Examining The Cracks In The Ceiling

Examining thE CraCks
in thE CEiling:
a survey of Corporate
Diversity Practices of
the s&P 100
October 2010

NFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% S
EAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% ARE
ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% CRGN +0.02 +2.67% WXH
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03
NFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04%
36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.1
GDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.0
APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE
HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% 
04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% 
23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98%
23% DFZ +0.17 +3.05% ///////////////////////////////////////////////////////// CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10
65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4
52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85%
31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.
UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% /APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75%
86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68%
20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03
-82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53%
16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% ///////////////////////////////////////////////////////// CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.3
05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.2
07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.5
83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00%
AST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% //////APSG -0.03 -1.00% A
00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60
10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39
39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40%
05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
////////////////////////////////////////////////////// CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0
FT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% 
35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.
HC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20
05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.0
NSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KO
91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82
01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16
19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TO
WER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% ///////////////////////////// APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.5
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0
09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.6
ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% CRGN +0.02 +2.67% WX
23% DFZ +0.17 +3.05% /CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% 
84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01
HMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04
46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% V
WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% / APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% 
54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91
18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.0
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +
01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22
15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch 
85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02
04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +
Table of Contents
DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -
SB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM
.
NWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
Foreword.......................................................................................................... 1 concluSion.and.next.StePS................................................................17
HB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% ////////////////////////////////////////////////////// CRGN +0.02 +2.67% WXH +0.15 +1.61% AH
ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.
PAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND............ 19 RGDX -0.15 -1
executive.Summary....................................................................................3 calvert’S.gender-related.advocacy.and.actionS. +0.15 +4.17%
ch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% 
examining.the.10.key.indicatorS......................................................6 aPPendix.a:.S&P.100.comPany.ratingS.(alPhaBetical)...... 20
05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
1... equal.employment.opportunity.(eeo).Policy.................. 7
67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% P
aPPendix.B:.S&P.100.comPany.ratingS.(By.Score)..................21
CLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch
04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25...................................................8 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03
2.. internal.diversity.initiatives. unch HIFN +0.01 +0.26% INHX 0.24
15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18
73% 3.. external.diversity.initiatives...................................................9 aPPendix.c:.model.Board.diverSity.PolicieS..
4.. Scope.of.initiatives.................................................................... 10 and.Proxy.diScloSureS.......................................................................... 22
5.. Family-Friendly.Benefits..........................................................11
aBout.the.authorS................................................................................. 23
6.. eeo-1.disclosure......................................................................... 12
7.. highest.Paid.executives.......................................................... 13 aBout.calvert............................................................................................. 24
8.. Board.representation.............................................................. 14
9.. director.Selection.criteria..................................................... 15
10.. overall.corporate.commitment........................................ 16
.

EXAMINING THE CRACKS IN THE CEILING: A SURVEY OF CORPORATE DIVERSITY PRACTICES OF THE S&P 100—OCTOBER 2010
1

Foreword
39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07%BarBara -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40%
TIVO -0.35 J. krumsiEk
President,CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0
////////////////////////////////////////////////////// CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch
Chief Executive Officer and
Chair of Calvert Group, Ltd.
earlier.this.year,.an.unprecedented.mile-
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLSfair employer and -2.78% SNFCA -0.29 -14.26%risks associated with +3.92% VSCP +0.0
-0.06 -3.64% SCLN -0.03 reducing the costly SPAN +0.07 +0.85% TIII +0.02
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDXand -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TO
discrimination, harassment, -0.15 litigation.
stone.was.set—for.the.first.time,.women.

outnumbered.men.on.the.nation’s.payrolls. .
09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 1 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.6
Consider a recent McKinsey study3 that finds companies
while.this.majority.status.continues.to.
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFTin senior MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03
with three or more women -0.15 -0.84% management positions
36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24%criteria -0.28% RAND +0.1
shift.between.men.and.women,.the.long- score more highly on nine organizational excellence PW -0.03
APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% Goldman Sachs’ -0.13 -0.78% HBE
than companies with no women at the top. EXTR -0.17 -13.82% FORR
term.trend.clearly.signals.the.importance.of.
research4 demonstrates that closing the gap between male
women.in.the.workplace.and.underscores.
and female employment rates could potentially increase
the.growing.case.for.diversity..as.a.result,.
84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIIIU.S. GDP by as +0.09 +9.09% 9% and Eurozone GDP by 13%.
+0.02 +3.92% VSCP much as AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01
46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 These are just two examples of a growing business +0.44% for
-5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 case UNFY -0.20 -10.00% V
we.are.once.again.compelled.to.assess.
gender equality and diversity that have many prominent
whether.companies.are.adequately.pre-
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03%leveraging their positions to promote
institutional investors AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
pared.to.deal.with.this.new.reality..
01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% representation of women and TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22
greater SNFCA -0.29 -14.26% SPAN +0.07 +0.85% minorities on company
85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% a growing TAST -0.17 -5.82% TCX 0.36 unch paying unch TWER +0.02
boards, leading to SSE 5.75 unch group of policy makers TOFC 4.75
increased attention to corporate diversity.
Calvert recognizes that-5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
NWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77
corporate diversity is a key ingredient
to succeed in an increasingly complex global marketplace, In this second edition of Examining the Cracks in the Ceiling,
PAN +0.07 +0.85% where the ability to draw on a wide range of viewpoints, AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76%  Calvert continues to evaluate if and how well corporations
DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -1
ch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unchexperience is critical to a company’s-0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% and +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% 
backgrounds, skills, and TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY themselves are understanding ACFN managing the risks and
10% HTS -0.07 -0.32% INFI -0.09 an investor, Calvert views diversity as both a KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXXthis -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39
success. As -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20%
2
opportunities diversity offers. In 2008, -0.23 report analyzed
05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19the diversity practices of all -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
social and strategic business and investment imperative. -2.62% CBZ -0.37 -5.60% CGNX -0.40 companies whose securities
CLN -0.03 -2.78% SNFCA -0.29 -14.26% numerous research studies confirm, thatAIRT -0.22 -3.67% held -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch
We believe, and SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% were AMEN in the Calvert Social Index®. This year, we
04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03
15 +4.17% RGDXappropriate diversity policies, comprehensive diversity TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 in the Standard
-0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch narrowed the universe to the companies -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18
73%
programs, and strong leadership commitment enhance a & Poor’s 100 Index (S&P 100), while retaining our in-depth
company’s long-term value by building its reputation as a methodology which addresses diversity policies, programs,
and performance metrics; identifies leaders and laggards;
and provides companies a road map to identify gaps in their
own internal practices.
1. U.S. Bureau of Labor Statistics, February 2010 Report.
2. Calvert’s consideration of diversity includes, but is not limited to, nondiscrimination
and equal opportunity concerning recruitment, hiring, pay, promotion, training, and
tenure without regard to race, gender, age, religion, national origin, ethnicity, sexual 3. McKinsey & Co report Women Matter 3, September 2009
orientation, gender identity and expression, HIV/AIDS status, medical status, and 4. Goldman Sachs Global Economics Paper No: 164 (Women Hold Up Half the Sky),
mental and physical ability. March 2008

2 EXAMINING THE CRACKS IN THE CEILING: A SURVEY OF CORPORATE DIVERSITY PRACTICES OF THE S&P 100—OCTOBER 2010

Our survey reveals a substantial commitment to workplace business case for diversity in the boardroom and executive
equality, especially as it relates to the establishment of suite, the number of women and minority board members
diversity policies and programs. Not a single company scored and executives has remained essentially flat over the past
zero in this year’s ratings. Yet the conclusions we are unable several years, demonstrating a clear disconnect between
to draw are equally telling. Lack of disclosure regarding diversity initiatives and outcomes.
workforce demographics and other concrete performance
metrics affects our ability to determine the full impact of We hope this survey of diversity practices will stimulate
these diversity initiatives. Increased demographic data would discussion, catalyze action, and become an instrument for
enhance our analysis regarding whether and how women measuring and managing how well women and minorities
and minorities are advancing in the workplace. Detailed are faring in the corporate workplace. We appreciate those
performance metrics would also deepen our identification of companies who are currently making efforts to identify,
areas of strength and opportunity. Take for example, board evaluate, and communicate diversity practices in an honest
and executive diversity, two areas where we are able to and transparent manner, and believe efforts towards more
capture representation data: the results show women and comprehensive practices and more sophisticated disclosure
minorities have a long way to go in reaching parity. Despite will pay off in both the workplace and marketplace.
an increase in research studies demonstrating a sound

