Industry Group US TSR Medians for Performance-Related Policy

The list below identifies the median one-year and three-year total shareholder returns1 (TSR) for each respective Global Industry Classification Standard (GICS®)2group as of the end of the most recent calendar quarter. This list is solely for informational purposes.

Company performance relative to industry medians is incorporated into ISS’ evaluation of shareholder proposals seeking an independent chair and for ISS’ evaluation of director performance. However, the TSR sector medians in our reports are updated monthly and align with the subject company’s fiscal year end.

AS OF SEP 30, 2019
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -43.32 -15.01 -16.83 30/09/2019
1510 Materials -11.94 3.87 3.47 30/09/2019
2010 Capital Goods -5.47 10.81 8.15 30/09/2019
2020 Commercial & Professional Services 3.16 13.84 11.48 30/09/2019
2030 Transportation -5.58 8.89 6.82 30/09/2019
2510 Automobiles & Components -11.15 0.5 -0.15 30/09/2019
2520 Consumer Durables & Apparel -5.77 7.15 5.7 30/09/2019
2530 Consumer Services -5.36 12.83 8.67 30/09/2019
2550 Retailing -15.01 1.52 0.44 30/09/2019
3010 Food & Staples Retailing -9.44 -2.56 1.48 30/09/2019
3020 Food, Beverage & Tobacco -0.73 5.11 8.35 30/09/2019
3030 Household & Personal Products -0.85 0.87 10.69 30/09/2019
3510 Health Care Equipment & Services -9.46 13.37 15 30/09/2019
3520 Pharmaceuticals, Biotechnology & Life Sciences -23.79 -0.38 0.48 30/09/2019
4010 Banks -5.47 10.35 11.88 30/09/2019
4020 Diversified Financials -2.09 11.44 7.85 30/09/2019
4030 Insurance 7.53 12.89 13.17 30/09/2019
4510 Software & Services 7.06 18.51 16 30/09/2019
4520 Technology Hardware & Equipment -5.63 8.1 6.44 30/09/2019
4530 Semiconductors & Semiconductor Equipment 19.86 16.38 14.92 30/09/2019
5010 Telecommunication Services -18.07 0.8 3.42 30/09/2019
5020 Media & Entertainment -14.41 1.48 2.1 30/09/2019
5510 Utilities 23.81 15.63 15.51 30/09/2019
6010 Real Estate 10.93 7.37 8.47 30/09/2019
AS OF DEC 31, 2019
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -0.91 -14.42 -12.08 31/12/2019
1510 Materials 22.63 3.23 4.19 31/12/2019
2010 Capital Goods 33.65 11.97 9.06 31/12/2019
2020 Commercial & Professional Services 30.22 11.14 10.15 31/12/2019
2030 Transportation 24.3 7.31 4.18 31/12/2019
2510 Automobiles & Components 18.56 0.84 4.32 31/12/2019
2520 Consumer Durables & Apparel 31.97 4.71 4.7 31/12/2019
2530 Consumer Services 20.8 10.85 8.83 31/12/2019
2550 Retailing 12.4 1.73 0.63 31/12/2019
3010 Food & Staples Retailing 9.21 -3.72 -0.66 31/12/2019
3020 Food, Beverage & Tobacco 22.41 2.63 6.67 31/12/2019
3030 Household & Personal Products 11.14 5.36 7.88 31/12/2019
3510 Health Care Equipment & Services 22.17 18.89 13.5 31/12/2019
3520 Pharmaceuticals, Biotechnology & Life Sciences 13.58 9.26 0.5 31/12/2019
4010 Banks 23.99 4.11 12.12 31/12/2019
4020 Diversified Financials 25.89 9.97 7.39 31/12/2019
4030 Insurance 18.58 8.12 10.86 31/12/2019
4510 Software & Services 31.38 21.5 15.15 31/12/2019
4520 Technology Hardware & Equipment 29.38 10.13 7.92 31/12/2019
4530 Semiconductors & Semiconductor Equipment 63.23 20.33 15.59 31/12/2019
5010 Telecommunication Services -5.24 -2.73 -1.88 31/12/2019
5020 Media & Entertainment 11.52 4.77 1.94 31/12/2019
5510 Utilities 25.1 14.09 11.64 31/12/2019
6010 Real Estate 26.13 6.9 6.69 31/12/2019
AS OF MAR 31, 2020
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -75.38 -40.7 -28.84 31/03/2020
1510 Materials -31.56 -14.25 -5 31/03/2020
2010 Capital Goods -22.59 -5.65 1.04 31/03/2020
2020 Commercial & Professional Services -32.44 -8.59 -3.29 31/03/2020
