitly mentioned this expertise. All companies said that they consider diversity
in identifying nominees for director.
I ncluded within the recent amendments to Regulation
S-K are two new disclosure requirements that require
companies to reach beyond historical biographical
information and provide investors with some insight into
the board’s thought processes and considerations in
nominating directors. Specifically, under the new rules
companies must disclose whether and how the board
considers diversity in the nomination process as well as
what qualifications, skills and experiences the board
considered in determining that a particular director was
qualified to serve on the board.1
This Director Notes is the third in a series of studies devel-
oped in collaboration with Davis Polk & Wardwell LLP to
provide guidelines and examples to member companies of
The Conference Board on emerging practices following
the SEC enhanced disclosure reform of December 2009.
Director NotesThe 2010 Proxy Season
1 Regulation S-K, Item 401(e) and Item 407(c)(vi). Also see SEC Release No.33-9089; 34-61175 (“Proxy Disclosure Enhancements”), December 16, 2009,available at www.sec.gov/rules/final/2009/33-9089.pdf. The rules applyto proxy and information statements, annual reports and registrationstatements under the Exchange Act, and registration statements under theSecurities Act as well as the Investment Company Act. They do not applyto foreign private issuers. For an extensive discussion of the practicalimplications of the reform, see William M. Kelly and Mutya Fonte Harsch,“Directors’ Duties Under the New SEC Rules on Disclosure Enhancement,”Director Notes No. DN-005, February 2010.
It is based on the analysis of 2010 proxy statements of
the 30 companies in the Dow Jones Industrial Average as
well as those of five additional select financial institutions
(see “The Survey,” below.) Six of these companies filed
their proxy statements prior to the effective date of the
new rules and were therefore excluded from the results.
Because a board’s consideration of director nominees
usually involves a careful weighing of many factors,
including the composition of the board as a whole, the
wide range of responses to these specific disclosure
requirements was not surprising. However, the survey
revealed several expected common themes, including
frequent references to recognized leadership qualities
and an appreciation of diversity.
2 director notes board diversity and director qualifications www.conferenceboard.org
Dow 30 Companies
3M Company
Intel Corporation
Alcoa Inc.
International Business Machines Corporation
American Express Company
Johnson & Johnson
AT&T Inc.
JPMorgan Chase & Co.
Bank of America Corporation
Kraft Foods, Inc.
The Boeing Company
McDonald’s Corporation
Caterpillar Inc.
Merck & Co., Inc
Chevron Corporation
Microsoft Corporationa
Cisco Systems, Inc.a
Pfizer Inc.
The Coca-Cola Company
The Procter & Gamble Companya
E.I. du Pont de Nemours and Company
The Travelers Companies, Inc.
Exxon Mobil Corporation
United Technologies Corporationa
General Electric Company
Verizon Communications Inc.
Wal-Mart Stores, Inc.
Hewlett-Packard Companya
The Walt Disney Companya
The Home Depot, Inc.
Select Financial Institutions
Bank of America Corporationb
Citigroup Inc.
The Goldman Sachs Group, Inc.
JPMorgan Chase & Co.b
Morgan Stanley
The SurveyFindings discussed in this report are based on the analysis of 2010 proxy statements filed withthe U.S. Securities and Exchange Commission by corporations in the Dow Jones Industrial Average,as well as those of select financial institutions. See Appendix 1, on p. 6, for a comparative tablesummarizing the disclosure language used by surveyed companies
a These companies (collectively the “Early Filers”) filed their proxy statement before the effective date of the new RegulationS-K rules or have fiscal year-ends before December 20, 2009. As a result, they are largely excluded from the Survey resultsexcept in instances where the company provided the new disclosures in full voluntarily or the information was available fromanother source, as noted.
b Bank of America and JPMorgan Chase are also in the Dow 30.
Board DiversityThe recent amendments to Item 407(c) of Regulation
S-K require disclosure of whether, and if so how, a
nominating committee considers diversity in identifying
nominees for director. In addition, if the nominating
committee (or the board) has a policy with regard to the
consideration of diversity in identifying director nominees,
the company must disclose how the policy is implemented,
as well as how the nominating committee (or the board)
assesses the effectiveness of its policy.
Of the 27 surveyed companies subject to the Item
407(c) amendments:
• All said that they consider diversity in identifying
nominees for director.
• One said that it has a policy on board diversity.
• Ten companies, including one financial institution,
made an affirmative statement that although the board
considers diversity, it does not have a diversity policy
with respect to board make-up.
In the final rule release, the SEC avoided including a
strict notion of diversity and recognized that “companies
should be allowed to define diversity in ways that they
consider appropriate.” By way of example, the SEC
noted that “some companies may conceptualize diversity
expansively to include differences of viewpoint, profes-
sional experience, education, skill and other individual
qualities and attributes that contribute to board hetero-
geneity, while others may focus on diversity concepts
such as race, gender and national origin.”2
Consistent with the SEC’s notion of varying perspec-
tives, the survey found a spectrum of disclosures
regarding companies’ views of board diversity, with
some companies adopting fairly specific definitions
of diversity and others providing broader references.
While not all companies provided a definition, those
that did articulated the following:
Definitions of DiversityChart 1
0 5 10 15 20 25 30
Executive or Professional Experience (93%)
Background or Viewpoint (85%)
Gender (56%)
National Origin or Ethnicity (52%)
Race (41%)
Age (11%)
Sexual Orientation or Identity (7%)
Financial institutionsTotal
2 SEC Release No. 33-9089.
3 director notes board diversity and director qualifications www.conferenceboard.org
4 director notes board diversity and director qualifications www.conferenceboard.org
Director Qualifications and SkillsFor each director or person nominated or chosen to
become a director, the recent amendments to Item 401
of Regulation S-K require companies to disclose the
specific experience, qualifications, attributes or skills
that lead to the conclusion that the person should serve
on the board at the time that the disclosure is made,
in light of the company’s business and structure.
Of the 27 surveyed companies subject to the Item
401 amendments:
• Twenty-two companies (or 81 percent) included this disclosure
as a subsection within each director’s biography.
• Five companies (or 19 percent) included this information
in a separate section that often preceded or followed the
directors’ biographies.
• Four of the five financial institutions surveyed included this
disclosure as a subsection within each director’s biography.
Regulation S-K does not specify the particular information
that should be disclosed; in the release accompanying
the final rules, the SEC indicated that it believes that
“companies and other proponents should be afforded
flexibility in determining the information about a director’s
or nominee’s skills, qualifications or particular area of
expertise that would benefit the company and should
be disclosed to shareholders.”3
The companies reviewed in the survey took advantage
of this flexibility, discussing a wide variety of attributes,
skills and experiences they considered in determining
that the person was qualified to serve. The following
common themes emerged:
• All of the companies surveyed cited leadership roles and
at least one director’s experience in the company’s industry
or a closely related industry as a qualification, skill or
attribute that they considered.
• As many as 26 companies, including all five financial
institutions, cited financial or accounting expertise and/
or pointed out directors’ current or previous positions
on other boards.
• As many as 25 companies mentioned governmental,
public policy or regulatory experience.
However, when it came to the topics of the day of risk
management, corporate governance and compensation
and benefits, the results were mixed:
• All of the financial institutions pointed out risk management
expertise, but only two non-financial companies explicitly
mentioned it.
• Eighteen companies explicitly cited corporate governance
expertise as a consideration, including three financial
institutions.
• Seven companies, including two financial institutions,
pointed to compensation and benefits expertise.
Location of Director Qualificationand Skill Disclosure
Chart 2
Separate section (before or after director bios) Subsection within each bio
81%19
3 SEC Release No. 33-9089.
The specific survey results are further broken down
by Chart 3, which identifies the qualifications, skills,
and experiences most commonly cited as a consideration
in determining that a director should serve. Chart 3
documents only those specific qualifications, skills and
experiences cited in the newly provided disclosure and
does not necessarily capture those attributes that may be
explicit or inferred based on discussion of the board’s
qualifications as a whole, the director’s biographical
information or other information included elsewhere
in the proxy statement.
Director Qualifications and SkillsChart 3
0 5 10 15 20 25 30
Environmental and sustainability (22%)
Risk management (26%)
Compensation and benefits (26%)
Entrepreneurial (33%)
Manufacturing (48%)
Legal (52%)
Engineering, scientific or R&D (52%)
Strategic planning (52%)
Philanthropic or non-profit (56%)
Marketing (59%)
Operations (59%)
Technology (63%)
Corporate governance (67%)
Academia (67%)
Governmental, policy or regulatory (93%)
Outside board experience (96%)
Finance and accounting (96%)
International (100%)
Company’s industry or closely-related industry (100%)
Leadership (100%)
Financial institutionsTotal
5 director notes board diversity and director qualifications www.conferenceboard.org
6 director notes board diversity and director qualifications www.conferenceboard.org
Surv
ey o
f Enh
ance
d D
irect
or a
nd N
omin
ee D
iscl
osur
e
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
Ski
lls in
ope
ratio
ns
S
kills
in b
usin
ess,
fina
nce,
acc
ount
ing
and
audi
t mat
ters
Out
side
boa
rd e
xper
ienc
e
Le
ader
ship
rol
es
E
xper
ienc
es in
inte
grat
ing
and
esta
blis
hing
suc
cess
ful b
usin
esse
s
Exp
erie
nce
in g
loba
l log
istic
s
Tec
hnol
ogy
expe
rienc
e
Kno
wle
dge
of g
loba
l div
ersi
fied
man
ufac
turin
g
Eng
inee
ring
expe
rienc
e
Kno
wle
dge
and
exte
nsiv
e ex
perie
nce
in in
sura
nce
E
xper
ienc
e in
ret
ail a
nd/o
r m
anag
ing
glob
al c
onsu
mer
com
pani
es
Le
gal e
xper
ienc
e
Gov
ernm
enta
l, pu
blic
pol
icy
or r
egul
ator
y ex
perie
nce
No
The
Boa
rd o
f Dire
ctor
s va
lues
div
ersi
ty a
s a
fact
or in
sel
ectin
g no
min
ees
to
serv
e on
the
Boa
rd, a
nd b
elie
ves
that
the
dive
rsity
whi
ch e
xist
s in
its
com
posi
tion
prov
ides
sig
nific
ant b
enef
it to
the
Boa
rd a
nd th
e C
ompa
ny.
Alth
ough
ther
e is
no
spec
ific
polic
y on
div
ersi
ty, t
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
con
side
rs th
e B
oard
Mem
bers
hip
Crit
eria
in s
elec
ting
nom
inee
s fo
r di
rect
ors,
incl
udin
g "d
iver
sity
of b
ackg
roun
d."
Suc
h co
nsid
erat
ions
may
incl
ude
gend
er, r
ace,
nat
iona
l orig
in, f
unct
iona
l ba
ckgr
ound
, exe
cutiv
e or
pro
fess
iona
l exp
erie
nce,
and
inte
rnat
iona
l ex
perie
nce.
T
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
's a
nd th
e B
oard
's a
sses
smen
t of
Boa
rd c
andi
date
s in
clud
es, b
ut is
not
lim
ited
to, c
onsi
dera
tion
of r
elev
ant
know
ledg
e an
d di
vers
ity o
f bac
kgro
und
and
expe
rienc
e in
suc
h th
ings
as
busi
ness
, man
ufac
turin
g, te
chno
logy
, fin
ance
and
acc
ount
ing,
mar
ketin
g,
inte
rnat
iona
l bus
ines
s, g
over
nmen
t, an
d th
e lik
e.
B
usin
ess
acum
en a
nd e
xper
ienc
e
Lead
ersh
ip r
oles
/exp
erie
nces
Out
side
boa
rd e
xper
ienc
e
Inte
rnat
iona
l rec
ogni
tion
as a
n ex
pert
in a
utom
otiv
e an
d tr
ansp
orta
tion
mar
kets
Insi
ghts
as
to e
cono
mic
and
pol
itica
l con
ditio
ns in
Asi
a an
d E
urop
e,
In
tern
atio
nal b
usin
ess
expe
rienc
e in
a w
ide
varie
ty o
f ind
ustr
ies
E
xper
ienc
e in
ene
rgy
field
Env
ironm
enta
l exp
erie
nce
B
ackg
roun
d in
inve
stm
ent b
anki
ng
S
tron
g fin
anci
al b
ackg
roun
d, p
artic
ular
ly in
indu
stria
l set
ting
Alu
min
um in
dust
ry e
xper
ienc
e
Man
agem
ent/i
nsid
er p
ersp
ectiv
e, in
sigh
ts in
to a
ll as
pect
s of
co
mpa
ny’s
glo
bal b
usin
ess
P
hila
nthr
opic
exp
erie
nce
R
esea
rch
expe
rienc
e
Gov
ernm
enta
l, pu
blic
pol
icy
or r
egul
ator
y ex
perie
nce
Kno
wle
dge
of c
ompe
nsat
ion
and
bene
fits
A
ppre
ciat
ion
of g
over
nanc
e pr
inci
ples
Yes
O
ur p
olic
y on
boa
rd d
iver
sity
rel
ates
to th
e se
lect
ion
of n
omin
ees
for
the
boar
d. O
ur p
olic
y pr
ovid
es th
at w
hile
div
ersi
ty a
nd v
arie
ty o
f exp
erie
nces
an
d vi
ewpo
ints
rep
rese
nted
on
the
boar
d sh
ould
alw
ays
be c
onsi
dere
d, a
di
rect
or n
omin
ee s
houl
d no
t be
chos
en n
or e
xclu
ded
sole
ly o
r lar
gely
be
caus
e of
rac
e, c
olor
, gen
der,
nat
iona
l orig
in o
r se
xual
orie
ntat
ion
or
iden
tity.
