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.

*Click on tables to expand

TSR as of September 30, 2016

TSR as of December 31, 2016

TSR as of March 31, 2017

TSR as of June 30, 2017

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, 2016 – Nov. 14, 2016 -60.00% -56.47%
Nov. 15, 2016 – Feb. 14, 2017 -58.14% -56.44%
Feb. 15, 2017 – May 14, 2017 -50.00% -56.32%
May 15, 2017 – Aug. 14, 2017 -51.38% -56.50%

For details on the late policy guidelines, please visit

ISS Policy Gateway

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