2030 Transportation -31.07 -8.24 -7.85 31/03/2020
2510 Automobiles & Components -38 -19.24 -9.07 31/03/2020
2520 Consumer Durables & Apparel -36.1 -15.13 -7.39 31/03/2020
2530 Consumer Services -44.74 -12.34 -5.91 31/03/2020
2550 Retailing -48.18 -12.78 -11.76 31/03/2020
3010 Food & Staples Retailing -9.67 -7.01 -8.31 31/03/2020
3020 Food, Beverage & Tobacco -11.94 -2.49 3.78 31/03/2020
3030 Household & Personal Products -27.92 -0.85 6.4 31/03/2020
3510 Health Care Equipment & Services -15.95 4.05 5.19 31/03/2020
3520 Pharmaceuticals, Biotechnology & Life Sciences -27.67 -5.47 -6.5 31/03/2020
4010 Banks -26.67 -10.26 1.98 31/03/2020
4020 Diversified Financials -30.67 -7.93 -4.03 31/03/2020
4030 Insurance -19.07 -4.03 2.31 31/03/2020
4510 Software & Services -16.18 12.48 8.72 31/03/2020
4520 Technology Hardware & Equipment -23.47 -3.57 0.71 31/03/2020
4530 Semiconductors & Semiconductor Equipment 2.91 5.27 9.81 31/03/2020
5010 Telecommunication Services -16.91 -6.33 -3.67 31/03/2020
5020 Media & Entertainment -32.44 -10.31 -8.73 31/03/2020
5510 Utilities -4.09 6.61 8.56 31/03/2020
6010 Real Estate -28.57 -7.15 -2.86 31/03/2020
AS OF JUN 30, 2020
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -56.76 -27.56 -22.77 30/06/2020
1510 Materials -14.33 -6.27 -0.32 30/06/2020
2010 Capital Goods -12.3 0.84 5.54 30/06/2020
2020 Commercial & Professional Services -15.82 -1.45 1.29 30/06/2020
2030 Transportation -16 -3.99 -4.85 30/06/2020
2510 Automobiles & Components -21.62 -6.98 -2.66 30/06/2020
2520 Consumer Durables & Apparel -4.98 -1.1 -2.09 30/06/2020
2530 Consumer Services -29.4 -7.3 -0.65 30/06/2020
2550 Retailing -9.86 -0.55 -3.12 30/06/2020
3010 Food & Staples Retailing 15.78 3.82 -1.05 30/06/2020
3020 Food, Beverage & Tobacco -2.15 0.45 4.37 30/06/2020
3030 Household & Personal Products 5.06 4.02 9.23 30/06/2020
3510 Health Care Equipment & Services -6.75 6.54 8.68 30/06/2020
3520 Pharmaceuticals, Biotechnology & Life Sciences 2.38 6.34 -4 30/06/2020
4010 Banks -26.64 -8.42 2.11 30/06/2020
4020 Diversified Financials -16.05 -0.98 0.98 30/06/2020
4030 Insurance -20.19 -4.37 3.1 30/06/2020
4510 Software & Services -0.01 17.6 13.19 30/06/2020
4520 Technology Hardware & Equipment -6.75 0.36 6.81 30/06/2020
4530 Semiconductors & Semiconductor Equipment 27.08 13.12 17.05 30/06/2020
5010 Telecommunication Services -8.94 -7.6 -4.91 30/06/2020
5020 Media & Entertainment -22.85 -6.52 -4.14 30/06/2020
5510 Utilities -10.92 4.32 8.78 30/06/2020
6010 Real Estate -19.29 -4.2 1.75 30/06/2020

1ISS utilizes S&P’s Compustat database for TSR calculated values. The Total Return concepts are annualized rates of return reflecting price appreciation plus reinvestment of dividends (calculated monthly) and the compounding effect of dividends paid on reinvested dividends.

2GICS® is a registered servicemark of MSCI Inc. and Standard & Poors.

Bottom 10% of the U.S. Market
Capital Authorization Policy

A reduced allowable increase in capital authorizations applies for companies in the bottom 10% the U.S. Market. The universe used for the “U.S. market” is the $C set in Standard & Poor’s Research Insight product. To calculate these thresholds, any companies that do not have both one- and three-year TSRs are removed.

Most Recent Fiscal Year End One-Year TSR Three-Year TSR
Aug. 15, 2019 – Nov. 14, 2019 -72.70% -51.86%
Nov. 15, 2019 – Feb. 14, 2020 -67.23% -53.37%
Feb. 15, 2020 – May 14, 2020 -77.43% -53.58%
May 15, 2020 – Aug. 14, 2020 -66.06% -47.39%

For details on the latest policy guidelines, please visit

ISS Policy Gateway

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