In s
elec
ting
a di
rect
or n
omin
ee, t
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
focu
ses
on s
kills
, exp
ertis
e or
bac
kgro
und
that
wou
ld c
ompl
emen
t th
e ex
istin
g bo
ard,
rec
ogni
zing
that
the
com
pany
’s b
usin
esse
s an
d op
erat
ions
are
div
erse
and
glo
bal i
n na
ture
. Ref
lect
ing
the
glob
al n
atur
e of
ou
r bu
sine
ss, o
ur d
irect
ors
are
citiz
ens
of th
e U
nite
d S
tate
s, B
razi
l, F
ranc
e,
Ger
man
y, In
dia
and
Mex
ico.
We
have
thre
e fe
mal
e di
rect
ors,
two
Afr
ican
-A
mer
ican
dire
ctor
s an
d tw
o H
ispa
nic
dire
ctor
s ou
t of a
tota
l of 1
4 di
rect
ors,
as
of t
he d
ate
of th
is p
roxy
sta
tem
ent.
Our
dire
ctor
s co
me
from
div
erse
ba
ckgr
ound
s in
clud
ing
indu
stria
l, no
n-pr
ofit
and
gove
rnm
enta
l.
O
pera
ting
and
man
agem
ent e
xper
ienc
e
Tec
hnol
ogy
expe
rienc
e
Exp
ertis
e in
ban
king
, fin
ance
, fin
anci
al r
epor
ting,
com
plia
nce
and
cont
rols
Inte
rnat
iona
l exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
In
depe
nden
t
No
The
Com
pany
’s G
over
nanc
e P
rinci
ples
pro
vide
that
the
boar
d sh
ould
be
“div
erse
, eng
aged
and
inde
pend
ent.”
T
he G
over
nanc
e P
rinci
ples
pro
vide
that
whi
le th
e bo
ard
need
not
adh
ere
to a
fix
ed n
umbe
r of
dire
ctor
s, g
ener
ally
a b
oard
com
pose
d of
12-
14 d
irect
ors
offe
rs a
suf
ficie
ntly
larg
e an
d di
vers
e gr
oup
to a
ddre
ss th
e im
port
ant i
ssue
s fa
cing
the
com
pany
whi
le b
eing
sm
all e
noug
h to
enc
oura
ge p
erso
nal
invo
lvem
ent a
nd d
iscu
ssio
n.
* D
oes
not i
nclu
de a
dditi
onal
ski
lls, q
ualif
icat
ions
or e
xper
ienc
es th
at m
ay b
e ex
plic
it or
infe
rred
base
d on
dis
clos
ure
of th
e bo
ard’
s qu
alifi
catio
ns a
s a
who
le, t
he d
irect
ors’
bio
grap
hica
l inf
orm
atio
n or
oth
er
disc
losu
re.
Om
issi
on o
f a s
kill,
qua
lific
atio
n or
exp
erie
nce
does
not
mea
n th
at a
com
pany
’s b
oard
mem
bers
do
not h
ave
such
attr
ibut
es o
r tha
t the
boa
rd d
id n
ot c
onsi
der t
hem
.
Appe
ndix
1Su
rvey
of E
nhan
ced
Dir
ecto
r an
d N
omin
ee D
iscl
osur
e
director notes board diversity and director qualifications www.conferenceboard.org 7
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
G
over
nmen
t and
pub
lic p
olic
y ex
perie
nce
Le
gal e
xper
ienc
e
Lead
ersh
ip r
oles
Cor
e bu
sine
ss s
kills
Exp
ertis
e in
pay
men
ts, n
etw
ork
and
trav
el b
usin
ess
E
xper
tise
in tr
ends
in o
n-lin
e an
d m
obile
mar
kets
, soc
ial n
etw
orki
ng
and
othe
r ne
w te
chno
logi
es a
nd c
onsu
mer
-driv
en m
arke
tpla
ces
E
xper
tise
in b
rand
man
agem
ent
E
xper
tise
in e
cono
mic
theo
ry, s
tatis
tical
ana
lysi
s, m
odel
ing
and
anal
yzin
g ec
onom
ic tr
ends
Exp
ertis
e in
glo
bal c
omm
unic
atio
n sy
stem
s, n
etw
orki
ng a
nd
tech
nolo
gy
E
xper
tise
in c
ard
and
paym
ent n
etw
orks
Exp
ertis
e in
bus
ines
s de
velo
pmen
t, bu
sine
ss in
tegr
atio
ns
E
xper
tise
in in
form
atio
n te
chno
logy
Lead
ersh
ip r
ole
in a
cade
mia
Our
Dire
ctor
s ha
ve h
eld
seni
or p
ositi
ons
as le
ader
s of
var
ious
com
plex
or
gani
zatio
ns a
nd in
gov
ernm
ent,
dem
onst
ratin
g th
eir
abili
ty to
per
form
at t
he
high
est l
evel
s. M
any
of o
ur D
irect
ors
have
bee
n ch
ief e
xecu
tive
or c
hief
op
erat
ing
offic
ers
of la
rge,
glo
bal b
usin
esse
s th
roug
h w
hich
they
hav
e de
velo
ped
expe
rtis
e an
d ex
perie
nce
in c
ore
busi
ness
ski
lls s
uch
as s
trat
egy
and
busi
ness
dev
elop
men
t, in
nova
tion,
ope
ratio
ns, b
rand
man
agem
ent,
finan
ce, c
ompe
nsat
ion
and
lead
ersh
ip d
evel
opm
ent,
com
plia
nce
and
risk
man
agem
ent.
Thi
s ex
pert
ise
and
expe
rienc
e en
able
s th
em to
pro
vide
sou
nd
judg
men
t con
cern
ing
the
issu
es fa
cing
a la
rge,
inte
rnat
iona
l cor
pora
tion
in
toda
y’s
envi
ronm
ent,
prov
ide
over
sigh
t of t
hese
are
as a
t the
Com
pany
and
ev
alua
te o
ur p
erfo
rman
ce. A
ll of
our
Dire
ctor
s al
so h
ave
sign
ifica
nt
expe
rienc
e in
cor
pora
te g
over
nanc
e an
d ov
ersi
ght o
f com
plex
bus
ines
ses
thro
ugh
thei
r po
sitio
ns a
s se
nior
exe
cutiv
es a
nd a
s di
rect
ors
of o
ther
larg
e,
publ
ic c
ompa
nies
. Man
y of
our
Dire
ctor
s ha
ve a
lso
serv
ed a
s m
embe
rs o
f au
dit,
com
pens
atio
n an
d go
vern
ance
com
mitt
ees
at th
ese
com
pani
es, a
s w
ell a
s at
our
Com
pany
. All
of th
ese
skill
s an
d ex
perie
nces
are
per
tinen
t to
the
Com
pany
’s c
urre
nt a
nd e
volv
ing
busi
ness
str
ateg
ies,
as
wel
l as
to th
e B
oard
’s o
vers
ight
rol
e, a
nd e
nabl
e ou
r D
irect
ors
to p
rovi
de d
iver
se
pers
pect
ives
, sou
nd a
dvic
e an
d cr
itica
l vie
wpo
ints
abo
ut th
e is
sues
faci
ng th
e C
ompa
ny.
E
xten
sive
exp
erie
nce
in a
var
iety
of f
ield
s, in
clud
ing:
o
tele
com
mun
icat
ions
, o
tech
nolo
gy,
o pu
blic
acc
ount
ing,
o
educ
atio
n,
o ec
onom
ics,
o
finan
cial
ser
vice
s,
o la
w,
o co
nsum
er m
arke
ting,
o
tran
spor
tatio
n an
d lo
gist
ics,
o
labo
r,
o ac
adem
ic r
esea
rch,
o
cons
ultin
g an
d
o no
n-pr
ofit
orga
niza
tions
.
Inte
rnat
iona
l exp
erie
nce
Lead
ersh
ip s
kills
/role
s
Lega
l exp
erie
nce
Gov
ernm
ent,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Out
side
boa
rd e
xper
ienc
e
Ser
vice
on
boar
ds o
f lar
ge te
leco
mm
unic
atio
ns c
ompa
nies
No
Alth
ough
the
Nom
inat
ing
and
Cor
pora
te G
over
nanc
e C
omm
ittee
doe
s no
t ha
ve a
form
al d
iver
sity
pol
icy,
it b
elie
ves
that
div
ersi
ty is
an
impo
rtan
t fac
tor
in d
eter
min
ing
the
com
posi
tion
of th
e B
oard
.
Con
sum
er b
anki
ng e
xper
ienc
e
Ris
k m
anag
emen
t exp
erie
nce
G
over
nmen
t, pu
blic
pol
icy
or r
egul
ator
y ex
perie
nce
In
vest
men
t ban
king
exp
erie
nce
Le
gal e
xper
ienc
e
A
ccou
ntin
g an
d fin
anci
al e
xper
tise
No
The
com
pany
’s C
orpo
rate
Gov
erna
nce
Gui
delin
es s
peci
fy th
at c
andi
date
s sh
ould
: be
cap
able
of w
orki
ng in
a c
olle
gial
man
ner
with
per
sons
of
dive
rse
educ
atio
nal,
busi
ness
and
cul
tura
l bac
kgro
unds
and
sh
ould
pos
sess
ski
lls a
nd e
xper
tise
that
com
plem
ent t
he a
ttrib
utes
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
8 director notes board diversity and director qualifications www.conferenceboard.org
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
S
trat
egic
pla
nnin
g ex
pert
ise
B
usin
ess
deve
lopm
ent e
xper
tise
O
pera
tions
man
agem
ent e
xper
tise
Le
ader
ship
rol
es/e
xper
ienc
e
E
ntre
pren
euria
l per
spec
tive
F
inan
cial
ser
vice
s in
dust
ry e
xper
ienc
e
Out
side
boa
rd e
xper
ienc
e
Sys
tem
s in
tegr
atio
n an
d te
chno
logy
exp
ertis
e
Con
sum
er b
usin
ess
expe
rienc
e
Inte
rnat
iona
l exp
erie
nce
E
xper
ienc
e in
oth
er r
eces
sion
ary
perio
ds
C
orpo
rate
gov
erna
nce
expe
rienc
e
M
arke
ting
and
com
mun
icat
ions
exp
erie
nce
E
ngin
eerin
g ex
perie
nce
U
nder
stan
ding
of t
he c
ompa
ny’s
bus
ines
s an
d op
erat
ions
Tal
ent d
evel
opm
ent a
nd s
enio
r cl
ient
rel
atio
nshi
p m
anag
emen
t ex
pert
ise
Lo
gist
ics
and
chan
ge m
anag
emen
t exp
ertis
e
Exp
erie
nce
in a
cade
mia
of th
e ex
istin
g di
rect
ors;
and
re
pres
ent a
div
ersi
ty o
f vie
wpo
ints
, bac
kgro
unds
, exp
erie
nces
and
ot
her
dem
ogra
phic
s;
The
Cor
pora
te G
over
nanc
e C
omm
ittee
and
the
Boa
rd m
ay, f
rom
tim
e to
tim
e,
esta
blis
h an
d co
nsid
er o
ther
spe
cific
ski
lls a
nd e
xper
ienc
es th
at th
ey b
elie
ve
our
com
pany
sho
uld
seek
in o
rder
to c
onst
itute
a d
iver
se, b
alan
ced,
co
llabo
rativ
e an
d ef
fect
ive
Boa
rd.
The
Cor
pora
te G
over
nanc
e C
omm
ittee
reg
ular
ly r
evie
ws
Boa
rd c
ompo
sitio
n in
ligh
t of o
ur c
ompa
ny’s
bus
ines
s an
d st
ruct
ure;
the
chan
ging
nee
ds o
f our
co
mpa
ny a
s a
resu
lt of
the
busi
ness
env
ironm
ent;
our
oper
atio
ns, f
inan
cial
co
nditi
ons
and
com
plex
ity; i
ts a
sses
smen
t of t
he B
oard
’s p
erfo
rman
ce; a
nd
inpu
t fro
m s
tock
hold
ers
and
othe
r ke
y co
nstit
uenc
ies.