3

Executive Summary
calvert’s.survey.of.the.corporate.diversity. effectiveness of instituted policies and programs. In
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TASTdata—
fact, 37% of companies still disclose no EEO-1 -0.17 -5.82% TCX 0.36 unch TO
practices.of.the.companies.in.the.S&P.
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 is critical to demonstrating -1.10% HTS -0.07 -0
demographic data that -0.75% HMSY +0.19 +0.60% HTGC -0.04
100.index.(S&P.100).reveals.that.while.
EAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIREand -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% ARE
how successfully women -0.38 minorities are advancing
the.majority.of.these.large-capitalization.
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10a company’s -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03
throughout -4.69% LFT -0.15 ranks and evaluating the
36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 of diversity initiatives.
companies.have.progressed.in.developing. effectiveness -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.1
diversity.strategies,.a.lack.of.detailed.
> Due to inconsistent disclosure among companies, we
disclosure.and.a.gap.between.strategies.and.
23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHBunable toBKMU -0.19number of additional data -4.02% CLRT -0.05 -2.98%
are -0.98 -5.16% factor a -2.62% CBZ -0.37 -5.60% CGNX -0.40
performance.remain..
84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15been AWH -0.52 -1.55% BITI +0.01
points into our ratings that would have -4.76% helpful
46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC the unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% V
in assessing 4.75 effectiveness of diversity initiatives.
54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% These factors include -5.39% ITWO -0.12 -1.68%women in
INFI -0.09 -1.13% INSU -0.68 the percentage of  JOSB +0.85 +4.20% KOPN -0.03 -1.91
77 -5.07% TIVO -0.35evaluating the diversity -0.38 -2.23% of the S&P 100, we -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
In -5.38% TTEC -0.04 -0.46% WIRE practices ACTG -0.26 -10.40% ALNC management training programs, the proportion of
considered -0.10indicators, including: EEO policy, internal -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22
01 -0.10% FLL 0.09 -8.65% KSW 10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 total supplier spending dedicated to women and
85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC external OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02
diversity initiatives, -0.07 -4.46% diversity initiatives, scope of minority-owned businesses, and the extent to which
diversity initiatives, family-friendly -13.82% FORREEO-1 disclosure, -0.75% HMSY +0.19 +0.60% training-1.10% HTS -0.07Instead, our ratings INSU -0.68 -5.39% ITWO -
DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17
benefits, -0.13 -0.78% HBE -0.05 diversity HTGC -0.04 is required. -0.32% INFI -0.09 -1.13% 
highest-paid executives, board diversity, director selection remain focused on the more basic programmatic
HB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% ////////////////////////////////////////////////////// CRGN various WXH +0.15 +1.61% AH
criteria, and CVV -0.16 -6.37% CYAN +0.00 +0.01% EWSTOur -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% than+0.82 +12.85% PRLSthe +0.02 +2.67% -0.03 -2.78% SNFCA -0.
overall corporate commitment. -0.01 analysis elements, rather MVC the quality of -0.06 -3.64% SCLN
ALDA -0.05 -0.95% CSLR 5.00 unch          
PAN +0.07 +0.85% reveals the following key findings:
TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITIinitiatives. We have,+21.97% CKX analyzed CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
+0.01 +0.35% CHMP +0.33 however, 11.01 unch additional data
ch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII where available, and expect +0.09 +4.18% AFOP -0.01 these APSG -0.03 -1.00% 
-0.05 -1.01% WVFC -0.01 -0.06% ACFN to factor many of -1.73% 
10% HTS -0.07 -0.32% INFI -0.09 -1.13% means no accountability. Despite the
■ No disclosure INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% company ratings in future reports. -3.04% QCOR -0.12 -2.39
elements into LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20
advancement of S&P 100 companies on sustainability
CLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% for improved VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35%newly +0.33 +21.97% CKX 11.01 unch
reporting, additional room TIII +0.02 +3.92% diversity ■ The C-suite is still hard to reach. Thanks to CHMP required
disclosure remains. TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unchinTWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00%heard from aWVFC -0.01 of ACFN +0.09 +4.18
15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch  Enhanced disclosure could come  board diversity disclosures, we VII -0.05 -1.01% number -0.06%
73%
a variety of forms, including detailed information on companies regarding the importance of diversity in the
employee demographics and disaggregated data on boardroom. While we welcome the increased attention,
participation rates in workplace programs. we remain disheartened by the glacial pace at which
women and minorities are reaching the upper echelons
> Overall disclosure of diversity policies and programs of power. In fact, as the pipeline for corporate directors
is strong, as most companies openly discuss the continues to be dominated by those in the executive suite,
existence of policies and programs to advance our findings with respect to executive diversity indicate
women and minorities. Unfortunately, the majority that board diversity is unlikely to significantly increase
of companies are not transparent about the in the near future. Of the 100 CEOs represented, 92 are


Caucasian males. While women make up approximately mEthoDology
18% of director positions within the S&P 100, they
represent only 8.4% of the highest paid positions within We base our analysis and research on a number of
the same group of companies, positions that provide the public sources, including: company websites, SEC filings,
opportunities to develop the expertise and networks sustainability reports, and direct feedback from companies.
needed for future board-level appointments. We also use third-party sources such as Diversity Inc.,
Working Mother, and the Human Rights Campaign
■ Integration and innovation abound. Companies Foundation’s Corporate Equality Index. The intention of our
are moving towards fully integrating their diversity ratings is to present a company’s diversity performance as a
commitments throughout their organizations. We snapshot in time (June to August 2010). Our reliance on public
found 30% of companies include some oversight of disclosure of diversity practices prevents us from conveying
diversity issues at the board level and 34% of companies every nuance of a company’s particular approach to diversity,
include diversity measures within their compensation and our ratings should be reviewed with that in mind. After
plans. A number of companies have also expanded our initial research phase, we contacted all 100 companies
employee resource groups beyond focusing solely on one to provide them an opportunity to review our findings and
traditionally underrepresented group to being inclusive of update our research as needed. Of the 100 companies, 43
broader demographics thereby reaching new markets for responded with updates or verification, greatly increasing
both recruitment and business opportunities. the accuracy of our data and underscoring that top diversity
companies see their diversity ratings as a key strength and a
■ Corporate commitment remains the “X” factor. On competitive advantage.
average companies earning a perfect 10 in corporate
commitment also outperformed their peers on eight of the
nine other indicators. This remains a leading indicator of
performance and solidifies the importance of a dedication
to diversity from the very top of a company—the board of
directors and CEO.

While women make up approximately 18% of director positions
within the s&P 100, they represent only 8.4% of the highest paid
positions within the same group of companies, positions that
provide the opportunities to develop the expertise and networks
needed for future board-level appointments.

EXAMINING THE CRACKS IN THE CEILING: A SURVEY OF CORPORATE DIVERSITY PRACTICES OF THE S&P 100—OCTOBER 2010 5

How We Rate Companies separate points into an overall diversity rating. While we
maintained the same 10 indicators from our 2008 report,
Beginning in June 2010, we worked on updating the we did slightly adjust the grading scale as appropriate
diversity profiles of each of the S&P 100 companies. In for this benchmark of large cap companies. Finally, we
order to provide useful analysis based on our research, analyzed additional data points not currently factored
we assigned points to a company’s performance in each into the ratings but helpful in assessing overall diversity
of the 10 diversity indicators. We then compiled these commitments.

PoINTs
DIversITy INDICaTors PossIble

EQUAL EMPLOYMENT OPPORTUNITY (EEO) POLIcY
INDICATOR

1 Includes Sexual Orientation ................................................................................................................................................................................................ 5
Includes Sexual Orientation AND Gender Identity and/or Expression ....................................................................................................................... 10

INTERNAL DIvERsITY INITIATIvEs
INDICATOR

2 One or two elements: mandatory training, leadership development, mentoring, or Employee Resource Group (ERG) programs ...................... 5
Three or four elements: mandatory training, leadership development, mentoring, or ERG programs................................................................. 10

ExTERNAL DIvERsITY INITIATIvEs
INDICATOR

3 Evidence of Recruitment/Outreach OR Supplier Diversity programs.......................................................................................................................... 5
Evidence of Recruitment/Outreach AND Supplier Diversity programs....................................................................................................................... 10

scOPE Of DIvERsITY INITIATIvEs
INDICATOR

4 Specific reference to 1 or 2 LGBT, Disability, Race/Ethnicity, AND/OR Gender programs ....................................................................................... 5
Specific reference to 3 or 4 LGBT, Disability, Race/Ethnicity, AND/OR Gender programs ...................................................................................... 10

fAMILY-fRIENDLY BENEfITs
INDICATOR

5 One or two elements: Flex-time, Adoption Assistance, Dependent Care or Domestic Partner benefits ............................................................... 5
Three or four elements: Flex-time, Adoption Assistance, Dependent Care or Domestic Partner benefits ............................................................ 10

EEO-1 DIscLOsURE
INDICATOR

6 Companies with partial EEO-1 disclosure .......................................................................................................................................................................... 5
Companies with full EEO-1 disclosure ................................................................................................................................................................................ 10

HIgHEsT PAID ExEcUTIvEs
INDICATOR

7 One Woman OR Minority in Five Highest Paid Executives ............................................................................................................................................ 5
Two or more Women AND/OR Minorities in Five Highest Paid Executives ............................................................................................................... 10

BOARD REPREsENTATION
INDICATOR

8 One or two Women OR Minorities on Board of Directors ............................................................................................................................................. 5
Three or four Women AND/OR Minorities on Board of Directors ................................................................................................................................ 10

DIREcTOR sELEcTION cRITERIA
INDICATOR

9 General diversity language .................................................................................................................................................................................................. 5
Race AND/OR gender-specific diversity language........................................................................................................................................................... 10

OvERALL cORPORATE cOMMITMENT
INDICATOR

10 External recognition of an overall corporate commitment to diversity ..................................................................................................................... 5
Robust overall commitment to diversity, both internally and externally .................................................................................................................. 10
TOTAL POssIBLE.............................................................................................................................................................................................100


Examining the 10 Key Indicators
a.majority.of.S&P.100.companies.scored.
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLSThe next SCLN -0.03of the report will take the reader onTIII +0.02 +3.92% VSCP +0.0
-0.06 -3.64% section -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% a
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% through each of the 10 indicators, defining its
journey RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TO
in.the.top.half.of.the.spectrum,.with.65.
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR purpose, explaining its importance,HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0
-0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% providing examples of
companies.scoring.at.or.above.70.points...
EAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07%  various corporate -0.46% WIRE -0.38 -2.23% and -0.26 -10.40% 
theTIVO -0.35 -5.38% TTEC -0.04initiatives in action,ACTG evaluating ALNC -0.69 -4.05% ARE
overall performance.
36% CNAF 15.51 unch  Five DIT +0.83 +3.76%scored atunchabove 95 and are considered +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.1
companies FFDF 11.25 or HIFN +0.01 +0.26% INHX 0.24 unch KIRK
diversity leaders. These include Chevron Corp, Citigroup Inc., Common themes will emerge, including those identified in
Coca-Cola Co., JPMorgan Chase &SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91the key findings, -82% SUPG +0.01 +0.63% TG -0.77 -5.07%importance TTEC -0.04 -0.46% 
04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% 
Co., and Sara Lee Corp. We -6.03% SNWL -0.29 -6.
as the report makes clear the TIVO -0.35 -5.38%
23% ACTG -0.26 -10.40% also identifiedAREX -0.22 -4.45% ARL30 or fewer points:
have ALNC -0.69 -4.05% six laggards with -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNXand -4.02% CLRT -0.05 -2.98%
of a comprehensive approach to corporate diversity -0.40
84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 EnergySNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIIIinclusion to employees, employers, consumers,-4.76% AWH -0.52 -1.55% BITI +0.01
Berkshire Hathaway, Devon -2.78%  Corp., Freeport-McMoRan +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 investors, and
Copper & Gold Inc., National Oilwell Varco Inc., Philip Morris In- other interested stakeholders.
ternational Inc., and Schlumberger Ltd. Please refer to Appen-
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNCratings. AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
dix A and Appendix B for a full breakdown of company -0.69 -4.05%
S&P 100 DIVERSITY RATINGS
20
PAN +0.07 +0.85% TIII 18 +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
16
14
Number of Companies

