Harvard Business Review

OCTOBER 3, 2011

We found that investors voted "no" on Say on Pay for four primary reasons: A disconnect between pay and performance (92 percent), with performance generally defined as relative and absolute Total Shareholder Return (TSR) over one, three, and five years; or financial performance, such as revenue and earnings growth, over multi-year timeframes.

TSR 9

TSR White Paper Long-term Short-term 9

CO2

APRIL 1, 2022

Generation Z , which includes anyone born between 1997 and 2012, influences your business more each day as the generation enters the workforce and its purchasing power increases. greater annualized total shareholder return (TSR) 7.7% For example, they preferred brands that shared their values and treated employees well.

Mission Statement 78

Mission Statement Leadership Organization Core Competence 78

CO2

APRIL 1, 2022

Generation Z , which includes anyone born between 1997 and 2012, influences your business more each day as the generation enters the workforce and its purchasing power increases. greater annualized total shareholder return (TSR). For example, they preferred brands that shared their values and treated employees well.

Mission Statement 78

Mission Statement Leadership Organization Core Competence 78

Harvard Business Review

APRIL 30, 2013

Between 2002 and 2012, the shareholder return of the average airline company rose an uninspiring 5.6% It was just lousy timing if you happened to be in one of these industries, which were all in the bottom quartile of total shareholder returns (share price change plus dividends paid) in the 10 years through 2012. Perhaps by a lot.

TSR 8

TSR Industry Company Airlines 8

Harvard Business Review

MAY 25, 2017

” In 2012 the Commonwealth Bank restructured its evaluation system so that 75% of CEO incentives came from the bank’s total shareholder return (TSR), relative to a set peer group, and 25% from customer-satisfaction results, benchmarked against another peer group. ” Now a full 50% of the assessment was subjective.

TSR 8

TSR Banking Committee Incentives 8

Harvard Business Review

OCTOBER 3, 2012

The results are staggering: same-store sales are up 55% from the first half of 2011 to the same period in 2012. The findings revealed that a group of companies emerged with higher total shareholder return (TSR) than their peers post-recession. Several companies came out of the recession stronger than they were when it started.

TSR 15

TSR Apparel Consultative Uncertainty 15

Harvard Business Review

OCTOBER 3, 2012

The results are staggering: same-store sales are up 55% from the first half of 2011 to the same period in 2012. The findings revealed that a group of companies emerged with higher total shareholder return (TSR) than their peers post-recession. Several companies came out of the recession stronger than they were when it started.

TSR 8

TSR Apparel Consultative Uncertainty 8