As
part
of t
his
revi
ew,
the
Cor
pora
te G
over
nanc
e C
omm
ittee
eva
luat
es th
e ef
fect
iven
ess
of th
e B
oard
’s d
irect
or n
omin
atio
n st
anda
rds
– in
clud
ing
its c
riter
ia r
elat
ed to
di
vers
ity –
as
set f
orth
in th
e C
orpo
rate
Gov
erna
nce
Gui
delin
es.
The
[boa
rd] n
omin
ees,
who
ref
lect
our
con
sum
er b
ase
as a
who
le, r
epre
sent
di
vers
e vi
ewpo
ints
and
a b
lend
of h
isto
rical
and
new
per
spec
tives
wor
king
co
llabo
rativ
ely
with
can
did
disc
ussi
on.
Cor
pora
te g
over
nanc
e ex
pert
ise
A
ccou
ntin
g an
d fin
anci
al r
epor
ting
expe
rienc
e
Inst
itutio
nal k
now
ledg
e an
d hi
stor
ical
per
spec
tive
E
xecu
tive
com
pens
atio
n ex
pert
ise
C
orpo
rate
stra
tegy
exp
ertis
e
Env
ironm
enta
l and
ene
rgy
expe
rtis
e
Aer
ospa
ce a
nd a
ircra
ft in
dust
ry e
xper
ienc
e
Gen
eral
cor
pora
te e
xper
tise
O
utsi
de b
oard
exp
erie
nce
T
echn
olog
y ex
perie
nce
C
orpo
rate
fina
nce
expe
rienc
e
Inte
rnat
iona
l bus
ines
s ex
perie
nce
E
ngin
eerin
g ex
perie
nce
Le
ader
ship
rol
es/e
xper
ienc
e
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
Cha
ritab
le g
ivin
g an
d gl
obal
cor
pora
te c
itize
nshi
p ex
perie
nce
Mili
tary
exp
erie
nce
O
pera
tions
exp
erie
nce
E
xper
ienc
e in
aca
dem
ia
No
Our
Cor
pora
te G
over
nanc
e P
rinci
ples
man
date
that
the
Gov
erna
nce,
O
rgan
izat
ion
and
Nom
inat
ing
Com
mitt
ee c
onsi
der
dive
rsity
in it
s ev
alua
tion
of c
andi
date
s fo
r B
oard
mem
bers
hip.
The
Boa
rd b
elie
ves
that
div
ersi
ty w
ith
resp
ect t
o fa
ctor
s su
ch a
s ba
ckgr
ound
, exp
erie
nce,
ski
lls, r
ace,
gen
der
and
natio
nal o
rigin
is a
n im
port
ant c
onsi
dera
tion
in b
oard
com
posi
tion.
The
GO
N
Com
mitt
ee d
iscu
sses
div
ersi
ty c
onsi
dera
tions
in c
onne
ctio
n w
ith e
ach
cand
idat
e, a
s w
ell a
s on
a p
erio
dic
basi
s in
con
nect
ion
with
the
com
posi
tion
of th
e B
oard
as
a w
hole
. In
addi
tion,
bot
h th
e G
ON
Com
mitt
ee a
nd th
e B
oard
co
nduc
t for
mal
sel
f-ev
alua
tions
eac
h ye
ar th
at in
clud
e an
ass
essm
ent o
f w
heth
er th
e G
ON
Com
mitt
ee a
nd th
e B
oard
hav
e ad
equa
tely
con
side
red
dive
rsity
, am
ong
othe
r fa
ctor
s, in
iden
tifyi
ng a
nd d
iscu
ssin
g di
rect
or
cand
idat
es. T
he G
ON
Com
mitt
ee b
elie
ves
that
, as
a gr
oup,
the
nom
inee
s be
low
brin
g a
dive
rse
rang
e of
bac
kgro
unds
, exp
erie
nces
and
per
spec
tives
to
the
Boa
rd’s
del
iber
atio
ns.
The
GO
N C
omm
ittee
rev
iew
s an
nual
ly th
e ap
prop
riate
ski
lls a
nd
char
acte
ristic
s re
quire
d of
Boa
rd m
embe
rs in
ligh
t of t
he c
urre
nt m
ake-
up o
f th
e B
oard
. Thi
s as
sess
men
t inc
lude
s is
sues
of e
xper
tise
(incl
udin
g in
tern
atio
nal e
xper
ienc
e an
d in
dust
ry b
ackg
roun
d), i
ndep
ende
nce,
inte
grity
, di
vers
ity a
nd a
ge, a
s w
ell a
s sk
ills
rela
ting
to o
pera
tions
, man
ufac
turin
g,
finan
ce, m
arke
ting,
tech
nolo
gy a
nd p
ublic
pol
icy.
The
Com
mitt
ee h
as n
ot
esta
blis
hed
spec
ific
min
imum
elig
ibili
ty r
equi
rem
ents
for
Boa
rd m
embe
rs
othe
r th
an in
tegr
ity, t
he c
omm
itmen
t to
act i
n th
e be
st in
tere
sts
of a
ll sh
areh
olde
rs, r
equi
rem
ents
rel
atin
g to
age
and
ens
urin
g th
at a
sub
stan
tial
maj
ority
of t
he B
oard
rem
ains
inde
pend
ent.
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
director notes board diversity and director qualifications www.conferenceboard.org 9
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
Inte
rnat
iona
l exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
E
xper
ienc
e in
aca
dem
ia
B
ackg
roun
d in
trad
e-re
late
d is
sues
Kno
wle
dge
of fo
rest
pro
duct
s in
dust
ry
S
trat
egic
pla
nnin
g ex
perie
nce
In
sigh
ts o
n di
vers
ity is
sues
Lead
ersh
ip r
oles
/exp
erie
nce
In
vest
men
t ban
king
exp
erie
nce
F
inan
cial
exp
ertis
e an
d ex
perie
nce
K
now
ledg
e of
cor
pora
te b
est p
ract
ices
Eco
nom
ic e
xper
tise
F
ound
er o
f bus
ines
s
Kno
wle
dge
of e
mer
ging
mar
kets
Exp
erie
nce
in m
erge
rs a
nd a
cqui
sitio
ns
P
rivat
e eq
uity
exp
erie
nce
T
rans
port
atio
n an
d ra
ilroa
d in
dust
ry e
xper
ienc
e
Ext
ensi
ve e
xper
ienc
e an
d kn
owle
dge
of th
e co
mpa
ny
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Man
agem
ent c
onsu
lting
exp
erie
nce
No
Con
sist
ent w
ith th
ese
crite
ria fo
r po
tent
ial d
irect
or c
andi
date
s an
d C
ater
pilla
r’s W
orld
wid
e C
ode
of C
ondu
ct, t
he B
oard
val
ues
dive
rsity
of
tale
nts,
ski
lls, a
bilit
ies
and
expe
rienc
es a
nd b
elie
ves
that
the
dive
rsity
that
ex
ists
on
the
Boa
rd p
rovi
des
sign
ifica
nt b
enef
its to
the
Com
pany
. A
lthou
gh
ther
e is
no
spec
ific
dive
rsity
pol
icy,
the
Gov
erna
nce
Com
mitt
ee m
ay a
lso
cons
ider
the
dive
rsity
of i
ts m
embe
rs a
nd p
oten
tial c
andi
date
s in
sel
ectin
g ne
w d
irect
ors.
Le
ader
ship
rol
e/ex
perie
nce
F
inan
cial
and
acc
ount
ing
expe
rtis
e
Kno
wle
dge
of b
usin
ess
clim
ate
in C
alifo
rnia
and
San
Fra
ncis
co B
ay
area
Cor
pora
te G
over
nanc
e ex
perie
nce
E
xecu
tive
com
pens
atio
n ex
perie
nce
P
rofe
ssio
nal e
thic
s ex
perie
nce
O
pera
tions
exp
erie
nce
A
utom
otiv
e in
dust
ry e
xper
ienc
e
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
Inve
stm
ent b
anki
ng e
xper
ienc
e
Inte
rnat
iona
l exp
erie
nce
E
nviro
nmen
tal e
xper
tise
Le
gal e
xper
ienc
e
Wor
kfor
ce d
evel
opm
ent e
xper
tise
E
xten
sive
exp
erie
nce
with
and
kno
wle
dge
of th
e co
mpa
ny
S
cien
ce a
nd te
chno
logy
exp
erie
nce
R
esea
rch
and
deve
lopm
ent e
xper
tise
M
arke
ting
expe
rtis
e
Str
ateg
y ex
perie
nce
E
xper
tise
in lo
ng-in
vest
men
t cyc
les
M
anuf
actu
ring
expe
rtis
e
Out
side
boa
rd e
xper
ienc
e
Exp
erie
nce
in a
cade
mia
No
The
Com
mitt
ee u
ses
a sk
ills
and
qual
ifica
tions
mat
rix to
ens
ure
that
the
over
all B
oard
mai
ntai
ns a
bal
ance
of k
now
ledg
e an
d ex
perie
nce.
The
C
omm
ittee
car
eful
ly r
evie
ws
all D
irect
or c
andi
date
s, in
clud
ing
curr
ent
Dire
ctor
s, in
ligh
t of t
hese
qua
lific
atio
ns b
ased
on
the
cont
ext o
f the
cur
rent
an
d an
ticip
ated
com
posi
tion
of th
e B
oard
, the
cur
rent
and
ant
icip
ated
op
erat
ing
requ
irem
ents
of t
he C
ompa
ny, a
nd th
e lo
ng-t
erm
inte
rest
s of
st
ockh
olde
rs. I
n co
nduc
ting
this
ass
essm
ent,
the
Com
mitt
ee c
onsi
ders
di
vers
ity, e
duca
tion,
exp
erie
nce,
leng
th o
f ser
vice
and
suc
h ot
her
fact
ors
as
it de
ems
appr
opria
te g
iven
the
curr
ent a
nd a
ntic
ipat
ed n
eeds
of t
he B
oard
an
d th
e C
ompa
ny. T
he C
omm
ittee
and
Boa
rd d
efin
e di
vers
ity b
road
ly to
in
clud
e di
vers
ity o
f pro
fess
iona
l exp
erie
nce
(pol
icy,
bus
ines
s, g
over
nmen
t, ed
ucat
ion,
tech
nolo
gy o
r pu
blic
inte
rest
), g
eogr
aphi
cal l
ocat
ion
and
view
poin
t, as
wel
l as
dive
rsity
of r
ace,
gen
der,
nat
iona
lity
and
ethn
icity
.
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
10 director notes board diversity and director qualifications www.conferenceboard.org
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
Pr
oxy
filin
g pr
eced
ed
effe
ctiv
e da
te o
f new
SE
C d
iscl
osur
e ru
les.
Non
e N
o T
he B
oard
of D
irect
ors’
pol
icy
is to
enc
oura
ge s
elec
tion
of d
irect
ors
who
will
co
ntrib
ute
to C
isco
’s o
vera
ll co
rpor
ate
goal
s: r
espo
nsib
ility
to it
s sh
areh
olde
rs, t
echn
olog
y le
ader
ship
, effe
ctiv
e ex
ecut
ion,
hig
h cu
stom
er
satis
fact
ion
and
supe
rior
empl
oyee
wor
king
env
ironm
ent.
The
Nom
inat
ion
and
Gov
erna
nce
Com
mitt
ee m
ay fr
om ti
me
to ti
me
revi
ew th
e ap
prop
riate
sk
ills
and
char
acte
ristic
s re
quire
d of
boa
rd m
embe
rs, i
nclu
ding
suc
h fa
ctor
s as
bus
ines
s ex
perie
nce,
div
ersi
ty, a
nd p
erso
nal s
kills
in te
chno
logy
, fin
ance
, m
arke
ting,
inte
rnat
iona
l bus
ines
s, fi
nanc
ial r
epor
ting
and
othe
r ar
eas
that
are
ex
pect
ed to
con
trib
ute
to a
n ef
fect
ive
Boa
rd o
f Dire
ctor
s. In
eva
luat
ing
pote
ntia
l can
dida
tes
for
the
Boa
rd o
f Dire
ctor
s, th
e N
omin
atio
n an
d G
over
nanc
e C
omm
ittee
con
side
rs th
ese
fact
ors
in th
e lig
ht o
f the
spe
cific
ne
eds
of th
e B
oard
of D
irect
ors
at th
at ti
me.
In
tern
atio
nal e
xper
ienc
e
Fin
anci
al r
epor
ting
expe
rienc
e
Com
pens
atio
n ex
perie
nce
Le
gal e
xper
ienc
e
Ris
k m
anag
emen
t exp
erie
nce
F
inan
cial
ser
vice
s ex
perie
nce
C
orpo
rate
gov
erna
nce
expe
rienc
e
Con
sum
er b
usin
ess
expe
rienc
e
Lead
ersh
ip r
oles
/exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
R
egul
ator
y co
mpl
ianc
e ex
perie
nce
C
orpo
rate
affa
irs e
xper
ienc
e
Fin
anci
al s
ervi
ces
indu
stry
exp
erie
nce
E
xper
ienc
e in
aca
dem
ia
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
No
Am
ong
the
fact
ors
that
the
nom
inat
ion
and
gove
rnan
ce c
omm
ittee
con
side
rs
whe
n ev
alua
ting
the
com
posi
tion
of th
e bo
ard,
div
ersi
ty is
crit
ical
. For
a
com
pany
like
Citi
, whi
ch o
pera
tes
in o
ver
100
coun
trie
s ar
ound
the
glob
e,
dive
rsity
incl
udes
rac
e, e
thni
city
and
gen
der
as w
ell a
s th
e di
vers
ity o
f the
co
mm
uniti
es a
nd g
eogr
aphi
es in
whi
ch C
iti o
pera
tes.