12
73%

8

6

4

2

0
0 5 10 15 20 25 30 35 40 45 50 55 60 65 70 75 80 85 90 95 100
Overall Score

INDICATOR

1 Equal Employment opportunity (EEo) Policy

74% of the S&P 100 s&P 100
PTs DIversITy raTINgs INDICaTor
ComPaNIes
support EEO
0 Includes neither sexual orientation nor gender identity and/or expression 3
policies inclusive of sexual
orientation and gender 5 Includes sexual orientation 23
identity and/or expression 10 Includes sexual orientation AND gender identity and/or expression 74

Employment discrimination based on an individual’s sexual ori- Calvert and its coalition partners continue to successfully
entation or gender identity is widespread in the United States engage companies to amend their EEO policies to explicitly
and other countries. No matter how qualified, individuals can address non-discrimination based on sexual orientation and
be denied job opportunities, fired, or otherwise discriminated gender identity and/or expression. In addition to addressing
against because of their actual, or even perceived, sexual orien- the issue at the corporate level, the group has been working
tation in 29 states and their gender identity in 38 states.5 to prompt change at the federal level through public support
of ENDA.
Fortunately for those investors, employees, and other
stakeholders concerned about workplace equality, Corporate
America continues to make great strides, despite the slow
pace of the federal government’s efforts. ENDA
the.employment.non-discrimination.act,.or.enda,.is.a.
A total of 97% of S&P 100 companies support EEO policies piece.of.bipartisan.federal.legislation.that.would.provide.
that explicitly address non-discrimination based on sexual ori- basic.protections.against.workplace.discrimination.on.the.
entation, while 74% support policies that further address non- basis.of.sexual.orientation.and.gender.identity...the.u.S..
discrimination based on gender identity and/or expression. house.of.representatives.successfully.passed.the.sexual.
orientation-only.version.of.enda.in.november.2007,.but.
neither.version.has.been.put.to.a.vote.in.the.Senate.
These companies understand that strong non-discrimination
policies can enhance a company’s long-term value, by calvert.strongly.supports.passage.of.a.fully.inclusive.
building its reputation as a fair and equitable employer and enda...Because.state.and.local.laws.differ.with.respect.to.
reducing the costly risks associated with discrimination, employment.discrimination,.calvert.believes.employees.
and.companies.would.benefit.from.a.consistent,.
harassment, and litigation.
nationwide.policy.to.enhance.efforts.to.prevent.
discrimination..at.least.34%.of.S&P.100.companies.have.
While not currently factored into the overall score for this
also.publicly.supported.enda.
indicator, 54% of rated companies scored 100 on the Human
as.a.member.of.the.Business.coalition.for.workplace.Fair-
Rights Campaign Foundation’s Corporate Equality Index,
ness,.calvert.sent.letters.to.both.the.Senate.committee.
demonstrating equitable treatment of LGBT employees in
on.health,.education,.labor.and.Pensions.and.the.house.
policies and practices. In the future, we expect these numbers
committee.on.education.and.labor.in.support.of.a.fully.
to increase, as companies move beyond best practice policies
inclusive.enda...we.also.joined.forces.with.other.institu-
to ensuring equity in benefits, training, and job opportunities. tional.investors.to.engage.companies.in.which.we.invest.on.
this.issue...in.response.to.our.engagement,.numerous.com-
panies.joined.the.Business.coalition.for.workplace.Fairness.
5. Human Rights Campaign, 2010. Statewide Employment Laws & Policies Map. Available and.wrote.their.own.congressional.letters.of.support...
at: http://www.hrc.org/documents/Employment_Laws_and_Policies.pdf.

INDICATOR

2 internal Diversity initiatives

96%
s&P 100
of S&P 100 PTs DIversITy raTINgs INDICaTor
ComPaNIes
companies 0 No evidence of internal initiatives 4
offer mandatory diversity
Evidence of one or two elements: mandatory training, leadership
training, leadership 5
development, mentoring, or ERG programs
12
development, mentoring
Evidence of three or four elements: mandatory training, leadership
and/or ERG programs 10 84
development, mentoring, or ERG programs

While implementing an inclusive EEO policy is an important overall reinforcement of the company’s commitment to
first step, offering diversity training and establishing internal diversity and inclusion.
diversity initiatives, such as mentoring and employee
resource group (ERG) programs, are just as critical. While the ratings for this indicator focus on the existence of
internal initiatives, as more companies disclose participation
Diversity training serves to ensure a company’s policies and and promotion rates, we hope to be able to rate the
overall commitment to an equitable workplace are clear and effectiveness of such initiatives. Currently 24% of companies
understood by all employees. Internal diversity initiatives provide data on the percentage of women in management
offer employees opportunities to gain leadership skills, build training; of those companies, the average participation rate
networks, and contribute strategically to company efforts, is 40%, with verizon leading the way with 79%. We welcome
all of which are needed to advance throughout a company’s this disclosure and encourage companies to consider
ranks and prepare for future executive and board-level sharing the promotional rate of initiative participants
appointments. to demonstrate if and how women and minorities are
advancing up the corporate ladder.
A total of 96% of rated companies support one or two
internal diversity initiatives, while 84% support three or Calvert believes internal diversity initiatives are crucial to
more, acknowledging that these initiatives not only benefit a company’s success in building and sustaining a fair and
employees, but also companies themselves through the early equitable working environment. A company dedicated to
identification of leaders, creative marketing and product diversity and inclusion must go beyond written policies by
development ideas, outreach to broader markets, and an taking concrete action to bring its policies to life.

INITIATIVES IN ACTION
American Express Co and Colgate-Palmolive Co.are.among.leading.companies.strategically.leveraging.ergs.for.recruitment.
and.retention,.talent.development,.and.multicultural.marketing.strategies.support...at.american.express,.54%.of.employees.
participate.in.one.or.more.of.its.14.ergs;.at.colgate-Palmolive,.58%.of.employees.participate.in.one.or.more.of.its.29.ergs.
Procter & Gamble Co.and.MetLife Inc.are.among.companies.supporting.robust.mentoring.programs..at.both.companies,.
managers.demonstrate.strong.involvement,.participating.at.56%.and.65%.respectively..
Baxter International Inc’s.Building Talent Edge.program,.focused.on.recruitment.and.development.strategies.in.its.asia.
Pacific.operations,.increased.women’s.representation.across.management.and.in.key.positions.from.31%.in.2004.to..
50%.in.2008.

INDICATOR

3 External Diversity initiatives

80% of S&P 100 s&P 100
ComPaNIes
companies
0 No evidence of external initiatives 7
offer recruitment/outreach
AND supplier diversity 5 Evidence of recruitment/outreach OR supplier diversity program 13
programs 10 Evidence of recruitment/outreach AND supplier diversity program 80

External diversity initiatives are also critical to a company’s hope to be able to assess the effectiveness of such initiatives.
success in building and sustaining a fair and equitable Currently, 29% of companies provide data on the percentage
working environment. A total of 80% of S&P100 companies of total spending dedicated to diverse suppliers; of these,
support both recruitment and outreach initiatives, as well mcDonald’s leads the way with 55% of its supplier spending
as supplier diversity programs, understanding that these allocated to minority- and women-owned businesses.
programs provide companies an opportunity to reach the We welcome this additional disclosure and encourage
broadest talent pool and build workforces reflective of the all companies to consider sharing more concrete metrics
communities in which they operate and the customer base demonstrating how these initiatives are contributing to
to which they market. stronger, more diverse organizations.

With the working-age population expected to decline to 57% Calvert views external diversity initiatives as a key
by mid-century,6 competition for the best and brightest talent component to overall success. In order for a company to be
will only increase. Coupling this pressure with the projection successful, it should seek diverse job candidates to mirror the
that the working-age population will be more than 55% increasingly diverse marketplace and benefit from greater
minority in the same timeframe7 adds an increased sense of creativity and innovation in the workplace.
urgency to establishing robust multicultural initiatives now.

Supplier diversity programs provide opportunities for com- INITIATIVES IN ACTION
panies to build and strengthen relationships with minor-
Merck & Co Inc/NJ.and.Morgan Stanley.are.among.
ity- and women-owned businesses, leverage the creativity
leading.companies.supporting.efforts.to.attract,.recruit,.
and innovation such companies bring to bear, and better align
and.retain.minorities.and.women,.providing.internships,.
products and services to an increasingly diverse customer scholarships,.and.fellowships.to.minority.students.
base. With the buying power of Hispanics, African-Americans, interested.in.entering.their.respective.fields...
Asians, and Native-Americans expected to exceed $3 trillion
PepsiCo Inc.supports.a.dedicated.female.talent.
by 2012, companies can ill afford to ignore these markets.8
development.division.in.the.middle.east.and.africa.to.
increase.its.recruitment.of.women.in.those.regions.
While the ratings for this indicator focus on the existence of
Johnson & Johnson.and.IBM.support.business.
external initiatives, as more companies disclose information
development.for.diverse.suppliers,.including.providing.
on recruitment rates and supplier diversity spending, we
scholarships.to.and.collaborating.with.business.schools.
and.executive.leadership.programs..iBm.collaborated.
with.the.world.Bank’s.international.Finance.corporation.
6. U.S. Census Bureau News, August 2008. An Older and More Diverse Nation by Midcentury.
7. Ibid. to.develop.a.toolkit.for.diverse.small.and.medium.
8. The Selig Center for Economic Growth at the University of Georgia, Terry College of enterprises.both.domestically.and.around.the.world.
Business, 2007. The Multicultural Economy.

