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 DEC 31, 2018
GICs Industry Group MedianOneYrGICS MedianThreeYrGICS MedianFiveYrGICS currentDate
1010 Energy -28.25 -9.13 -16.86 31/12/2018
1510 Materials -23.16 7.66 -0.08 31/12/2018
2010 Capital Goods -16.69 10.45 3.31 31/12/2018
2020 Commercial & Professional Services -4.04 8.42 4.69 31/12/2018
2030 Transportation -18.98 4.01 5.66 31/12/2018
2510 Automobiles & Components -30.48 -3.48 3.28 31/12/2018
2520 Consumer Durables & Apparel -29.3 -0.34 0.08 31/12/2018
2530 Consumer Services -9.4 7.88 6.83 31/12/2018
2550 Retailing -7.95 1.29 -1.2 31/12/2018
3010 Food & Staples Retailing -2.51 -4.02 0.67 31/12/2018
3020 Food, Beverage & Tobacco -12.99 2.14 4.15 31/12/2018
3030 Household & Personal Products 0.63 9 5.84 31/12/2018
3510 Health Care Equipment & Services 7.91 13.67 11.69 31/12/2018
3520 Pharmaceuticals, Biotechnology & Life Sciences -18.99 -6.64 -0.71 31/12/2018
4010 Banks -14.59 9.64 8.75 31/12/2018
4020 Diversified Financials -11.05 8.88 5.23 31/12/2018
4030 Insurance -0.82 8.5 7.91 31/12/2018
4510 Software & Services 7.99 12.43 8.86 31/12/2018
4520 Technology Hardware & Equipment -11.15 8.55 4.61 31/12/2018
4530 Semiconductors & Semiconductor Equipment -16.32 13.62 11.03 31/12/2018
5010 Telecommunication Services 0.16 8.39 4.44 31/12/2018
5020 Media & Entertainment -6.23 4.32 1.06 31/12/2018
5510 Utilities 4.3 13.48 12.32 31/12/2018
6010 Real Estate -9.43 4.25 6.09 31/12/2018
AS OF MAR 31, 2019
GICS Industry Group MedianOneYrTSR MedianThreeYrTSR MedianFiveYrTSR CurrentDate
1010 Energy -15.9 -1.59 -13.66 31/03/2019
1510 Materials -9.42 9.54 2.03 31/03/2019
2010 Capital Goods -1.85 12.63 5.64 31/03/2019
2020 Commercial & Professional Services 6.52 12.23 7.41 31/03/2019
2030 Transportation -5.5 7.32 7.38 31/03/2019
2510 Automobiles & Components -16.16 1.47 2.1 31/03/2019
2520 Consumer Durables & Apparel -9.5 3.8 2.43 31/03/2019
2530 Consumer Services -1.09 12.7 8.24 31/03/2019
2550 Retailing 2.77 4.07 -0.77 31/03/2019
3010 Food & Staples Retailing 2.03 -7.17 1.13 31/03/2019
3020 Food, Beverage & Tobacco -1.89 6.31 6.35 31/03/2019
3030 Household & Personal Products -2.1 8.12 8.7 31/03/2019
3510 Health Care Equipment & Services 14.93 19.24 12.43 31/03/2019
3520 Pharmaceuticals, Biotechnology & Life Sciences -9.57 6.71 0.61 31/03/2019
4010 Banks -9.51 13.48 9.67 31/03/2019
4020 Diversified Financials -1.41 13.73 7.36 31/03/2019
4030 Insurance 1.14 11.26 9.59 31/03/2019
4510 Software & Services 20.23 21.28 14.19 31/03/2019
4520 Technology Hardware & Equipment 3.95 11.51 5.36 31/03/2019
4530 Semiconductors & Semiconductor Equipment -7.64 21.56 14.33 31/03/2019
5010 Telecommunication Services -4.38 0.79 -0.21 31/03/2019
5020 Media & Entertainment 7.06 10.03 4.44 31/03/2019
5510 Utilities 21.83 11.96 13.53 31/03/2019
6010 Real Estate 14.2 7.41 8.28 31/03/2019
AS OF JUN 30, 2019
GICS Industry Group MedianOneYrTSR MedianThreeYrTSR MedianFiveYrTSR CurrentDate
1010 Energy -35.13 -8.2 -17.8 30/06/2019
1510 Materials -11.14 6.25 2.02 30/06/2019
2010 Capital Goods 1.63 15.4 6.58 30/06/2019
2020 Commercial & Professional Services 3.26 13.15 9.36 30/06/2019
2030 Transportation -0.5 8.95 5.46 30/06/2019
2510 Automobiles & Components -10.76 3.21 -1.21 30/06/2019
2520 Consumer Durables & Apparel -10.67 7.43 3.65 30/06/2019
2530 Consumer Services -1.61 14.56 8.05 30/06/2019
2550 Retailing -17.25 1.68 -2.65 30/06/2019
3010 Food & Staples Retailing -6.53 -6.46 -1.92 30/06/2019
3020 Food, Beverage & Tobacco 1.64 5.26 5.45 30/06/2019
3030 Household & Personal Products -0.59 3.29 7.87 30/06/2019
3510 Health Care Equipment & Services -1.45 14.62 13.21 30/06/2019
3520 Pharmaceuticals, Biotechnology & Life Sciences -19.76 5.91 0.74 30/06/2019
4010 Banks -9.82 13.28 10.88 30/06/2019
4020 Diversified Financials -0.83 15.1 8.19 30/06/2019
4030 Insurance 11.17 13.16 11.15 30/06/2019
4510 Software & Services 16.96 20.59 16.34 30/06/2019
4520 Technology Hardware & Equipment -0.16 12.18 5.52 30/06/2019
4530 Semiconductors & Semiconductor Equipment 3.82 20.35 12.94 30/06/2019
5010 Telecommunication Services 6.97 3.72 2.45 30/06/2019
5020 Media & Entertainment -8.22 7.15 2.96 30/06/2019
5510 Utilities 19.27 10.98 13.47 30/06/2019
6010 Real Estate 4.26 6.03 6.02 30/06/2019
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

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
Nov. 15, 2018 – Feb. 14, 2019 -69.71% -48.33%
Feb. 15, 2019 – May 14, 2019 -60.00% -41.81%
May 15, 2019 – Aug. 14, 2019 -64.91% -43.12%
Aug. 15, 2019 – Nov. 14, 2019 -72.70% -51.86%

For details on the latest policy guidelines, please visit

ISS Policy Gateway

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