Incl
uded
in th
e qu
alifi
catio
ns fo
r dire
ctor
s lis
ted
in th
e co
mpa
ny’s
Cor
pora
te G
over
nanc
e G
uide
lines
is “
whe
ther
the
cand
idat
e ha
s sp
ecia
l ski
lls, e
xper
tise
and
back
grou
nd th
at w
ould
com
plem
ent t
he a
ttrib
utes
of t
he e
xist
ing
dire
ctor
s,
taki
ng in
to c
onsi
dera
tion
the
dive
rse
com
mun
ities
and
geo
grap
hies
in w
hich
th
e co
mpa
ny o
pera
tes.
” C
iti’s
boa
rd is
com
mitt
ed to
ens
urin
g th
at it
co
mpr
ises
indi
vidu
als
who
se b
ackg
roun
ds r
efle
ct th
e di
vers
ity r
epre
sent
ed
by o
ur e
mpl
oyee
s, c
usto
mer
s an
d st
akeh
olde
rs. T
he c
andi
date
s no
min
ated
fo
r el
ectio
n at
Citi
’s 2
010
annu
al m
eetin
g ex
empl
ify th
at d
iver
sity
: tw
o no
min
ees
are
wom
en (
13 p
erce
nt)
and
five
nom
inee
s (3
3 pe
rcen
t) –
in
clud
ing
the
chai
rman
and
the
chie
f exe
cutiv
e of
ficer
– a
re A
sian
, Afr
ican
-A
mer
ican
or
His
pani
c. In
add
ition
, eac
h di
rect
or c
andi
date
con
trib
utes
to th
e bo
ard’
s ov
eral
l div
ersi
ty b
y pr
ovid
ing
a va
riety
of p
ersp
ectiv
es, p
erso
nal a
nd
prof
essi
onal
exp
erie
nces
and
bac
kgro
unds
, as
wel
l as
othe
r ch
arac
teris
tics,
su
ch a
s gl
obal
and
inte
rnat
iona
l bus
ines
s ex
perie
nce.
The
boa
rd is
sat
isfie
d th
at th
e cu
rren
t nom
inee
s re
flect
an
appr
opria
te d
iver
sity
of g
ende
r, a
ge,
race
, geo
grap
hica
l bac
kgro
und
and
expe
rienc
e bu
t is
com
mitt
ed to
co
ntin
uing
to c
onsi
der
dive
rsity
issu
es in
eva
luat
ing
the
com
posi
tion
of th
e bo
ard.
Hig
h le
vel o
f fin
anci
al li
tera
cy
D
iver
sity
of r
ace,
eth
nici
ty, g
ende
r, a
ge, c
ultu
ral b
ackg
roun
d or
pr
ofes
sion
al e
xper
ienc
e
Ext
ensi
ve k
now
ledg
e of
the
Com
pany
’s b
usin
ess,
indu
stry
or
man
ufac
turin
g
Mar
ketin
g/m
arke
ting-
Rel
ated
Tec
hnol
ogy
expe
rienc
e
Bro
ad in
tern
atio
nal e
xpos
ure
or s
peci
fic in
-dep
th k
now
ledg
e of
a k
ey
geog
raph
ic g
row
th a
rea
R
elev
ant C
hief
Exe
cutiv
e O
ffice
r/P
resi
dent
Exp
erie
nce
G
over
nmen
tal,
polit
ical
or
dipl
omat
ic e
xper
tise
No
The
Boa
rd d
oes
not h
ave
a sp
ecifi
c di
vers
ity p
olic
y, b
ut c
onsi
ders
div
ersi
ty
of r
ace,
eth
nici
ty, g
ende
r, a
ge, c
ultu
ral b
ackg
roun
d an
d pr
ofes
sion
al
expe
rienc
es in
eva
luat
ing
cand
idat
es fo
r B
oard
mem
bers
hip.
Div
ersi
ty is
im
port
ant b
ecau
se a
var
iety
of p
oint
s of
vie
w c
ontr
ibut
e to
a m
ore
effe
ctiv
e de
cisi
on-m
akin
g pr
oces
s.
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
director notes board diversity and director qualifications www.conferenceboard.org 11
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Inve
stm
ent m
anag
emen
t exp
erie
nce
In
tern
atio
nal e
xper
ienc
e
Cor
pora
te g
over
nanc
e ex
pert
ise
H
uman
res
ourc
es e
xper
tise
In
form
atio
n te
chno
logy
exp
ertis
e
Com
pens
atio
n co
mm
ittee
exp
erie
nce
In
vest
or r
elat
ions
exp
ertis
e
Sci
ence
and
tech
nolo
gy p
ersp
ectiv
e
Lead
ersh
ip r
oles
/exp
erie
nce
E
nviro
nmen
tal e
xper
ienc
e
Non
-gov
ernm
enta
l org
aniz
atio
n ex
perie
nce
R
esea
rch
and
deve
lopm
ent e
xper
ienc
e
Fin
ance
and
acc
ount
ing
expe
rienc
e
Mar
ketin
g ex
perie
nce
M
anuf
actu
ring
expe
rienc
e
New
bus
ines
s de
velo
pmen
t exp
erie
nce
P
rivat
e eq
uity
exp
erie
nce
S
uppl
y ch
ain
and
leve
rage
d se
rvic
es e
xper
tise
C
onsu
mer
pro
duct
s ex
perie
nce
O
utsi
de b
oard
exp
erie
nce
E
xper
ienc
e in
aca
dem
ia
Le
gal e
xper
ienc
e
No
The
Boa
rd d
oes
not h
ave
a fo
rmal
pol
icy
with
res
pect
to d
iver
sity
. How
ever
, th
e B
oard
and
the
Cor
pora
te G
over
nanc
e C
omm
ittee
eac
h be
lieve
that
it is
es
sent
ial t
hat t
he B
oard
mem
bers
rep
rese
nt d
iver
se v
iew
poin
ts, w
ith a
bro
ad
arra
y of
exp
erie
nces
, pro
fess
ions
, ski
lls, g
eogr
aphi
c re
pres
enta
tion
and
back
grou
nds
that
, whe
n co
nsid
ered
as
a gr
oup,
pro
vide
a s
uffic
ient
mix
of
pers
pect
ives
to a
llow
the
Boa
rd to
bes
t ful
fill i
ts r
espo
nsib
ilitie
s to
the
long
-te
rm in
tere
sts
of th
e C
ompa
ny's
sto
ckho
lder
s.
Dire
ctor
s ar
e se
lect
ed fo
r th
eir
inte
grity
and
cha
ract
er; s
ound
, ind
epen
dent
ju
dgm
ent;
brea
dth
of e
xper
ienc
e, in
sigh
t and
kno
wle
dge;
and
bus
ines
s ac
umen
. Lea
ders
hip
skill
s, s
cien
tific
or
tech
nolo
gy e
xper
tise,
fam
iliar
ity w
ith
issu
es a
ffect
ing
glob
al b
usin
esse
s in
div
erse
indu
strie
s, p
rior
gove
rnm
ent
serv
ice,
and
div
ersi
ty a
re a
mon
g th
e re
leva
nt c
riter
ia, w
hich
will
var
y ov
er
time
depe
ndin
g on
the
need
s of
the
Boa
rd.
The
Cor
pora
te G
over
nanc
e C
omm
ittee
con
side
rs c
andi
date
s fo
r po
tent
ial n
omin
atio
n to
rec
omm
end
for
appr
oval
by
the
full
Boa
rd.
Fin
ance
, tax
, bud
get a
nd m
acro
econ
omic
pol
icy
expe
rienc
e
Gov
ernm
ent,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Out
side
boa
rd e
xper
ienc
e
Affi
liatio
n w
ith a
lead
ing
acad
emic
inst
itutio
n
Lega
l exp
erie
nce
P
hila
nthr
opic
/non
-pro
fit e
xper
ienc
e
Cor
pora
te g
over
nanc
e ex
pert
ise
In
tern
atio
nal e
xper
ienc
e
Lead
ersh
ip r
oles
/exp
erie
nce
Sci
entif
ic e
xper
ienc
e
R
esea
rch
expe
rienc
e
Exp
erie
nce
with
com
pany
’s d
omes
tic a
nd in
tern
atio
nal o
pera
tions
No
The
Gui
delin
es fo
r th
e S
elec
tion
of N
on-E
mpl
oyee
Dire
ctor
s st
ate:
“Exx
onM
obil
reco
gniz
es th
e st
reng
th a
nd e
ffect
iven
ess
of th
e B
oard
ref
lect
s th
e ba
lanc
e, e
xper
ienc
e, a
nd d
iver
sity
of t
he in
divi
dual
dire
ctor
s; th
eir
com
mitm
ent;
and
impo
rtan
tly, t
he a
bilit
y of
dire
ctor
s to
wor
k ef
fect
ivel
y as
a
grou
p in
car
ryin
g ou
t the
ir re
spon
sibi
litie
s. E
xxon
Mob
il se
eks
cand
idat
es w
ith
dive
rse
back
grou
nds
who
pos
sess
kno
wle
dge
and
skill
s in
are
as o
f im
port
ance
to th
e C
orpo
ratio
n.”
In a
dditi
on to
see
king
a d
iver
se s
et o
f bus
ines
s or
aca
dem
ic e
xper
ienc
es,
the
Com
mitt
ee s
eeks
a m
ix o
f nom
inee
s w
hose
per
spec
tives
ref
lect
div
erse
lif
e ex
perie
nces
and
bac
kgro
unds
, as
wel
l as
gend
er a
nd e
thni
c di
vers
ity.
The
Com
mitt
ee d
oes
not u
se q
uota
s bu
t con
side
rs d
iver
sity
alo
ng w
ith th
e ot
her
requ
irem
ents
of t
he S
elec
tion
Gui
delin
es w
hen
eval
uatin
g po
tent
ial n
ew
dire
ctor
s. T
he C
omm
ittee
has
als
o in
stru
cted
its
exec
utiv
e se
arch
firm
to
incl
ude
dive
rsity
as
part
of t
he c
andi
date
sea
rch
crite
ria.
Lead
ersh
ip r
oles
/exp
erie
nce
F
inan
ce a
nd a
ccou
ntin
g ex
perie
nce
In
dust
ry e
xper
ienc
e
Tec
hnol
ogy
expe
rienc
e
Inte
rnat
iona
l exp
erie
nce
No
We
belie
ve th
at o
ur d
irect
ors
shou
ld p
osse
ss th
e hi
ghes
t per
sona
l and
pr
ofes
sion
al e
thic
s, in
tegr
ity a
nd v
alue
s, a
nd b
e co
mm
itted
to r
epre
sent
ing
the
long
-ter
m in
tere
sts
of th
e sh
areo
wne
rs. T
hey
mus
t als
o ha
ve a
n in
quis
itive
and
obj
ectiv
e pe
rspe
ctiv
e, p
ract
ical
wis
dom
and
mat
ure
judg
men
t. W
e al
so e
ndea
vor
to h
ave
a B
oard
rep
rese
ntin
g a
rang
e of
exp
erie
nces
at
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
12 director notes board diversity and director qualifications www.conferenceboard.org
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
P
hila
nthr
opic
/non
-pro
fit e
xper
ienc
e
Mar
ketin
g ex
perie
nce
E
xper
ienc
e in
aca
dem
ia
H
ealth
care
/pha
rmac
eutic
als
expe
rienc
e
C
onsu
mer
pro
duct
s ex
perie
nce
M
anuf
actu
ring
expe
rienc
e
Fin
anci
al s
ervi
ces
expe
rienc
e
Ene
rgy
indu
stry
exp
erie
nce
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Tra
nspo
rtat
ion
indu
stry
exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rtis
e
Res
earc
h ex
perie
nce
O
utsi
de b
oard
exp
erie
nce
polic
y-m
akin
g le
vels
in b
usin
ess,
gov
ernm
ent,
educ
atio
n an
d te
chno
logy
and
in
are
as th
at a
re r
elev
ant t
o th
e co
mpa
ny’s
glo
bal a
ctiv
ities
. The
eva
luat
ion
of
dire
ctor
nom
inee
s by
the
Man
agem
ent,
Dev
elop
men
t and
Com
pens
atio
n C
omm
ittee
(M
DC
C)
also
take
s in
to a
ccou
nt d
iver
sity
of a
ge a
nd
back
grou
nd.