INDICATOR

4 scope of Diversity initiatives

67% of S&P 100 s&P 100
ComPaNIes
companies
0 No reference to LGBT, disability, race/ethnicity, and/or gender 19
support employee resource
groups targeted to three or 5 Specific reference to 1 or 2 LGBT, disability, race/ethnicity, and/or gender 14
more groups 10 Specific reference to 3 or 4 LGBT, disability, race/ethnicity, and/or gender 67

The scope of initiatives reflects the breadth of companies’ Calvert believes employees should be recruited, hired,
internal and external diversity initiatives, such as mentoring promoted, and retained based on competency, not
programs, employee resource groups, and recruitment and chromosomes or the color of their skin. We want to see a
outreach programs, by identifying the extent to which level playing field, where merit and hard work—not bias
such programs are targeted at one or more traditionally and stereotype—are what count in hiring and advancement
underrepresented groups. opportunities, recognizing that companies committed
to diversity have a competitive advantage in employee
A total of 81% of rated companies support at least one recruitment and retention and are better able to anticipate
internal or external diversity initiative targeted at one or more and respond effectively to evolving consumer demand.
traditionally underrepresented groups, while 67% demonstrate
a much more robust breadth of programs, targeting three
or more diverse groups. The vast majority of companies (76) INITIATIVES IN ACTION
support initiatives focused on race, ethnicity, and gender, Cisco Systems Inc.is.known.for.its.commitment.to.gender..
while only slightly less (73) offer initiatives focused on LGBT its.gender.initiative.focuses.on.increasing.recruitment,.
employees. Disappointingly only 41 companies support retention,.and.career.opportunities.for.women.in.the.it.
initiatives specifically targeted at employees with disabilities. industry.through.a.number.of.related.programs..its.girls.
Interestingly, those companies with a wider scope of initiatives in.technology.initiative,.for.example,.seeks.to.increase.
the.number.of.girls.and.young.women.in.the.engineering.
perform better in eight of the nine other indicators, on average.
and.technology.fields,.providing.them.educational.
opportunities.and.dedicated.mentors....
While supporting diversity initiatives targeted at any one
of the traditionally underrepresented groups is important, Exxon Mobil Corp.is.known.for.its.commitment.to.
employing.nationals..in.russia,.for.example,.nationals.
Calvert believes it is crucial that a company’s commitment
comprise.nearly.85%.of.the.workforce..in.nigeria,.89%.of.
to such initiatives extends beyond one particular group,
the.company’s.workforce.is.nigerian,.including.76%.of.
particularly as a measure to improve recruitment and
senior.leadership.positions..with.over.60%.of.company.
retention. A recent Hay Group study9 estimates employee
employees.located.outside.the.united.States,.the.
turnover costs to equal 50 to 150% of salary—a very costly company’s.commitment.to.local.hiring.is.critical..
proposition. The same study also demonstrates organizations
IBM.is.known.for.its.commitment.to.recruiting..the.
that successfully engage and enable employees can realize
company.supports.three.internship.and/or.recruitment.
a 54% total reduction in voluntary turnover costs. These
programs—entry.Point,.Project.view,.Project.view.
findings demonstrate why employee engagement and Plus—targeted.at.women,.persons.with.disabilities;.
retention are identified by CEOs as critical issues. african-american,.hispanic/latino,.native-american,.
and.asian.college.students,.graduates;.and.experienced.
professionals.interested.in.pursuing.technology.careers...
9. Hay Group, Business Wire, July 15, 2010

INDICATOR

5 Family-friendly Benefits

93%
s&P 100
of S&P 100 ComPaNIes

companies 0 No family-friendly benefits 7
offer at least one family- 5 One or two family-friendly benefits 22
friendly benefit
10 Three or four family-friendly benefits 71

Family-friendly benefits and work-life balance have risen partner benefits—domestic partner benefits are the most
to the top of employees’ checklists as key criteria for both common, offered by 84 companies. Adoption assistance and
selecting and staying with an employer. With recruitment dependent care options are close behind, offered by 77 and
and retention of talented employees becoming evermore 72 companies respectively. Flexible working provisions, while
challenging, offering progressive benefits gains an even benefiting employees and in the case of telecommuting, the
greater importance. environment, are offered at 65 companies.

Calvert believes that companies offering family-friendly Family-friendly benefits have become an important element
benefits profit externally from a more positive public image, of companies’ strategies to address issues of work-life
and internally from factors such as increased recruitment and balance and recruitment and retention, as they become rising
retention of skilled workers, improved employee productivity workforce priorities. Companies should strive to eliminate
and morale, and improved quality of work-life balance that stigma or bias against those taking advantage of flexible work
leads to reduced absenteeism, turnover, and stress. arrangements, which are often seen as career stoppers, and
should publicize available work-life options to all employees.
A 2009 survey from the Center for Work-Life Policy highlights
the price that high-potential women (those with a graduate
degree or who graduated from college with honors) pay in INITIATIVES IN ACTION
taking time off from their careers: 73% of women trying to Capital One Financial Corp.offers.free.treatment.to.em-
return to the workforce had trouble finding a job, 22% were ployees’.family.members.(even.those.without.health.insur-
forced to step down to a lower job title, and 58% of women ance).through.on-site.health.centers.at.its.headquarters..
had to switch to a part-time, reduced time, or flex-time Chevron Corp.was.the.first.major.integrated.energy.com-
schedule to balance work and family obligations.10 Interest- pany.to.offer.domestic.partner.benefits.to.its.employees..
ingly 69% of women stated they would not have needed to Cisco Systems Inc.offers.full-time.childcare.to.400.kids.
take time off if their companies had offered flexible work op- of.its.employees.and.reveals.that.85%.of.its.employees.
tions such as reduced hours, job sharing, or part-time career flexed.their.hours.or.worked.offsite.in.2008,.according.to.
tracks,reinforcing the importance of family-friendly benefits. working.mother..
Hewlett-Packard Co.states.that.80%.of.its.employees.use.
A total of 93% of S&P 100 companies understand this fact and flex.time,.including.34%.of.its.employees.who.formally.
offer at least one or more family-friendly benefit. Of the four telecommute.
specific benefit areas analyzed— flexible work arrangements, JPMorgan Chase & Co,.according.to.diversity,.inc.,.offers.a.
adoption assistance, dependent care programs, and domestic wide.range.of.work-life.benefits.such.as.onsite.childcare,.
adoption.assistance,.paternity.leave,.lactation.programs,.
dependent.care.benefits,.and.domestic.partner.benefits..
10. Center for Work-Life Policy, Off-Ramps and On-Ramps Revisited, Spring 2009

INDICATOR

6 EEo-1 Disclosure

s&P 100

37%
ComPaNIes
of S&P 100
0 Companies with no EEO-1 disclosure 37
companies
have No EEO-1 disclosure 5 Companies with partial EEO-1 disclosure 55
10 Companies with full EEO-1 disclosure 8

EEO-1 disclosure provides a comprehensive breakdown of a While corporate disclosure in this area remains
company’s workforce by race and gender across employment disappointing, movement on the reporting and regulatory
categories, enabling investors to get a snapshot of minority front continues. Internationally, the Global Reporting
and female representation throughout a company’s ranks Initiative is enhancing its sustainability reporting
and to measure a company’s progress on hiring, retaining, framework, used by many corporations, to include a
and promoting minority and female employees over time. number of additional gender-related indicators. U.S. Senator
The federal government requires private companies with 100 Robert Menendez sent a voluntary survey to 2009 and
or more employees and federal contractors to submit EEO-1 2010 Fortune 500 companies in order to “gain a better
data. However, companies are not required to release EEO-1 understanding of what minority and female representation
information to investors or the public. looks like on corporate boards, in senior leadership and in
the procurement of goods and services.”11
Only eight S&P 100 companies provide full disclosure
demonstrating a comprehensive breakdown of their
workforce. Fifty-five companies provide some level of S&P 100 COMPANIES wITH FULL
EEO-1 DATA DISCLOSURE
information, such as the percentage of women managers
they employ or the number of minority employees AllState Corp Intel Corp
throughout the organization. The remaining 37 companies
Citigroup Inc JPMorgan Chase & Co
do not disclose any demographic data on their employees,
missing an opportunity to provide investors and interested Costco Wholesale Corp NIKE Inc
stakeholders with key evidence of whether and how women Wal-Mart Stores Inc Hewlett-Packard Co
and minorities are advancing up the corporate ladder.