E
xten
sive
kno
wle
dge
of fi
rm’s
bus
ines
s
Le
ader
ship
rol
es/e
xper
ienc
es
O
utsi
de b
oard
exp
erie
nce
F
inan
cial
ser
vice
s ex
perie
nce
In
tern
atio
nal e
xper
ienc
e
Fin
anci
al m
arke
ts e
xper
tise
R
isk
man
agem
ent e
xper
tise
C
orpo
rate
gov
erna
nce
expe
rtis
e
Exp
erie
nce
gain
ed a
nd c
ontr
ibut
ions
mad
e du
ring
tenu
re a
s di
rect
or o
f th
e co
mpa
ny
A
ccou
ntin
g an
d au
ditin
g ex
pert
ise
E
ntre
pren
euria
l exp
erie
nce
No
In id
entif
ying
and
rec
omm
endi
ng n
omin
ees
for
posi
tions
on
our
Boa
rd, o
ur
Cor
pora
te G
over
nanc
e an
d N
omin
atin
g C
omm
ittee
pla
ces
prim
ary
emph
asis
on
the
crite
ria s
et fo
rth
in o
ur C
orpo
rate
Gov
erna
nce
Gui
delin
es,
incl
udin
g . .
. di
vers
ity o
f vie
wpo
ints
, bac
kgro
unds
, exp
erie
nces
and
oth
er
dem
ogra
phic
s
We
belie
ve th
at o
ur fi
rm b
enef
its fr
om h
avin
g di
rect
ors
with
a d
iver
sity
of
view
poin
ts, b
ackg
roun
ds, e
xper
ienc
es a
nd o
ther
dem
ogra
phic
s. A
s no
ted
abov
e, a
mon
g th
e fa
ctor
s th
e C
orpo
rate
Gov
erna
nce
and
Nom
inat
ing
Com
mitt
ee c
onsi
ders
in id
entif
ying
and
eva
luat
ing
a po
tent
ial n
omin
ee is
the
exte
nt to
whi
ch th
e no
min
ee w
ould
add
to th
e di
vers
ity o
f our
Boa
rd, a
nd th
e C
omm
ittee
con
side
rs th
e sa
me
fact
ors
in d
eter
min
ing
whe
ther
to r
e-no
min
ate
incu
mbe
nt d
irect
ors.
In b
oth
case
s, th
e C
omm
ittee
ass
esse
s th
e di
vers
ity o
f ou
r B
oard
and
how
a n
omin
ee w
ould
enh
ance
that
div
ersi
ty.
[M]e
mbe
rs o
f our
Boa
rd .
. . h
ave
had
a gr
eat d
iver
sity
of e
xper
ienc
es a
nd
brin
g to
our
Boa
rd a
wid
e va
riety
of v
iew
s th
at s
tren
gthe
n th
eir
abili
ty to
gui
de
our
firm
. The
y ha
ve h
ad e
xten
sive
invo
lvem
ent i
n in
tern
atio
nal b
usin
ess
and
emer
ging
mar
kets
and
dee
p pr
ofes
sion
al e
xper
ienc
e ac
ross
a b
road
ran
ge o
f in
dust
ries,
incl
udin
g fin
anci
al s
ervi
ces,
con
sum
er p
rodu
cts,
ret
ail,
indu
stria
l re
sour
ces
and
man
ufac
turin
g.
Pr
oxy
filin
g pr
eced
ed
effe
ctiv
e da
te o
f new
SE
C d
iscl
osur
e ru
les.
Non
e N
o N
one
F
inan
ce a
nd a
ccou
ntin
g ex
perie
nce
S
uppl
y ch
ain
expe
rienc
e
Mar
ketin
g ex
perie
nce
In
form
atio
n te
chno
logy
exp
erie
nce
R
eal e
stat
e ex
perie
nce
No
The
Nom
inat
ing
and
Cor
pora
te G
over
nanc
e C
omm
ittee
rec
ogni
zes
the
impo
rtan
ce o
f sel
ectin
g di
rect
ors
from
var
ious
bac
kgro
unds
and
pro
fess
ions
in
ord
er to
ens
ure
that
the
Boa
rd a
s a
grou
p ha
s a
wea
lth o
f exp
erie
nces
to
info
rm it
s de
cisi
ons.
Con
sist
ent w
ith th
is p
hilo
soph
y, a
fter
focu
sing
on
the
skill
s an
d ex
perie
nce
nece
ssar
y to
mee
t the
cor
e ne
eds
of th
e C
ompa
ny, a
s
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
director notes board diversity and director qualifications www.conferenceboard.org 13
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
Le
ader
ship
rol
es/e
xper
ienc
e
Ret
ail e
xper
ienc
e
Inte
rnat
iona
l exp
erie
nce
C
orpo
rate
str
ateg
y de
velo
pmen
t
Und
erst
andi
ng o
f Flo
rida
mar
ket
O
utsi
de b
oard
exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rtis
e
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
wel
l as
the
basi
c qu
alifi
catio
ns s
et fo
rth
abov
e, th
e N
omin
atin
g an
d C
orpo
rate
G
over
nanc
e C
omm
ittee
con
side
rs th
e pe
rson
al a
ttrib
utes
of i
ndiv
idua
l no
min
ees,
incl
udin
g et
hnic
, rac
ial a
nd g
ende
r di
vers
ity. T
he N
omin
atin
g an
d C
orpo
rate
Gov
erna
nce
Com
mitt
ee a
sses
ses
the
com
posi
tion
of th
e B
oard
at
leas
t onc
e a
year
and
mor
e fr
eque
ntly
as
need
ed, p
artic
ular
ly w
hen
cons
ider
ing
pote
ntia
l new
can
dida
tes
In
tern
atio
nal e
xper
ienc
e
Lega
l exp
ertis
e/ex
perie
nce
G
over
nmen
t, pu
blic
pol
icy
or r
egul
ator
y ex
perie
nce
E
xper
ienc
e do
ing
busi
ness
in C
hina
Out
side
boa
rd e
xper
ienc
e
Fin
anci
al a
nd a
ccou
ntin
g ex
pert
ise
Le
ader
ship
rol
es/e
xper
ienc
es
T
echn
olog
y ex
pert
ise
S
trat
egic
pla
nnin
g ex
pert
ise
M
arke
ting
expe
rtis
e
Bus
ines
s de
velo
pmen
t exp
ertis
e
Mer
gers
and
acq
uisi
tion
expe
rienc
e
Exp
erie
nce
in c
omm
unic
atio
ns te
chno
logy
and
the
com
mun
icat
ions
bu
sine
ss
In
dust
ry e
xper
tise
R
esea
rch
and
deve
lopm
ent e
xper
tise
M
anuf
actu
ring
expe
rtis
e
Ope
ratio
ns e
xper
ienc
e
Hea
lth in
dust
ry e
xper
tise
K
now
ledg
e of
com
petit
ive
stra
tegy
, tec
hnol
ogy
and
inte
rnat
iona
l co
mpe
titio
n
E
xper
ienc
e in
aca
dem
ia
No
The
Cor
pora
te G
over
nanc
e an
d N
omin
atin
g C
omm
ittee
is r
espo
nsib
le fo
r re
view
ing
and
asse
ssin
g w
ith th
e B
oard
the
appr
opria
te s
kills
, exp
erie
nce,
an
d ba
ckgr
ound
sou
ght o
f Boa
rd m
embe
rs in
the
cont
ext o
f our
bus
ines
s an
d th
e th
en-c
urre
nt m
embe
rshi
p on
the
Boa
rd. T
his
asse
ssm
ent o
f Boa
rd s
kills
, ex
perie
nce,
and
bac
kgro
und
incl
udes
num
erou
s di
vers
e fa
ctor
s, s
uch
as
inde
pend
ence
; und
erst
andi
ng o
f and
exp
erie
nce
in m
anuf
actu
ring,
te
chno
logy
, fin
ance
, and
mar
ketin
g; in
tern
atio
nal e
xper
ienc
e; a
ge; a
nd
gend
er a
nd e
thni
c di
vers
ity. T
he p
riorit
ies
and
emph
asis
of t
he c
omm
ittee
an
d of
the
Boa
rd w
ith r
egar
d to
thes
e fa
ctor
s ch
ange
from
tim
e to
tim
e to
take
in
to a
ccou
nt c
hang
es in
the
com
pany
’s b
usin
ess
and
othe
r tr
ends
, as
wel
l as
the
port
folio
of s
kills
and
exp
erie
nce
of c
urre
nt a
nd p
rosp
ectiv
e B
oard
m
embe
rs. T
he c
omm
ittee
and
the
Boa
rd r
evie
w a
nd a
sses
s th
e co
ntin
ued
rele
vanc
e of
and
em
phas
is o
n th
ese
fact
ors
as p
art o
f the
Boa
rd’s
ann
ual
self-
asse
ssm
ent p
roce
ss a
nd in
con
nect
ion
with
can
dida
te s
earc
hes
to
dete
rmin
e if
they
are
effe
ctiv
e in
hel
ping
to s
atis
fy th
e B
oard
’s g
oal o
f cr
eatin
g an
d su
stai
ning
a B
oard
that
can
app
ropr
iate
ly s
uppo
rt a
nd o
vers
ee
the
com
pany
’s a
ctiv
ities
. W
e do
not
exp
ect o
r in
tend
that
eac
h di
rect
or w
ill h
ave
the
sam
e ba
ckgr
ound
, sk
ills,
and
exp
erie
nce;
we
expe
ct th
at B
oard
mem
bers
will
hav
e a
dive
rse
port
folio
of b
ackg
roun
ds, s
kills
, and
exp
erie
nces
. One
goa
l of t
his
dive
rsity
is
to a
ssis
t the
Boa
rd a
s a
who
le in
its
over
sigh
t and
adv
ice
conc
erni
ng o
ur
busi
ness
and
ope
ratio
ns.
Le
ader
ship
rol
es/e
xper
ienc
e
Priv
ate
equi
ty m
anag
emen
t exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
Gov
ernm
ent,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
T
echn
olog
y ex
perie
nce
P
hila
nthr
opic
/non
-pro
fit e
xper
ienc
e
Indu
stry
exp
erie
nce
R
esea
rch
and
deve
lopm
ent e
xper
ienc
e
Exp
erie
nce
in a
cade
mia
Ent
repr
eneu
rial e
xper
ienc
e
In
tern
atio
nal e
xper
ienc
e
Man
ufac
turin
g ex
perie
nce
No
In id
entif
ying
pot
entia
l dire
ctor
can
dida
tes,
the
Com
mitt
ee a
nd th
e B
oard
als
o fo
cus
on e
nsur
ing
that
the
Boa
rd r
efle
cts
a di
vers
ity o
f exp
erie
nces
, ba
ckgr
ound
s an
d in
divi
dual
s.
The
IBM
Boa
rd is
com
pose
d of
a d
iver
se g
roup
of l
eade
rs in
thei
r re
spec
tive
field
s. M
any
of th
e cu
rren
t dire
ctor
s ha
ve le
ader
ship
exp
erie
nce
at m
ajor
do
mes
tic a
nd in
tern
atio
nal c
ompa
nies
with
ope
ratio
ns in
side
and
out
side
the
Uni
ted
Sta
tes,
as
wel
l as
expe
rienc
e on
oth
er c
ompa
nies
’ boa
rds,
whi
ch
prov
ides
an
unde
rsta
ndin
g of
diff
eren
t bus
ines
s pr
oces
ses,
cha
lleng
es a
nd
stra
tegi
es. O
ther
dire
ctor
s ha
ve e
xper
ienc
e as
pre
side
nts
of s
igni
fican
t ac
adem
ic, r
esea
rch
and
phila
nthr
opic
inst
itutio
ns, w
hich
brin
gs u
niqu
e pe
rspe
ctiv
es to
the
Boa
rd. F
urth
er, t
he C
ompa
ny’s
dire
ctor
s al
so h
ave
othe
r ex
perie
nce
that
mak
es th
em v
alua
ble
mem
bers
, suc
h as
prio
r pu
blic
pol
icy
or
regu
lato
ry e
xper
ienc
e th
at p
rovi
des
insi
ght i
nto
issu
es fa
ced
by c
ompa
nies
.
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
14 director notes board diversity and director qualifications www.conferenceboard.org
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
Lead
ersh
ip r
oles
/exp
erie
nce
E
xper
ienc
e in
aca
dem
ia
O
rgan
izat
iona
l and
ope
ratio
nal m
anag
emen
t exp
erie
nce
R
esea
rch
and
deve
lopm
ent e
xper
ienc
e
Sci
ence
indu
stry
exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
H
ealth
car
e in
dust
ry e
xper
ienc
e
Bus
ines
s in
nova
tion
and
tale
nt d
evel
opm
ent e
xper
tise
In
tern
atio
nal e
xper
ienc
e
Con
sum
er p
rodu
ct e
xper
ienc
e
Fin
anci
al e
xper
tise
Le
gal e
xper
ienc
e
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
Insi
de u
nder
stan
ding
of c
ompa
ny’s
bus
ines
s
M
anuf
actu
ring
expe
rienc
e
Ent
repr
eneu
rial e
xper
ienc
e
No
The
Boa
rd h
as a
dopt
ed G
ener
al C
riter
ia fo
r N
omin
atio
n to
the
Boa
rd o
f D
irect
ors,
whi
ch .