As many U.S.-based corporations continue to expand
globally, we recognize the inherent challenges of providing
the racial demographics of employees, and therefore
look for companies to at least disclose U.S. employee
demographics and identify creative solutions to addressing
global workforce disclosures. We also encourage companies
to measure and disclose data on an annual basis, in order to
identify areas of strength and opportunity and demonstrate
11. http://menendez.senate.gov/newsroom/press/release/?id=1ba99543-ef57-446c-a1db-
the effectiveness of their diversity initiatives. 7632a08c9bbc

INDICATOR

7 highest Paid Executives

56% of S&P 100 s&P 100
ComPaNIes
companies
0 No women AND/OR minorities in Five Highest Paid Executives 56
have no women AND/OR
minorities in the highest 5 One woman OR minority in Five Highest Paid Executives 30
paid executive positions 10 Two or more women AND/OR minorities in Five Highest Paid Executives 14

This is the worst performing indicator for the S&P 100. At Calvert, we believe having women and minorities in
Despite progress in establishing diversity programs and these prestigious and integral positions shows employees,
policies, there is still significant room for improvement in investors, and other interested stakeholders that the
the most elite corporate offices. We continue to find lack company is serious about its dedication to diversity and
of disclosure problematic, as there were 21 instances in is in fact walking the talk. As these positions are often the
which we could not conclusively determine the minority gateway to future board appointments, the importance
representation of these positions. Until more companies of having strong diversity in these roles cannot be
provide biographical data confirming the diversity of each underestimated or overlooked. For these reasons, the dismal
officer, our ratings will continue to focus on the data we showing for this indicator especially disappoints us.
can confirm.
It should be no surprise that four of our five diversity leaders
Our analysis includes both the number and titles of women are included in the chart below which highlights the only
and minorities included in the company’s five highest paid companies to earn 10 points for this indicator, meaning that
executives, as defined by the company in its annual proxy each of these companies has two or more women and/or
filing, though our scores currently focus on the number of minorities within their five highest paid officer positions.
diverse executives. While women make up approximately
18% of director positions within the S&P 100, they represent
only 8.4% of the highest paid positions within the same DIVERSITY IN LEADERSHIP
group of companies. Among the S&P 100, only 14 companies
have two or more female and/or minority officers in these Allstate Corp Hewlett-Packard Co
positions, and 56 companies have no female and/or minority American Electric Power Co Home Depot Inc
representation in their highest paid positions. There are six
Avon Products Inc Johnson & Johnson
female CEOs, of which three are minorities, and two minority
male CEOs. To put these numbers into perspective, while Campbell Soup Co Kraft Foods Inc
there are eight diverse CEOs, 92 companies have Caucasian Chevron Corp Oracle Corp
male CEOs, showing us just how far away we are from
Citigroup Inc Sara Lee Corp
anything resembling parity.
Coca-Cola Co Xerox Corp

INDICATOR

8 Board representation

97% of S&P 100 s&P 100
ComPaNIes
companies
0 No women OR minorities on Board of Directors 3
have at least one woman
AND/OR minority on the 5 One or Two women OR minorities on Board of Directors 30
board of directors 10 Three or more women AND/OR minorities on Board of Directors 67

Since true diversity is needed from the factory floor to the Though not currently factored into our ratings, our analysis
ceiling, our analysis includes diversity at every level of the also includes women and minority directors’ specific
organization, including the boardroom. When analyzing committee roles, realizing the importance of having
corporate practices at this level, we look at both the diversity in leadership positions. Of the 97 companies
demographic composition of the board (discussed further having at least one woman and/or minority on the board,
below), as well as the new diversity disclosures mandated by 67 companies have assigned at least one board committee
the Securities and Exchange Commission in corporate proxy chair position to a woman director and 55 companies (where
statements (discussed further in the next section). minority membership is verified) have assigned at least one
committee chair to a minority director. Thirteen companies
have a woman and/or minority as the chair of the audit
BOARD DIVERSITY—S&P 100 committee—one of the most powerful positions on a board.
25
Calvert believes diversity is an essential measure of sound
governance and a critical attribute of a responsible and
accountable board. In an increasingly complex global
20 marketplace, the ability to draw on a wide range of
viewpoints, backgrounds, skills, and experience is critical to
a company’s success, as it increases the likelihood of making
the right strategic and operational decisions, contributes
to a more positive public image, and catalyzes efforts to
Number of Companies

15
recruit, retain, and promote the best people, including
women and minorities.

10 As shown in the chart to the left, companies most
frequently have two or three diverse members of their
board. Further, there are three companies with no diverse
directors at all and one company with eight diverse
5 directors. Overall, our analysis finds that women comprise
approximately 18% of S&P 100 board seats, compared to
15% of the Fortune 500 board positions.12

0
0 1 2 3 4 5 6 7 8 9
Number of Diverse Directors
12. Catalyst, 2009 Catalyst Census: Fortune 500 Women Board Directors

INDICATOR

9 Director selection Criteria

44% of S&P 100 s&P 100
ComPaNIes
companies
0 No mention of Diversity 31
mention diversity in race
and/or gender as part of their 5 General mention of Diversity 25
director selection criteria 10 Specific mention of Diversity in Race and/or Gender 44

In December 2009, the Securities and Exchange Commission Calvert has developed Model Board Diversity Policies and
(SEC) announced approval of a number of additional proxy Proxy Disclosures (please see Appendix C) to provide guidance
disclosure requirements; among other provisions companies to companies as to the types of commitments and informa-
are for the first time required to disclose: tion that investors would find useful in assessing a company’s
■ “Whether, and if so how, a nominating committee efforts to build a diverse and effective board.
considers diversity in identifying nominees for director”;
■ If diversity is considered, “disclosure would be required Forty-four companies mention race and/or gender as
of how this policy is implemented, as well as how the desired characteristics in board nominees, twenty-five
nominating committee (or the board) assesses the companies state a general commitment to diversity in
effectiveness of the policy.”13 the selection criteria, and thirty-one companies have no
mention of diversity (as captured by Calvert’s definition) in
Despite encouragement by Calvert and other commenters, the selection process. Selection criteria that refer solely to
the SEC did not provide a definition of diversity for companies. “diverse backgrounds” or “diversity of experience” were not
Rather, the SEC states that the definition of diversity is left to considered as these phrases do not ensure that a company’s
the company’s discretion and may be inclusive of race, gender, intentions are to seek racially and gender-diverse candidates.
and a range of other characteristics.

As a result of these new rules, which became effective on
ENHANCED DIVERSITY DISCLOSURES
February 28, 2010, for the first time we are able to compare
and contrast companies’ approach to this important issue by JPMorgan Chase & Co—“the.board.strives.to.ensure.diver-
comparing proxy disclosures. However, ten companies either sity.of.representation.among.its.members..of.the.11.direc-
tor.nominees,.two.are.women.and.one.is.african-american..
filed proxies before these disclosures were mandated or after
increasing.diversity.is.a.priority,.and.when.considering.
our research window closed. Therefore, we reviewed these ten
prospects.for.possible.recommendation.to.the.board,.the.
companies’ governance charters for consideration of diversity
governance.committee.reviews.available.information.
in identifying director nominees. We welcome the large num-
about.the.prospects,.including.gender,.race.and.ethnicity,.
ber of companies that took the newly mandated disclosure as.well.as.experience,.qualifications,.attributes.and.skills.”.
requirements as an opportunity to reassess the board’s cur-
Citigroup—“among.the.factors.that.the.nomination.
rent approach to diversity, since the SEC agreed that it is useful
and.governance.committee.considers.when.evaluating.
for investors to understand how the board considers and
the.composition.of.the.board,.diversity.is.critical..For.a.
addresses diversity. However, twenty-one companies had no company.like.citi,.which.operates.in.over.100.countries.
change in their diversity-related disclosures from 2009 to 2010. around.the.globe,.diversity.includes.race,.ethnicity,.and.
gender.as.well.as.the.diversity.of.the.communities.and.
geographies.in.which.citi.operates.”
13. Proxy Disclosure Enhancements (SEC Release No. 33-9089, issued December 16, 2009), p.38

INDICATOR

10 overall Corporate Commitment

38%
s&P 100
of S&P 100 PTs DIversITy raTINgs INDICaTor
ComPaNIes
companies 0 No evidence of an overall corporate commitment to diversity 16
demonstrate a robust
5 External recognition of an overall corporate commitment to diversity 46
commitment to diversity, both
Demonstrated evidence of robust commitment to diversity, both
internally and externally 10 38
internally & externally

Corporate commitment reflects the extent to which a corporate commitment tend to score higher on eight of the
company’s commitment to diversity and inclusion appears to nine other diversity ratings indicators. These companies
be integrated and communicated throughout its governance are moving beyond the basics in diversity programs and
and management structure. policies and truly integrating diversity into the highest
levels of their companies.
Often, to start permeating diversity objectives throughout
a corporate structure, companies form a diversity council.
These councils often represent a cross-section of employees
and managers that come together to discuss how best to
INITIATIVES IN ACTION
further the company’s diversity objectives. Our findings
show that 80% of the S&P 100 have a diversity council and Chevron Corp.ties.managers’.performance.ratings.to.
46 of those disclose that their CEO and/or Chair is involved their.hiring.of.diverse.candidates.and.operates.diversity.
in the council’s operations. This second statistic on CEO councils.through.the.company.

involvement is critical as leadership from the top sets Coca-Cola Co.has.a.Public.issues.and.diversity.review.
the tone and signals to all employees the importance of committee.of.its.Board.of.directors...among.other.
embracing diversity and inclusion. responsibilities.this.committee.is.tasked.with.reviewing.
“the.company’s.progress.toward.its.diversity.goals.”.

Next, we found that 34 companies link diversity measures to JPMorgan Chase & Co’s.ceo.Jamie.dimon.leads.the.
their compensation plans. As compensation is the principal diversity.council,.which.includes.a.group.of.global.senior.
performance incentive at any company, this is a true leaders,.and.meets.regularly.to.discuss.diversity.action.
indication of a company’s commitment to diversity. Finally plans.within.each.business...a.portion.of.these.executives’.
compensation.is.also.linked.to.their.ability.to.“attract,.
we analyzed board committee charters and found that 30
retain,.and.lead.a.diverse.employee.base.”
companies mention oversight of diversity policies and/or
programs by their Board of Directors. Sara Lee Corp’s.Board.of.directors.and.senior.
management.team.“ensure.the.integration.of.diversity.
and.inclusion.into.business.vision.sessions.and.planning.
Calvert believes these types of commitments represent a
by.setting.policy,.monitoring.strategy,.and.holding.
company’s maturity in embracing diversity and inclusion.
leadership.accountable.”
Our analysis also shows that companies scoring high in