. . d
escr
ibe
spec
ific
trai
ts, a
bilit
ies
and
expe
rienc
e th
at th
e N
omin
atin
g &
Cor
pora
te G
over
nanc
e C
omm
ittee
and
the
Boa
rd lo
ok fo
r in
de
term
inin
g ca
ndid
ates
for
elec
tion
to th
e B
oard
, inc
ludi
ng: .
. . d
iver
sity
re
flect
ing
gend
er, e
thni
c ba
ckgr
ound
and
pro
fess
iona
l exp
erie
nce.
Lead
ersh
ip r
oles
/exp
erie
nce
Fin
ance
and
acc
ount
ing
expe
rienc
e
Ris
k m
anag
emen
t exp
erie
nce
E
xecu
tive
com
pens
atio
n ex
perie
nce
In
tern
atio
nal e
xper
ienc
e
Mar
ketin
g ex
perie
nce
C
onsu
mer
pro
duct
exp
erie
nce
P
hila
nthr
opic
/non
-pro
fit e
xper
ienc
e
Tec
hnol
ogy
expe
rienc
e
Ope
ratio
ns e
xper
ienc
e
Indu
stria
l exp
erie
nce
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Inve
stm
ent m
anag
emen
t exp
erie
nce
Le
gal e
xper
tise
In
vest
men
t ban
king
exp
erie
nce
C
apita
l mar
kets
exp
erie
nce
F
inan
cial
ser
vice
s ex
perie
nce
In
side
r’s u
nder
stan
ding
of f
irm’s
bus
ines
s
Out
side
boa
rd e
xper
ienc
e
Str
ateg
ic p
lann
ing
expe
rienc
e
Ent
repr
eneu
rial e
xper
ienc
e
No
The
Boa
rd s
triv
es to
ens
ure
dive
rsity
of r
epre
sent
atio
n am
ong
its m
embe
rs.
Of t
he 1
1 di
rect
or n
omin
ees,
two
are
wom
en a
nd o
ne is
Afr
ican
-Am
eric
an.
Incr
easi
ng d
iver
sity
is a
prio
rity,
and
whe
n co
nsid
erin
g pr
ospe
cts
for
poss
ible
rec
omm
enda
tion
to th
e B
oard
, the
Gov
erna
nce
Com
mitt
ee r
evie
ws
avai
labl
e in
form
atio
n ab
out t
he p
rosp
ects
, inc
ludi
ng g
ende
r, r
ace
and
ethn
icity
, as
wel
l as
expe
rienc
e, q
ualif
icat
ions
, attr
ibut
es a
nd s
kills
. T
he d
irect
ors
brin
g br
oad
and
varie
d sk
ills
and
know
ledg
e fr
om p
ositi
ons
in
glob
al b
usin
esse
s, n
ot-f
or-p
rofit
org
aniz
atio
ns a
nd g
over
nmen
t, an
d di
vers
e pe
rspe
ctiv
es fr
om a
bro
ad s
pect
rum
of i
ndus
trie
s, c
omm
unity
act
iviti
es a
nd
othe
r fa
ctor
s.
Lead
ersh
ip r
oles
/exp
erie
nce
In
dust
ry k
now
ledg
e
Mar
ketin
g ex
perie
nce
In
tern
atio
nal e
xper
ienc
e
Ope
ratin
g ex
perie
nce
O
utsi
de b
oard
exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rienc
e
No
Whi
le th
e bo
ard
does
not
hav
e a
writ
ten
polic
y to
con
side
r di
vers
ity w
hen
iden
tifyi
ng n
omin
ees
for
dire
ctor
s, it
str
ives
to a
ssem
ble
a bo
ard
com
pose
d of
in
divi
dual
s th
at re
pres
ent a
div
ersi
ty o
f vie
ws,
bac
kgro
unds
and
pro
fess
iona
l ex
perie
nce.
T
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
eva
luat
es e
ach
indi
vidu
al in
the
cont
ext o
f the
Boa
rd a
s a
who
le, w
ith th
e ob
ject
ive
of r
ecom
men
ding
for
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
director notes board diversity and director qualifications www.conferenceboard.org 15
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
E
xper
ienc
e in
aca
dem
ia
P
rodu
ct d
evel
opm
ent e
xper
ienc
e
Res
earc
h an
d de
velo
pmen
t and
sci
entif
ic e
xper
ienc
e
Fin
ance
and
acc
ount
ing
expe
rtis
e
Phi
lant
hrop
ic/n
on-p
rofit
exp
erie
nce
T
echn
olog
y ex
perie
nce
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
E
ntre
pren
euria
l exp
erie
nce
M
anuf
actu
ring
expe
rienc
e
nom
inat
ion
a gr
oup
of in
divi
dual
s th
at c
an b
est p
erpe
tuat
e ou
r su
cces
s an
d re
pres
ent s
hare
hold
er in
tere
sts
thro
ugh
the
exer
cise
of s
ound
bus
ines
s ju
dgm
ent.
Add
ition
ally
, as
part
of t
his
eval
uatio
n an
d to
furt
her
our
com
mitm
ent t
o di
vers
ity, t
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
as
sess
es w
heth
er th
is g
roup
of n
omin
ees
is c
ompr
ised
of i
ndiv
idua
ls w
ith a
di
vers
ity o
f vie
ws,
bac
kgro
unds
, and
exp
erie
nces
that
wou
ld e
nhan
ce th
e B
oard
’s s
ucce
ss a
t ach
ievi
ng th
ese
goal
s.
The
boa
rd b
elie
ves
that
all
the
curr
ent n
omin
ees
are
high
ly q
ualif
ied
and
have
spe
cific
em
ploy
men
t and
lead
ersh
ip e
xper
ienc
es, k
now
ledg
e, a
nd s
kills
th
at q
ualif
y th
em fo
r bo
ard
serv
ice
and
repr
esen
t div
erse
vie
ws
and
back
grou
nds.
The
nom
inee
s’ in
divi
dual
bio
grap
hies
bel
ow c
onta
in
info
rmat
ion
rega
rdin
g ea
ch n
omin
ee’s
exp
erie
nces
, qua
lific
atio
ns, a
nd s
kills
.
S
trat
egic
pla
nnin
g ex
pert
ise
B
usin
ess
deve
lopm
ent e
xper
tise
C
orpo
rate
gov
erna
nce
expe
rtis
e
Fin
ance
and
acc
ount
ing
expe
rtis
e
Suc
cess
ion
plan
ning
exp
ertis
e
Pro
duct
dev
elop
men
t exp
ertis
e
Mar
ketin
g ex
pert
ise
C
onsu
mer
insi
ghts
exp
ertis
e
Man
ufac
turin
g, s
uppl
y ch
ain
man
agem
ent a
nd d
istr
ibut
ion
expe
rtis
e
Env
ironm
enta
l, su
stai
nabi
lity
and
soci
al r
espo
nsib
ility
exp
ertis
e
Pub
lic p
olic
y ex
pert
ise
Le
ader
ship
rol
es/e
xper
ienc
e
Ris
k as
sess
men
t exp
ertis
e
Sha
reho
lder
and
gov
ernm
ent r
elat
ions
exp
ertis
e
Phi
lant
hrop
ic/n
on-p
rofit
exp
erie
nce
In
tern
atio
nal o
pera
tions
exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
E
xper
ienc
e in
sou
rcin
g an
d sa
le o
f pro
duct
pac
kagi
ng a
nd r
elat
ed
com
mod
ities
Exp
erie
nce
in a
cade
mia
No
The
Gov
erna
nce
Com
mitt
ee s
eeks
Dire
ctor
s w
ith r
ecor
ds o
f ach
ieve
men
t in
thei
r ch
osen
fiel
ds a
nd e
xper
ienc
e re
leva
nt to
the
Com
pany
’s s
cope
, str
ateg
y an
d op
erat
ions
. Dire
ctor
can
dida
tes
also
are
exp
ecte
d to
pos
sess
cer
tain
qu
aliti
es, s
uch
as in
tegr
ity, i
ndep
ende
nce
of m
ind,
ana
lytic
al s
kills
, a
com
mitm
ent t
o se
rve
the
inte
rest
s of
sha
reho
lder
s, a
nd a
will
ingn
ess
to
chal
leng
e m
anag
emen
t in
a co
nstr
uctiv
e an
d co
llegi
al e
nviro
nmen
t, as
wel
l as
an
abili
ty to
exe
rcis
e go
od ju
dgm
ent,
and
prov
ide
prac
tical
insi
ghts
and
di
vers
e pe
rspe
ctiv
es. I
n se
lect
ing
cand
idat
es, t
he G
over
nanc
e C
omm
ittee
an
d th
e B
oard
take
div
ersi
ty in
to a
ccou
nt, s
eeki
ng to
ens
ure
a re
pres
enta
tion
of v
arie
d pe
rspe
ctiv
es a
nd e
xper
ienc
e, a
lthou
gh th
e C
ompa
ny’s
nom
inat
ion
polic
y do
es n
ot p
resc
ribe
spec
ific
stan
dard
s fo
r di
vers
ity. C
andi
date
s al
so a
re e
valu
ated
in li
ght o
f Boa
rd p
olic
ies,
suc
h as
th
ose
rela
ting
to D
irect
or in
depe
nden
ce a
nd s
ervi
ce o
n ot
her
boar
ds, a
s w
ell
as c
onsi
dera
tions
rel
atin
g to
the
size
and
str
uctu
re o
f the
Boa
rd. A
s pa
rt o
f its
co
nsid
erat
ion
of D
irect
or s
ucce
ssio
n, th
e B
oard
and
the
Gov
erna
nce
Com
mitt
ee m
onito
r w
heth
er th
e D
irect
ors
as a
gro
up m
eet t
he C
ompa
ny’s
cr
iteria
for
the
com
posi
tion
of th
e B
oard
, inc
ludi
ng o
vera
ll di
vers
ity o
f pe
rspe
ctiv
e an
d ex
perie
nce.
[T
he d
irect
ors’
exp
erie
nces
] ena
ble
our
Dire
ctor
s to
pro
vide
div
erse
pe
rspe
ctiv
es a
bout
the
com
plex
issu
es fa
cing
a g
loba
l res
taur
ant
orga
niza
tion
like
McD
onal
d’s
F
inan
ce e
xper
ienc
e
Inve
stm
ent a
nd c
omm
erci
al b
anki
ng e
xper
ienc
e
Tra
ck r
ecor
d of
ach
ieve
men
t and
sou
nd ju
dgm
ent
O
utsi
de b
oard
exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rienc
e
Sci
entif
ic a
nd m
edic
al e
xper
tise
P
harm
aceu
tical
indu
stry
exp
erie
nce
Le
ader
ship
rol
es/e
xper
ienc
e
Ope
ratio
nal e
xper
tise
In
tern
atio
nal e
xper
ienc
e
Exp
erie
nce
in a
cade
mia
No
Whi
le th
e C
omm
ittee
on
Cor
pora
te G
over
nanc
e do
es n
ot h
ave
a fo
rmal
di
vers
ity p
olic
y, d
iver
sity
is a
fact
or c
onsi
dere
d w
hen
iden
tifyi
ng p
rosp
ectiv
e N
omin
ees.
Nom
inee
s ar
e se
lect
ed s
o th
at th
e B
oard
of D
irect
ors
repr
esen
ts
a di
vers
ity o
f exp
ertis
e in
are
as n
eede
d to
fost
er M
erck
’s b
usin
ess
succ
ess,
in
clud
ing
scie
nce,
fina
nce,
ope
ratio
ns, m
anuf
actu
ring,
com
mer
cial
act
iviti
es,
mar
ketin
g, in
tern
atio
nal b
usin
ess,
and
gov
erna
nce.
In a
dditi
on, n
omin
ees
are
sele
cted
so
that
the
Boa
rd o
f Dire
ctor
s re
pres
ents
a d
iver
sity
of p
erso
nal
char
acte
ristic
s, in
clud
ing
gend
er, r
ace,
eth
nic
orig
in a
nd n
atio
nal b
ackg
roun
d.
Whe
n id
entif
ying
pot
entia
l can
dida
tes
the
Com
mitt
ee o
n C
orpo
rate
G
over
nanc
e of
Old
Mer
ck r
etai
ned
inde
pend
ent s
earc
h fir
ms
to a
ssis
t in
iden
tifyi
ng c
andi
date
s th
at r
efle
cted
thes
e di
vers
ity o
bjec
tives
and
it is
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
16 director notes board diversity and director qualifications www.conferenceboard.org
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
R
esea
rch
expe
rienc
e
Mar
ketin
g an
d co
mm
unic
atio
ns e
xper
ienc
e
Ove
rsig
ht o
f med
ical
pro
vide
rs, e
duca
tion
and
patie
nt c
are
V
entu
re c
apita
l exp
erie
nce
S
trat
egic
pla
nnin
g ex
perie
nce
expe
cted
that
the
curr
ent C
omm
ittee
on
Cor
pora
te G
over
nanc
e w
ill c
ontin
ue
this
pra
ctic
e as
nec
essa
ry.