17

Conclusion and Next Steps
00 +0.01% EWSTCompanies within the S&P 100 have made significant +12.85% PRLSand -3.64% SCLN -0.03concrete performanceSPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
-0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 -0.06 disclosure of -2.78% SNFCA -0.29 -14.26%  metrics as well as
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15workplace diversity policies, programs,
strides related to -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17%data, information necessary to-0.17 -5.82% TCX 0.36 unch TO
detailed demographic RGDX -0.15 -15.00% SSE 5.75 unch TAST truly
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR measure the quality and breadth ofHMSY +0.19 initiatives. -0.04 -1.10% HTS -0.07 -0
and performance. Greater disclosure is essential to -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% diversity +0.60% HTGC
EAC 4.32 unch SHOR -0.37further-8.92% SIGM on diversity, as in -6. -82% SUPG +0.01 otherTG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% ARE
progress -0.91 -6.03% SNWL -0.29 virtually every +0.63% Due to inconsistent disclosure, our analysis focused on
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unchand governance issue that Calvert
social, environmental, CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% from the effectiveness, of PRLS -0.06 -3.64% SCLN -0.03
the existence, as distinct LFT -0.15 -0.84% MVC +0.82 +12.85% many
addresses, +3.76%will 11.25 unch not only interested stakeholders, +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.1
36% CNAF 15.51 unch DIT +0.83 and FFDF benefit HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 indicators. We did, however, provide additional quantitative
but also the companies themselves. Once companies have and qualitative data where available, and in subsequent
04% QCOR -0.12 -2.39% RGR
reviewed+0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch practices, they -0.91reports plan to-6. -82% SUPG +0.01 +0.63% TG into-5.07%grading of
and reported on current diversity SHOR -0.37 -8.92% SIGM -6.03% SNWL -0.29
include such elements -0.77 the TIVO -0.35 -5.38% TTEC -0.04 -0.46% 
23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16%also leverage our power as anCGNX -0.40 -4.02% CLRT -0.05 -2.98%
can use this reporting to identify areas of opportunity indicators. We will BKMU -0.19 -2.62% CBZ -0.37 -5.60%  investor to
84% MVC +0.82 +12.85% PRLS -0.06in turnSCLN -0.03 -2.78% SNFCAmeasurable goals to
and risk, and -3.64%  set manageable, -0.29 -14.26% SPAN +0.07 +0.85% TIIIencourage companies to improve the AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01
+0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% disclosure of diversity
46% OKN +0.02 +0.24% PW these areas.
address -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFCand unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% V
performance data 4.75 offer our unique tools to assist them
in their journey.
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% dialogues
Over the years, Calvert has conducted countless ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% shareholder resolutions with companies
and filed numerousLFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 for enhanced disclosure,+0.02 +3.92% VSCP that+9.09% AIRT -0.22
Despite our push -14.26% SPAN +0.07 +0.85% TIII we recognize +0.09
85% LBCP -0.15 -2.31%issues of diversity, including EEO policies, EEO-1 disclosure,
on LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX these companies serve as great models to which unch TWER +0.02
many of -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75
and board diversity. This year, we plan toFORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTScongratulate -0.09 -1.13% INSU -0.68 -5.39% ITWO -
DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% use this opportunity other companies can aspire. We -0.07 -0.32% INFI our 2010
to engage companies using both this report and the Gender diversity leaders: Chevron Corp, Citigroup Inc., Coca-Cola Co.,
HB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% ////////////////////////////////////////////////////// CRGN understand
Equality Principles -6.37% CYAN +0.00 +0.01% EWSTtool (www. 0.09 -8.65% KSW -0.10 -4.69%Chase &-0.84% and sara+12.85% PRLSWe +0.02 +2.67% WXH-2.78% +1.61% -0.
web-based assessment -0.01 -0.10% FLL JPmorgan LFT -0.15 Co., MVC +0.82 lee Corp. -0.06 -3.64% SCLN -0.03 +0.15 SNFCA AH
ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16         
PAN +0.07 +0.85% genderprinciples.org) to advance diversityAMEN -0.15those AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
 TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67%  within -4.76%  there are many companies outside the S&P 100 benchmark
ch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% advancing APSG -0.03 -1.00% 
organizations. universe who are also making great strides in AFOP -0.01 -1.73%
10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFKthe corporate-0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39
women and minorities in -0.24 -0.86% MTXX workplace, and
05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19encourage investors and interested stakeholders to consider DFZ +0.17 +3.05%
Overall the S&P 100 companies demonstrated a sound -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% 
commitment to workplace equality, particularly as it relates those efforts.
to the support of robust policies and 0.36 unch TOFC We unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18
15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX programs. 4.75 welcome
73%
evidence of increased innovation and integration, as well Calvert believes employees should be recruited, hired,
as improved corporate commitment. We applaud robust promoted, and retained based on competency, not
diversity policies and programs, and encourage companies chromosomes or the color of their skin. We want to see a
to continue efforts towards better work-life balance and level playing field, where merit and hard work—not bias and
family-friendly benefits. We hope these strengthened stereotype—are what count in workplace opportunities.
pipeline initiatives will result in improved executive and We believe companies that fully embrace this challenge
board diversity representation, two areas remaining and commit to providing a fair and equitable working
essentially flat, despite growing investor interest. Where environment will recognize gains in both the workplace
companies tend to truly fall short is in the transparency and marketplace.


rECommEnDations problems, as well as achievements. Such disclosure will
not only benefit interested shareholders and stakeholders,
Calvert recognizes that a comprehensive corporate diversity but also the companies themselves, since it enables
strategy is a journey, not a destination. We anticipate prospective and current employees and external partners
that companies will use this survey of diversity practices to evaluate the company’s progress on these issues.
to benchmark their progress and drive action within their
workplace. We applaud those companies that have worked > Establish appropriate metrics and processes to collect
to advance the status of women and minorities within the and analyze the impact of diversity practices across the
workplace and encourage other companies to evaluate the workplace
benefits corporate diversity brings to bear on both strategic
and operational decisions. With that perspective in mind, we > Review the Global Reporting Initiative and International
offer three key recommendations: Finance Corporation’s “Embedding Gender in
Sustainability Reporting—A Practitioner’s Guide” for
1. Conduct a self-assessment. Using Calvert’s diversity recommendations on embedding gender disaggregated
ratings as guidelines and the Gender Equality Principles data into sustainability reporting
website self-assessment tool, companies should examine
their policies, practices and programs to identify their own 3. support public policy and community efforts. Extend the
areas of strength and weakness. Companies should keep company’s commitment to diversity beyond the corporate
in mind whether the relevant practices are implemented walls by publicly supporting key legislation addressing issues
domestically or globally. It is also critical to determine of equality in the workplace, such as equal employment
if adequate metrics are in place to evaluate diversity opportunity policies, fair pay practices, and workplace
performance. Once these assessments are complete, violence prevention and engaging local community groups.
companies should use findings to develop action plans, Companies should also consider reporting publicly on
including establishment of measurable short- and long- their policy positions, thereby strengthening their efforts
term goals and commitments. to be transparent while showcasing their commitment to
diversity and inclusion.
> Engage diverse employee resource groups and external
stakeholders to gather suggestions and input on the > Review current political spending and policy positions to
company’s current diversity efforts ensure an alignment with the company’s commitment
to diversity
2. Increase disclosure of corporate diversity practices. It
is essential not only to support comprehensive diversity > Target local community support and other philanthropic
practices, but also to report on them in a detailed manner. contributions to organizations that work to advance
In order for the disclosure to be credible, companies diversity
need to remember to communicate challenges and even

19

Calvert’s Gender-Related Advocacy and Actions
00 +0.01% EWSTCalvert launched theKSW -0.10 Women’s Principles® in 2004,
-0.01 -0.10% FLL 0.09 -8.65% Calvert -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLSdevelopedSCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
-0.06 -3.64%  and launched. This site serves as a one-stop shop
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15code of corporate conduct focused+0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TASTthe GEP, TCX 0.36 unch TO
as the first global -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN to assist companies in implementing and promoting -0.17 -5.82%
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR by allowing them-0.78% HBE -0.05a baseline, +0.19 +0.60% HTGCof -1.10% HTS -0.07 -0
exclusively on empowering, advancing, and investing -0.17 -13.82% FORR -0.13 to establish -0.75% HMSY identify areas -0.04
EAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01with TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% ARE
in women. The Women’s Principles are consistent +0.63% strength and opportunities for improvement, leverage exten-
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unchinvestment approach, which holds
Calvert’s longstanding CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 resources, and set concrete goals and-0.06 -3.64% SCLN -0.03
sive indicators and -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS
36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31%strengthen gender-related OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.1
that well-governed, socially responsible companies are better objectives to LKI -0.07 -5.04% NUHC -0.07 -4.46%  policies, practices,
positioned to COBH +0.58risk and deliver-2.54% CY +0.31 +4.75% toDBTK +0.31 +4.75% organizational culture. ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE
APSG -0.03 -1.00% ARQL -0.03 -1.00% manage +4.52% CSBK -0.21 long-term value  and DEP -0.41 -2.86% EBS -1.01 -5.07%
their shareholders, and reflect Calvert’s view that there is a
23% DFZ +0.17 +3.05% /
strongCRGN +0.02 +2.67% for gender equality. Since their launch, CSLR 5.00 unch CVV -0.16 -6.37% domestic-focused GEP Initiative,0.09 -8.65% KSW -0.10 -4.69% 
business case WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% Complementing the CYAN +0.00 +0.01% EWST -0.01 -0.10% FLL the
84% MVC +0.82 +12.85% PRLS -0.06 have SCLN -0.03corporations a set of SPAN +0.07 +0.85% TIIICalvert Women’s Principles formed the AMEN -0.15 -4.76% a
the Principles -3.64% offered -2.78% SNFCA -0.29 -14.26% standards +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% centerpiece of AWH -0.52 -1.55% BITI +0.01
against which they can assess their performance and landmark internationally focused initiative spearheaded
54% EXTR -0.17 -13.82% FORR -0.13 -0.78% with a set of tools to assess corporate
provided investors HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% UN Global Compact and UNIFEM: the Women’s
by the INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46%equality and women’s empowerment.
progress on gender WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
Empowerment Principles—Equality Means Business—
launched in March 2010. Thirty-eight top executives of UN
Recognizing that these Principles can play a critical role in Global Compact companies, including Calvert’s CEO Barbara
DEP -0.41 -2.86% improving the quality of life for women employees, their -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 statement of -0.32% INFIdemonstrating
EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE Krumsiek, signed a CEO -1.10% HTS -0.07 support -0.09 -1.13% INSU -0.68 -5.39% ITWO -
families, vendors, suppliers,TIVO other stakeholders, while -0.38 -2.23% ACTG -0.26 -10.40% on gender equality and -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
NWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07%
and -0.35 -5.38% TTEC -0.04 -0.46% WIRE their leadership ALNC -0.69 -4.05% AREX -0.22 women’s
advancing the rights and status of women around the globe, empowerment, and others are encouraged to follow their lead.
PAN +0.07 +0.85% Calvert’s main VSCP +0.09 +9.09% AIRT -0.22 -3.67% Principles from the
TIII +0.02 +3.92%  focus has been turning the AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
ch TAST -0.17 -5.82% TCX 0.36 unch TOFCthe operational. +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFCleverage ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% 
aspirational into 4.75 unch TWER +0.02 Calvert continues to -0.01 -0.06% the Calvert Women’s Principles
in these two signature initiatives, as well as in direct
05% AREX -0.22 -4.45% ARL we partnered with the BCPC -0.49 San Francisco’s De- BKMU -0.19corporate-0.37 -5.60% CGNX -0.40 -4.02% focused on gender, the
In 2008, -0.11 -1.03% AZZ -0.16 -0.93%  City of -2.53% BHB -0.98 -5.16%  -2.62% CBZ engagement. Though CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
CLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 of Women and Verité to adapt theAIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01indicators serve
partment on the Status +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09%  Principles and related key elements and +0.35% CHMP +0.33 +21.97% CKX 11.01 unch
15 +4.17% RGDXPrinciples for 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch three organiza- +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18
-0.15 -15.00% SSE the Bay area. Subsequently, the TOFC 4.75 unch TWER as a detailed road map any corporation can use to further
73%
tions launched the Gender Equality Principles (GEP) Initiative diversity within its operations. We encourage S&P 100
and have worked with companies to translate the Principles companies interested in improving their ratings, and all
into practical policies, guidelines, indicators, and other perfor- companies interested in advancing diversity, to utilize the
mance tools for direct implementation into the workplace. A extensive tools and resources available at the GEP website,
companion website—www.genderprinciples.org—was also www.genderprinciples.org.


Appendix A: S&P 100 Company Ratings (Alphabetical)
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% COMPANy -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
COMPANy PTS LFT -0.15 PTS COMPANy PTS COMPANy PTS
HX 0.24 unch KIRK 3M Co +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% Coca-Cola Co
80 NUHC -0.07 -4.46% OKN +0.02 +0.24% PW Home DepotRAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TO
95 -0.03 -0.28%  Inc 80 Pfizer Inc 80
Abbott Laboratories 90 Colgate-Palmolive Co 85 Honeywell International Inc 60 Philip Morris International Inc 15
ARL -0.11 -1.03% AZZ -0.16IncAlcoa -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.3765 Intel Corp -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% CRGN +0.02 +2.67% WX
75 Comcast Corp -5.60% CGNX -0.40 85 Procter & Gamble Co 90
NFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15International-0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04%
-4.76% AWH Business
GDX -0.15 -15.00% SSE 5.75 Allstateunch TAST -0.17 -5.82% TCX 0.36 unchConocoPhillipsTWER +0.02 +2.74%65UBOH +0.04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFCInc -0.06% ACFN +0.09 +4.18% AFOP -0.0
Corp 85 TOFC 4.75 unch  Machines Corp (IBM) 75 QUALCOMM -0.01 70
HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13%Wholesale Corp ITWO -0.12 -1.68% JOSB& Johnson KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37% 
Altria Group Inc 50 Costco INSU -0.68 -5.39% 55 Johnson +0.85 +4.20% 90 Raytheon Co 65
Amazon.com Inc 45 CVS Caremark Corp 80 JPMorgan Chase & Co 95 Regions Financial Corp
45
HMP +0.33 +21.97%American ElectricCLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76%Kraft 11.25 unch HIFN +0.01 +0.26%85
CKX 11.01 unch  Power Co 85 Dell Inc 75 FFDF Foods Inc Sara Lee Corp 95
INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04
WVFC -0.01 -0.06% American +4.18% AFOP -0.01 -1.73% / APSGDevon Energy Corp
ACFN +0.09 Express Co 85 -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% 
30 Lockheed Martin Corp 70 Schlumberger Ltd 30
77 -5.07% TIVO -0.35 -5.38% Inc -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 Cos Inc ARL -0.11 -1.03% AZZ -0.16 Southern Co-0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
Amgen TTEC 70 Dow Chemical Co/The 80 Lowe's -4.45%  50 -0.93% BCPC 75
01 -0.10% FLL 0.09 Apple KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 Co
-8.65% Inc 50 EI du Pont de Nemours & -3.64% 75SCLN -0.03 -2.78% Inc -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22
 Mastercard SNFCA 70 Sprint Nextel Corp 60
04 +0.44% UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00%75 COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +
AT&T Inc 85 EMC Corp 70 McDonald's Corp  Target Corp 70
SB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% Corp -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM
Avon Products Inc 80 Entergy MTXX 60 Medtronic Inc 75 Texas Instruments Inc 65
Baker Hughes Inc 45 Exelon Corp 75 Merck & Co Inc/NJ 90 Time Warner Inc 80
DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08Corp
Bank of America Corp 80 Exxon Mobil +2.85% LBCP -0.15 -2.31% LKI MetLife IncNUHC -0.07 -4.46% OKN70 +0.24% PW -0.03ServiceRAND +0.1565
60 -0.07 -5.04% +0.02 United Parcel -0.28% Inc +4.17% RGDX -0.15 -1
Bank of New york Mellon Corp 80 FedEx Corp 85 Microsoft Corp 80 United Technologies Corp 60
05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% Co
Baxter International Inc 75 Ford Motor BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
70 Monsanto Co 80 UnitedHealth Group Inc 65
Freeport-McMoRan Copper
15 +4.17% RGDX -0.15 -15.00%
Boeing Co SSE 5.75 unch TAST -0.17 -5.82% TCXGold unch TOFC 4.75 unch TWER25 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% Bancorp -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18
70 & 0.36 Inc +0.02
Morgan Stanley 70 US VII -0.05 70
73%
Bristol-Myers Squibb Co 75 General Dynamics Corp 35 National Oilwell Varco Inc 15 Verizon Communications Inc 75
Berkshire Hathaway 10 General Electric Co 70 News Corp 45 Walgreen Co 60
Campbell Soup Co 85 Gilead Sciences Inc 35 NIKE Inc 90 Wal-Mart Stores Inc 70
Capital One Financial Corp 70 Goldman Sachs Group Inc 70 Norfolk Southern Corp 50 Walt Disney Co 70
Caterpillar Inc 65 Google Inc 65 NySE Euronext 60 Wells Fargo & Co 80
Chevron Corp 95 Halliburton Co 35 Occidental Petroleum Corp 40 Weyerhaeuser Co 70
Cisco Systems Inc 75 Hewlett-Packard Co 85 Oracle Corp 70 Williams Cos Inc 75
Citigroup Inc 100 HJ Heinz Co 65 PepsiCo Inc 80 Xerox Corp 85

21

Appendix B: S&P 100 Company Ratings (By Score)
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% COMPANy -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
COMPANy PTS LFT -0.15 PTS COMPANy PTS COMPANy PTS
HX 0.24 unch KIRK Citigroup Inc
+0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% Monsanto -4.46% OKN +0.02 +0.24% PW US Bancorp RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch Corp -0.17 -5.82% TCX 0.36 unch TO
100 NUHC -0.07 Co 80 -0.03 -0.28%  70 United Technologies TAST 60
Sara Lee Corp 95 Microsoft Corp 80 Target Corp 70 Sprint Nextel Corp 60
ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2.62% CBZ -0.37 -5.60% QUALCOMM Inc CLRT -0.05 -2.98% CNU -0.02 Euronext +0.17 +3.05% CRGN +0.02 +2.67% WX
JPMorgan Chase & Co 95 Home Depot Inc 80 CGNX -0.40 -4.02% 70 NySE -1.23% DFZ 60
SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15Oracle AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04%
NFCA -0.29 -14.26% Coca-Cola Co 95 Dow Chemical Co 80 -4.76% Corp 70 Honeywell International Inc 60
APSG -0.03 -1.00% ARQL -0.03 Corp COBH +0.58 +4.52%95CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% 60 -0.13 -0.78% HBE
Chevron -1.00%  CVS Caremark Corp 80 Morgan Stanley 70 Exxon Mobil Corp FORR
04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6. -82% SUPG 70 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% 
Procter & Gamble Co 90 Bank of New york Mellon Corp 80 MetLife Inc +0.01 Entergy Corp 60
84% MVC +0.82 +12.85% Inc NIKE PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA of America Corp +0.07 +0.85% TIII +0.02 +3.92%Inc +0.09 +9.09% AIRT -0.22 -3.67%Wholesale Corp AWH -0.52 -1.55% BITI +0.01
90 Bank -0.29 -14.26% SPAN 80 Mastercard VSCP 70 Costco AMEN -0.15 -4.76% 55
46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17Lockheed Martin Corp 4.75 unch70TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY -0.20 -10.00% V
Merck & Co Inc 90 Avon Products Inc 80 -5.82% TCX 0.36 unch TOFC  Norfolk Southern Corp 50
Johnson & Johnson 90 3M Co 80 Goldman Sachs Group Inc 70 Lowe's Cos Inc 50
Abbott Laboratories 90 Williams Cos Inc 75 General Electric Co 70 Apple Inc
37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +50
15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% Group Incunch HIFN +0.01 +0.26% INHX 0.24 unch 
Xerox Corp 85 Verizon Communications Inc 75 Ford Motor Co 70 Altria FFDF 11.25 50
DEP -0.41 -2.86% EBS -1.01 -5.07%Inc
Kraft Foods ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.0575 HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI Corp-1.13% INSU -0.68 -5.39% ITWO -
85 Southern Co -0.75% EMC Corp 70 Regions Financial -0.09 45
NWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% Corp -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
Intel Corp 85 Medtronic Inc 75 Capital One Financial ALNC 70 News Corp 45
PAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH75 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
Hewlett-Packard Co 85 McDonald's Corp -0.52 Boeing Co 70 Baker Hughes Inc 45
ch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 International Business UNFY -0.20 -10.00% VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOP -0.01 -1.73% APSG -0.03 -1.00% 
+2.74% UBOH +0.04 +0.44%
00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% Inc
FedEx Corp -1.13% INSU -0.68 -5.39% ITWO -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91%ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 Inc HBE -0.05 -0.75% HMSY +0.19 +0.60
85 Machines Corp (IBM) Amazon.com -0.78%
75 Amgen LONG +0.18 +3.51% LUFK70 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39
45
10% HTS -0.07 -0.32% INFI -0.09       -0.24  
Colgate-Palmolive Co 85 Exelon Corp 75 UnitedHealth Group Inc 65 Occidental Petroleum Corp 40
CLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% Parcel Service Inc AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch
Campbell Soup Co 85 EI du Pont de Nemours & Co 75 United AMEN -0.15 -4.76%  65 Halliburton Co 35
73% AT&T Inc 85 Dell Inc 75 Texas Instruments Inc 65 Gilead Sciences Inc 35
American Express Co 85 Cisco Systems Inc 75 Raytheon Co 65 General Dynamics Corp 35
American Electric Power Co 85 Bristol-Myers Squibb Co 75 HJ Heinz Co 65 Schlumberger Ltd 30
Allstate Corp 85 Baxter International Inc 75 Google Inc 65 Devon Energy Corp 30
Freeport-McMoRan Copper
Wells Fargo & Co 80 Alcoa Inc 75 ConocoPhillips 65 & Gold Inc 25
Time Warner Inc 80 Weyerhaeuser Co 70 Comcast Corp 65 Philip Morris International Inc 15
Pfizer Inc 80 Walt Disney Co 70 Caterpillar Inc 65 National Oilwell Varco Inc 15
PepsiCo Inc 80 Wal-Mart Stores Inc 70 Walgreen Co 60 Berkshire Hathaway 10