Pr
oxy
filin
g pr
eced
ed
effe
ctiv
e da
te o
f new
SE
C d
iscl
osur
e ru
les.
Non
e N
o T
he G
over
nanc
e an
d N
omin
atin
g C
omm
ittee
wor
ks w
ith th
e B
oard
to
dete
rmin
e th
e ap
prop
riate
cha
ract
eris
tics,
ski
lls, a
nd e
xper
ienc
es fo
r th
e B
oard
as
a w
hole
and
its
indi
vidu
al m
embe
rs w
ith th
e ob
ject
ive
of h
avin
g a
Boa
rd w
ith d
iver
se b
ackg
roun
ds a
nd e
xper
ienc
e in
bus
ines
s, e
duca
tion,
and
pu
blic
ser
vice
. In
eva
luat
ing
the
suita
bilit
y of
indi
vidu
al B
oard
mem
bers
, the
Boa
rd ta
kes
into
ac
coun
t man
y fa
ctor
s, in
clud
ing
gene
ral u
nder
stan
ding
of m
arke
ting,
fina
nce,
an
d ot
her
disc
iplin
es r
elev
ant t
o th
e su
cces
s of
a la
rge
publ
icly
trad
ed
com
pany
in to
day’
s bu
sine
ss e
nviro
nmen
t; un
ders
tand
ing
of o
ur b
usin
ess
and
tech
nolo
gy; e
duca
tiona
l and
pro
fess
iona
l bac
kgro
und;
per
sona
l ac
com
plis
hmen
t; an
d ge
ogra
phic
, gen
der,
age
, and
eth
nic
dive
rsity
. The
B
oard
eva
luat
es e
ach
indi
vidu
al in
the
cont
ext o
f the
Boa
rd a
s a
who
le, w
ith
the
obje
ctiv
e of
rec
omm
endi
ng a
gro
up th
at c
an b
est p
erpe
tuat
e th
e su
cces
s of
our
bus
ines
s an
d re
pres
ent s
hare
hold
er in
tere
sts
thro
ugh
the
exer
cise
of
soun
d ju
dgm
ent u
sing
its
dive
rsity
of e
xper
ienc
e.
Lead
ersh
ip r
oles
and
exp
erie
nces
Mar
ketin
g ex
perie
nce
S
trat
egic
pla
nnin
g ex
perie
nce
O
pera
tions
exp
erie
nce
B
usin
ess
deve
lopm
ent e
xper
ienc
e
Fin
anci
al s
ervi
ces
expe
rienc
e
Exp
erie
nce
in a
cade
mia
Gov
ernm
enta
l, pu
blic
pol
icy
or r
egul
ator
y ex
perie
nce
In
tern
atio
nal e
xper
ienc
e
Fin
ance
and
acc
ount
ing
expe
rienc
e
Ris
k m
anag
emen
t exp
erie
nce
C
omm
erci
al a
nd in
tern
atio
nal b
anki
ng e
xper
ienc
e
Ban
k re
gula
tory
exp
erie
nce
In
side
und
erst
andi
ng o
f com
pany
’s b
usin
ess
E
cono
mic
s ex
perie
nce
O
utsi
de b
oard
exp
erie
nce
P
hila
nthr
opic
/non
-pro
fit e
xper
ienc
e
No
Whi
le th
e B
oard
has
not
ado
pted
a p
olic
y re
gard
ing
dive
rsity
, the
Cor
pora
te
Gov
erna
nce
Pol
icie
s pr
ovid
e th
at th
e B
oard
will
take
into
acc
ount
div
ersi
ty o
f a
dire
ctor
can
dida
te’s
per
spec
tives
, bac
kgro
und
and
othe
r re
leva
nt
dem
ogra
phic
s. T
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
and
Boa
rd m
ay
also
det
erm
ine
spec
ific
skill
s an
d ex
perie
nce
they
are
see
king
in d
irect
or
cand
idat
es b
ased
on
the
need
s of
the
Com
pany
at a
spe
cific
tim
e. In
co
nsid
erin
g ca
ndid
ates
for
the
Boa
rd, t
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
con
side
rs th
e en
tiret
y of
eac
h ca
ndid
ate’
s cr
eden
tials
in th
e co
ntex
t of t
hese
crit
eria
. T
he C
ompa
ny b
elie
ves
that
an
effe
ctiv
e bo
ard
cons
ists
of a
div
erse
gro
up o
f in
divi
dual
s w
ho b
ring
a va
riety
of c
ompl
emen
tary
ski
lls th
at th
e N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
and
Boa
rd c
onsi
der
in th
e br
oade
r co
ntex
t of t
he
Boa
rd’s
ove
rall
com
posi
tion,
with
a v
iew
tow
ard
cons
titut
ing
a bo
ard
that
has
th
e be
st s
kill
set a
nd e
xper
ienc
e to
ove
rsee
the
Com
pany
’s b
usin
ess.
Med
ical
trai
ning
and
exp
erie
nce
R
esea
rch
and
deve
lopm
ent e
xper
ienc
e
Lead
ersh
ip r
oles
/exp
erie
nce
F
inan
ce a
nd a
ccou
ntin
g ex
perie
nce
O
utsi
de b
oard
ser
vice
No
Can
dida
tes
are
sele
cted
for,
am
ong
othe
r th
ings
, the
ir in
tegr
ity,
inde
pend
ence
, div
ersi
ty o
f exp
erie
nce,
lead
ersh
ip a
nd th
eir
abili
ty to
ex
erci
se s
ound
judg
men
t. T
he g
oal o
f the
Com
mitt
ee is
to a
chie
ve a
Boa
rd th
at, a
s a
who
le, p
rovi
des
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
director notes board diversity and director qualifications www.conferenceboard.org 17
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
P
harm
aceu
tical
indu
stry
exp
erie
nce
S
trat
egic
pla
nnin
g ex
perie
nce
E
xecu
tive
com
pens
atio
n ex
perie
nce
O
pera
tiona
l exp
erie
nce
E
ntre
pren
euria
l exp
erie
nce
In
tern
atio
nal e
xper
ienc
e
Cap
ital m
arke
ts e
xper
ienc
e
Exp
erie
nce
in a
cade
mia
Phi
lant
hrop
ic/n
on-p
rofit
exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rienc
e
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
Eco
nom
ic e
xper
tise
S
ocia
l sci
ence
exp
ertis
e
Con
sum
er b
usin
ess
expe
rtis
e
Cos
t-cu
tting
and
res
ourc
e al
loca
tion
expe
rtis
e
Insu
ranc
e in
dust
ry e
xper
tise
In
side
rs u
nder
stan
ding
of c
ompa
ny
M
anuf
actu
ring
expe
rienc
e
Mar
ketin
g ex
perie
nce
Le
gal e
xper
ienc
e
Inve
stm
ent b
anki
ng e
xper
ienc
e
Acq
uisi
tion
expe
rienc
e
effe
ctiv
e ov
ersi
ght o
f the
man
agem
ent a
nd b
usin
ess
of o
ur C
ompa
ny,
thro
ugh
the
appr
opria
te d
iver
sity
of e
xper
ienc
e, e
xper
tise,
ski
lls, s
peci
aliz
ed
know
ledg
e an
d ot
her
qual
ifica
tions
and
attr
ibut
es o
f the
indi
vidu
al D
irect
ors.
Im
port
ant c
riter
ia fo
r B
oard
mem
bers
hip
incl
ude
the
follo
win
g . .
.:
Mem
bers
of t
he B
oard
sho
uld
have
dem
onst
rate
d le
ader
ship
ab
ility
, with
bro
ad e
xper
ienc
e, d
iver
se p
ersp
ectiv
es, a
nd th
e ab
ility
to
exe
rcis
e so
und
busi
ness
judg
men
t . .
.
The
com
posi
tion
of th
e B
oard
sho
uld
refle
ct th
e be
nefit
s of
di
vers
ity a
s to
gen
der,
eth
nic
back
grou
nd a
nd e
xper
ienc
e.
The
Cor
pora
te G
over
nanc
e C
omm
ittee
ann
ually
rev
iew
s th
e co
mpo
sitio
n of
th
e B
oard
as
a w
hole
and
mak
es r
ecom
men
datio
ns, i
f dee
med
nec
essa
ry, t
o en
hanc
e th
e B
oard
in o
rder
to a
chie
ve w
hat i
t bel
ieve
s is
the
optim
al m
ix o
f ex
perie
nce,
exp
ertis
e, s
kills
, spe
cial
ized
kno
wle
dge,
div
ersi
ty a
nd o
ther
cr
iteria
.
Pr
oxy
filin
g pr
eced
ed
effe
ctiv
e da
te o
f new
SE
C d
iscl
osur
e ru
les.
Non
e N
o N
one
G
over
nmen
tal,
publ
ic p
olic
y or
reg
ulat
ory
expe
rienc
e
Lega
l exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rienc
e
Lead
ersh
ip r
oles
/exp
erie
nce
F
inan
ce a
nd a
ccou
ntin
g ex
perie
nce
M
anag
emen
t exp
ertis
e
Str
ateg
ic p
lann
ing
expe
rienc
e
Insu
ranc
e in
dust
ry e
xper
tise
C
orpo
rate
fina
nce
expe
rienc
e
Mer
gers
& a
cqui
sitio
ns e
xper
ienc
e
Priv
ate
equi
ty e
xper
ienc
e
Inve
stm
ent m
anag
emen
t exp
erie
nce
T
echn
olog
y ex
perie
nce
V
entu
re c
apita
l exp
erie
nce
E
xper
ienc
e in
the
deve
lopm
ent o
f em
ergi
ng b
usin
esse
s
Ope
ratio
ns e
xper
ienc
e
Inte
rnat
iona
l exp
erie
nce
No
[T]h
e B
oard
, bas
ed o
n th
e N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
’s
reco
mm
enda
tion,
sel
ects
nom
inee
s af
ter
cons
ider
ing
the
follo
win
g cr
iteria
. . .
di
vers
ity o
f vie
wpo
ints
, bac
kgro
und,
exp
erie
nce
and
othe
r de
mog
raph
ics.
A
s m
entio
ned
abov
e, th
e N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
and
the
Boa
rd in
clud
e di
vers
ity o
f “vi
ewpo
ints
, bac
kgro
und,
exp
erie
nce
and
othe
r de
mog
raph
ics”
as
one
of s
ever
al c
riter
ia th
at th
ey c
onsi
der
in c
onne
ctio
n w
ith
sele
ctin
g ca
ndid
ates
for
the
Boa
rd. W
hile
nei
ther
the
Boa
rd n
or th
e N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
has
a fo
rmal
div
ersi
ty p
olic
y, o
ne o
f m
any
fact
ors
that
the
Boa
rd a
nd th
e N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
ca
refu
lly c
onsi
ders
is th
e im
port
ance
to th
e C
ompa
ny o
f rac
ial a
nd g
ende
r di
vers
ity in
boa
rd c
ompo
sitio
n. M
oreo
ver,
whe
n co
nsid
erin
g di
rect
or
cand
idat
es, t
he N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
and
the
Boa
rd s
eek
indi
vidu
als
with
bac
kgro
unds
and
qua
litie
s th
at, w
hen
com
bine
d w
ith th
ose
of
our
incu
mbe
nt d
irect
ors,
enh
ance
the
Boa
rd’s
effe
ctiv
enes
s an
d, a
s re
quire
d by
the
Gov
erna
nce
Gui
delin
es, r
esul
t in
the
Boa
rd h
avin
g “a
bro
ad r
ange
of
skill
s, e
xper
tise,
indu
stry
kno
wle
dge,
div
ersi
ty o
f opi
nion
and
con
tact
s re
leva
nt to
the
Com
pany
’s b
usin
ess”
. As
part
of i
ts a
nnua
l sel
f-ev
alua
tion,
the
Boa
rd a
sses
ses
and
conf
irms
com
plia
nce
with
this
Gov
erna
nce
Gui
delin
e.
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
18 director notes board diversity and director qualifications www.conferenceboard.org
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
Prox
y fil
ing
prec
eded
ef
fect
ive
date
of n
ew
SEC
dis
clos
ure
rule
s
Le
ader
ship
rol
es/s
kills
Ope
ratin
g ex
perie
nce
In
tern
atio
nal e
xper
ienc
e
Aer
ospa
ce e
xper
ienc
e
Env
ironm
enta
l/sus
tain
abili
ty e
xper
ienc
e
Exe
cutiv
e co
mpe
nsat
ion
expe
rienc
e
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
Lega
l exp
erie
nce
F
inan
cial
and
acc
ount
ing
expe
rtis
e
Tec
hnol
ogy
expe
rienc
e
Out
side
boa
rd s
ervi
ce
C
orpo
rate
gov
erna
nce
expe
rienc
e
Ris
k m
anag
emen
t exp
erie
nce
C
onst
ruct
ion
expe
rienc
e
In
tegr
atio
n ex
perie
nce
Mili
tary
and
glo
bal s
ecur
ity e
xper
ienc
e
Exp
erie
nce
in a
cade
mia
Fin
anci
al m
arke
ts e
xper
ienc
e
No
The
Com
mitt
ee o
n N
omin
atio
ns a
nd G
over
nanc
e ha
s de
term
ined
that
ca
ndid
ates
for
the
Boa
rd s
houl
d ha
ve th
e fo
llow
ing
qual
ifica
tions
. . .
: th
e ab
ility
to c
ontr
ibut
e to
the
dive
rsity
of p
ersp
ectiv
es p
rese
nt in
boa
rd
delib
erat
ions
. W
hen
a B
oard
vac
ancy
aris
es, t
he C
omm
ittee
see
ks to
iden
tify
the
mos
t ca
pabl
e ca
ndid
ates
ava
ilabl
e w
ho m
eet t
he B
oard
’s c
riter
ia fo
r no
min
atio
n an
d w
ho w
ill b
e ab
le to
ser
ve th
e be
st in
tere
sts
of a
ll sh
areo
wne
rs. I
n vi
ew o
f th
e ge
ogra
phic
div
ersi
ty o
f UT
C’s
ope
ratio
ns a
nd it
s gl
obal
pro
file,
it is
cl
early
ben
efic
ial f
or th
e B
oard
to s
eek
cand
idat
es w
ho, i
n ad
ditio
n to
re
pres
entin
g th
e in
tere
sts
of s
hare
owne
rs in
gen
eral
, will
als
o co
ntrib
ute
to
the
dive
rsity
of p
ersp
ectiv
es p
rese
nt in
Boa
rd d
elib
erat
ions
. The
Com
mitt
ee
asse
sses
the
effe
ctiv
enes
s of
UT
C’s
nom
inat
ion
polic
ies
on a
n an
nual
bas
is,
as p
art o
f the
Boa
rd’s
eva
luat
ion
of it
s ef
fect
iven
ess
as a
gro
up. I
n th
e co
urse
of
this
per
form
ance
eva
luat
ion,
the
Boa
rd c
onsi
ders
whe
ther
the
Boa
rd’s
co
mpo
sitio
n re
flect
s an
app
ropr
iate
mix
of s
kills
, exp
erie
nce
and
dive
rsity
, in
rela
tion
to th
e ne
eds
of th
e C
ompa
ny.
Lead
ersh
ip r
oles
/exp
erie
nce
G
over
nmen
t and
pub
lic p
olic
y ex
perie
nce
P
rofe
ssio
nal s
ervi
ces
expe
rienc
e
Pub
lic in
tere
st e
xper
ienc
e
Fin
anci
al s
ervi
ces
expe
rienc
e
Man
ufac
turin
g ex
perie
nce
H
ospi
talit
y ex
perie
nce
H
ealth
car
e ex
perie
nce
T
elec
omm
unic
atio
ns e
xper
ienc
e
Tra
nspo
rtat
ion
and
logi
stic
s ex
perie
nce
C
onsu
mer
goo
ds e
xper
ienc
e
Inte
rnat
iona
l exp
erie
nce
S
trat
egic
pla
nnin
g ex
perie
nce
F
inan
ce a
nd a
ccou
ntin
g ex
perie
nce
O
pera
tions
exp
erie
nce
C
orpo
rate
gov
erna
nce
expe
rienc
e
Ris
k m
anag
emen
t exp
erie
nce
O
utsi
de b
oard
exp
erie
nce
T
echn
olog
y ex
perie
nce
No
In e
valu
atin
g ca
ndid
ates
, the
Cor
pora
te G
over
nanc
e an
d P
olic
y C
omm
ittee
co
nsid
ers
a w
ide
varie
ty o
f qua
lific
atio
ns, a
ttrib
utes
and
oth
er fa
ctor
s an
d re
cogn
izes
that
a d
iver
sity
of v
iew
poin
ts a
nd p
ract
ical
exp
erie
nces
can
en
hanc
e th
e ef
fect
iven
ess
of th
e B
oard
. Acc
ordi
ngly
, as
part
of i
ts e
valu
atio
n of
eac
h ca
ndid
ate,
the
Com
mitt
ee ta
kes
into
acc
ount
how
that
can
dida
te’s
ba
ckgr
ound
, exp
erie
nce,
qua
lific
atio
ns, a
ttrib
utes
and
ski
lls m
ay c
ompl
emen
t, su
pple
men
t or
dupl
icat
e th
ose
of o
ther
pro
spec
tive
cand
idat
es.
In a
sses
sing
the
appr
opria
te c
ompo
sitio
n of
the
Boa
rd, t
he C
orpo
rate
G
over
nanc
e an
d P
olic
y C
omm
ittee
als
o co
nsid
ers
othe
r fa
ctor
s th
at a
re
rele
vant
to th
e cu
rren
t nee
ds o
f the
Cor
pora
tion,
incl
udin
g th
ose
that
pro
mot
e di
vers
ity.
Gov
ernm
ent a
nd/o
r pu
blic
pol
icy
expe
rienc
e
Inve
stm
ent b
anki
ng e
xper
tise
Le
ader
ship
rol
es/e
xper
ienc
e
Ent
repr
eneu
rial e
xper
ienc
e
Tec
hnol
ogy
expe
rtis
e
Str
ateg
ic p
lann
ing
expe
rienc
e
Out
side
boa
rd s
ervi
ce
No
As
set f
orth
in o
ur c
ompa
ny’s
Cor
pora
te G
over
nanc
e G
uide
lines
, the
Boa
rd is
co
mm
itted
to a
div
erse
mem
bers
hip.
In s
elec
ting
nom
inee
s, th
e B
oard
doe
s no
t dis
crim
inat
e on
the
basi
s of
rac
e, c
olor
, nat
iona
l orig
in, g
ende
r, r
elig
ion,
di
sabi
lity,
or
sexu
al o
rient
atio
n.
As
prov
ided
in o
ur c
ompa
ny’s
Cor
pora
te G
over
nanc
e G
uide
lines
, the
Boa
rd
is c
omm
itted
to d
iver
sifie
d m
embe
rshi
p. T
he B
oard
will
not
dis
crim
inat
e on
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
director notes board diversity and director qualifications www.conferenceboard.org 19
* Doe
s no
t inc
lude
add
ition
al s
kills
, qua
lific
atio
ns o
r exp
erie
nces
that
may
be
expl
icit
or in
ferre
d ba
sed
on d
iscl
osur
e of
the
boar
d’s
qual
ifica
tions
as
a w
hole
, the
dire
ctor
s’ b
iogr
aphi
cal i
nfor
mat
ion
or o
ther
di
sclo
sure
. O
mis
sion
of a
ski
ll, q
ualif
icat
ion
or e
xper
ienc
e do
es n
ot m
ean
that
a c
ompa
ny’s
boa
rd m
embe
rs d
o no
t hav
e su
ch a
ttrib
utes
or t
hat t
he b
oard
did
not
con
side
r the
m.
Sum
mar
y of
Spe
cific
Exp
erie
nce,
Qua
lific
atio
ns, A
ttrib
utes
or S
kills
Cite
d as
C
onsi
dera
tion
in D
eter
min
ing
that
Per
son
Shou
ld S
erve
as
Dire
ctor
*
Doe
s C
ompa
ny
Dis
clos
e th
at it
has
a
Div
ersi
ty “
Polic
y”?
(Yes
/No)
D
iscl
osur
e R
egar
ding
Con
side
ratio
n of
Boa
rd D
iver
sity
co
ntin
ued
F
inan
cial
and
acc
ount
ing
expe
rienc
e
Ope
ratio
nal e
xper
ienc
e
Cor
pora
te fi
nanc
e ex
pert
ise
R
etai
l ind
ustr
y ex
pert
ise
In
tern
atio
nal e
xper
ienc
e
Mar
ketin
g an
d br
and
man
agem
ent e
xper
tise
C
orpo
rate
gov
erna
nce
expe
rtis
e
Inve
stm
ent e
xper
tise
Le
gal e
xper
ienc
e
Insi
de k
now
ledg
e of
com
pany
Non
-pro
fit e
xper
tise
the
basi
s of
rac
e, c
olor
, nat
iona
l orig
in, g
ende
r, s
exua
l orie
ntat
ion,
rel
igio
n, o
r di
sabi
lity
in s
elec
ting
nom
inee
s. D
iver
sity
and
incl
usio
n ar
e va
lues
em
bedd
ed in
to W
alm
art’s
cul
ture
and
fund
amen
tal t
o its
bus
ines
s. In
kee
ping
w
ith th
ose
valu
es, w
hen
asse
ssin
g a
cand
idat
e, th
e C
ompe
nsat
ion,
N
omin
atin
g an
d G
over
nanc
e C
omm
ittee
of t
he B
oard
con
side
rs th
e di
ffere
nt
view
poin
ts a
nd e
xper
ienc
es th
at a
can
dida
te c
ould
brin
g to
the
Boa
rd a
nd
how
thos
e vi
ewpo
ints
and
exp
erie
nces
cou
ld e
nhan
ce th
e B
oard
’s e
xecu
tion
of it
s re
spon
sibi
litie
s.
Pr
oxy
filin
g pr
eced
ed
effe
ctiv
e da
te o
f new
SE
C d
iscl
osur
e ru
les.
Non
e N
o T
he G
over
nanc
e an
d N
omin
atin
g C
omm
ittee
. . .
eva
luat
es p
rosp
ectiv
e [B
oard
] nom
inee
[s] a
gain
st th
e sp
ecifi
c cr
iteria
that
it h
as e
stab
lishe
d fo
r th
e po
sitio
n, a
s w
ell a
s th
e st
anda
rds
and
qual
ifica
tions
set
out
in th
e C
ompa
ny’s
C
orpo
rate
Gov
erna
nce
Gui
delin
es, i
nclu
ding
. . .
the
exte
nt to
whi
ch th
e pr
ospe
ctiv
e no
min
ee h
elps
the
Boa
rd r
efle
ct th
e di
vers
ity o
f the
Com
pany
’s
shar
ehol
ders
, em
ploy
ees,
cus
tom
ers
and
gues
ts a
nd th
e co
mm
uniti
es in
w
hich
it o
pera
tes.
Appe
ndix
1 c
ontin
ued
Surv
ey o
f Enh
ance
d D
irec
tor
and
Nom
inee
Dis
clos
ure
Copyright © 2010 by The Conference Board, Inc. All rights reserved. The Conference Board®, and the torch logo are registered trademarks of The Conference Board, Inc.
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About the AuthorsLouis L. Goldberg is a member of Davis Polk’s corporatedepartment, practicing in the mergers and acquisitionsgroup. His practice focuses on public and private mergersand acquisitions, private equity transactions, board andcorporate governance advice, joint ventures, spinoffs anddefensive assignments. Mr. Goldberg is recognized as aleading lawyer in several legal industry publications,including Chambers Global: The World’s Leading Lawyersfor Business. He is a magna cum laude graduate of theUniversity of Cape Town Faculty of Law and earned a LL.M.degree from the University of Cambridge.
Janice Brunner is an associate in Davis Polk’s capitalmarkets group. For the firm, she has published a number ofarticles on issues of corporate governance and securitiesregulation. Ms. Brunner is a graduate of the University ofPennsylvania Law School, where she served as editor ofthe Journal of International Economic Law.
About the Series DirectorMatteo Tonello is director, corporate governance research, atThe Conference Board in New York. For The Conference Board,Tonello has conducted governance and risk managementanalyses and research in collaboration with leading corporations,institutional investors, and professional firms. Also, he hasparticipated as a speaker and moderator in educational programson governance best practices. Recently, Tonello served asthe co-chair of The Conference Board’s Expert Committee onShareholder Activism and as a member of the Technical Ad-visory Group to The Conference Board Task Force on ExecutiveCompensation. Before joining The Conference Board, hepracticed corporate law at Davis Polk. Tonello is a graduateof Harvard Law School and the University of Bologna.
About Director NotesDirector Notes is a series of online publications in which The Conference Board engages experts from several disciplines of business leadership, including corporategovernance, risk oversight, and sustainability, in an opendialogue about topical issues of concern to membercompanies. The opinions expressed in this report arethose of the author(s) only and do not necessarily reflectthe views of The Conference Board. The Conference Boardmakes no representation as to the accuracy and com-pleteness of the content. This report is not intended toprovide legal advice with respect to any particular situation,and no legal or business decision should be based solelyon its content.
About The Conference BoardThe Conference Board is the world’s preeminent businessmembership and research organization. Best known forthe Consumer Confidence Index and the Leading EconomicIndicators, The Conference Board has, for over 90 years,equipped the world’s leading corporations with practicalknowledge through issues-oriented research and seniorexecutive peer-to-peer meetings.
20 director notes board diversity and director qualifications www.conferenceboard.org