Appendix C: Model Board Diversity Policies
and Proxy Disclosures
introDuCtion
00 +0.01% EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLSinclusion SCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
-0.06 -3.64% in a company’s response to the SEC-required diversity
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RANDproxy filings though our goal is for companies to TCX 0.36 unch TO
disclosures in +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82%
21 -2.54% CY +0.31 +4.75% DBTK +0.31developing model language for board-0.22 -1.54% EXTR adopt such policies to ensure diverse candidates are included-1.10% HTS -0.07 -0
Calvert’s goal in +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04
EAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 disclosures-0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% and -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% ARE
diversity policies and -6.03% SNWL is to provide guidance to in director search procedures WIRE diversity is considered
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR theunch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10% FLLannual assessments of the board. For the SEC-required -0.06 -3.64% SCLN -0.03
companies as to 5.00 types of commitments and information in 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS
36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF as Calvert, would +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31%company must use language that accurately
that investors, such 11.25 unch HIFN +0.01 find useful in assessing disclosures, a LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.1
APSG -0.03 -1.00%  aARQL -0.03 -1.00%efforts to build a CSBK -0.21 -2.54%effective board. +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE
company’s COBH +0.58 +4.52% diverse and CY +0.31 +4.75% DBTK describes that company’s particular circumstances and the
We have taken the approach of suggesting language for following language may not currently apply to all companies.
“Whether, and if so how, a nominating “If the nominating committee (or the These protocols take into account
54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 a policy with regard to the -1.13% INSU that -5.39% ITWO -0.12 -1.68%overlooked,
committee considers diversity in board) has -1.10% HTS -0.07 -0.32% INFI -0.09 -0.68 qualified, but often  JOSB +0.85 +4.20% KOPN -0.03 -1.91
identifying nominees for director” ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22identifying -1.03% candidates may be-0.49 -2.53% BHB -0.98 -5.16% BKMU -0.19 -2
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23%  consideration of diversity in -4.45% ARL -0.11 AZZ -0.16 -0.93% BCPC found in a broad
37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% CRGN +0.02 +2.67% WXH +0.15 +1.61% be
director nominees, disclosure would AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +
array of organizations, including
The board believes that diversity is an
required of how this policy is imple- academic institutions, privately held
85% LBCP -0.15 -2.31% important attribute of-4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02
LKI -0.07 -5.04% NUHC -0.07 a well-functioning
04 +0.44% UNFY -0.20 -10.00%In VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% 
mented,AFOPwell as howAPSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +
as -0.01 -1.73%  the nominating businesses, nonprofit organizations,
board.  selecting qualified candidates
DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% trade associations, in addition INSU -0.68 -5.39% ITWO -
committee (or the board) assesses the and HTS -0.07 -0.32% INFI -0.09 -1.13% 
SB +0.85 +4.20% KOPNto serve asLONG +0.18 +3.51% Company we
-0.03 -1.91% directors of the LUFK -0.24 -0.86% MTXX -0.23 -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM
NWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC effectiveness of its -2.23% ACTG -0.26 -10.40% ALNC -0.69to theAREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
-0.04 -0.46% WIRE -0.38 policy.” -4.05% traditional candidate pool of
consider a range-0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% ////////////////////////////////////////////////////// CRGN +0.02 +2.67% WXH +0.15 +1.61% AH
HB -0.98 -5.16% BKMU -0.19 -2.62% CBZ of matters of diversity  corporate directors and officers.
ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00culture, EWST -0.01 the process of searching-0.10 qualified -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.
including race, gender, ethnicity, +0.01%  In -0.10% FLL 0.09 -8.65% KSW for -4.69% LFT
DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26%and measures en- +0.08persons to -0.15 -2.31% the-0.07 -5.04% NUHC -0.07 -4.46%(b) Strived+0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -1
thought and geography INHX 0.24 unch KIRK +2.85% LBCP serve on LKI board, the OKN +0.02 to use, to their fullest poten-
suring that the board, +0.31 +4.75% reflects +4.75% DEP -0.41 -2.86% EBS -1.01(or the board) -1.54% EXTRtial, the current -0.13 -0.78%ofHBE -0.05 -0.75% HMSY +0.19 +0.60
00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY
as a whole, DBTK +0.31 Nominating Committee -5.07% ENSG -0.22 network organiza-
     -0.17 -13.82% FORR  
10% HTS -0.07 -0.32% a range of viewpoints, backgrounds, -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24and trade groups that PSEC -0.20 -3.04% QCOR -0.12 -2.39
INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO skills, strives for the inclusion of diverse tions -0.86% MTXX -0.23 -1.37%  may help
05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC -0.49 -2.53% BHB -0.98knowledge, and viewpoints. To-5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
experience, and expertise. groups, -5.16% BKMU -0.19 -2.62% CBZ -0.37 identify diverse candidates; and
accomplish this, the Committee (or the
CLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% has +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch
The Nominating Committee TIII (c) Periodically reviewed director
04% CLRO 0.17 -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% retain an executive search LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03
board) may INHX 0.24 unch KIRK +0.08 +2.85%
15 +4.17% RGDX -0.15 -15.00% SSEdeveloped 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04 +0.44% UNFY recruitment VII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18
a set of criteria for board -0.20 -10.00%  and selection protocols
firm to help meet the Committee’s (or the
73% membership that strives to attain a so that diversity remains a
board’s) diversity objective as well as form
diversity of background and skills for the component of any director search.
alliances with organizations representing
board. The Committee has also created a
the interests of women and minorities. In The Nominating Committee (or the board)
search protocol that seeks qualified board
connection with its efforts to create and has reviewed the selection process and
candidates from, among other areas,
maintain a diverse board, the Nominating ensured that women and/or minorities
the traditional corporate environment,
Committee (or the board) has: were included in the slate of candidates.
government, academia, private enterprise,
non-profit organizations, and professions (a) Developed recruitment protocols The current racial and gender make-up
such as accounting, human resources, and that seek to include diverse of the existing board of directors is as
legal services. candidates in any director search. follows: [provide breakdown]

23

About the Authors
00 +0.01% EWSTThis -0.10% second edition -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 Calvert’s diversity team. The team TIII +0.02 +3.92% VSCP +0.0
-0.01 is the FLL 0.09 -8.65% KSW of Examining the Cracks in the Ceiling report authored by -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85%
spearheads Calvert’s efforts to promote corporate diversity and the global empowerment of women and leverages its
HX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TO
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75%expertise to help dismantle ENSG -0.22 -1.54% EXTR -0.17 -13.82%workplace.
members’ individual DEP -0.41 -2.86% EBS -1.01 -5.07%  barriers to diversity in the FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0
Aditi Mohapatra Amy Augustine Karen Bulthuis
36% CNAF 15.51 unch DIT +0.83 +3.76%Sustainability HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85%Manager,
FFDF 11.25 unch  Former LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02Intern,PW -0.03 -0.28% RAND +0.1
Research +0.24% CAMCO*
Analyst, Calvert Asset Diversity and
APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22Karen Bulthuis is a FORR -0.13 -0.78% HBE
-1.54% EXTR -0.17 -13.82%
Management International Labor -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46%
04% QCOR -0.12 -2.39% RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29   Global MBA Candidate
 
Company, Inc. (CAMCO)* Relations, and Senior
23% DFZ +0.17 +3.05% /CRGN +0.02 +2.67% WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% CYAN +0.00 +0.01% EWST -0.01 -0.10%the George KSW -0.10 -4.69% 
(2011) at FLL 0.09 -8.65%
Sustainability Analyst,
HMP +0.33 +21.97% lead Corporate Governance and -5.36% CNAF 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 -5.04
As CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 Washington University School
CAMCO*
Diversity +4.18% AFOP -0.01 Mohapatra-0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% 
WVFC -0.01 -0.06% ACFN +0.09 analyst, Aditi -1.73% / APSG of Business, with an emphasis in
18 +3.51% LUFK directs Calvert’s -1.37% PSEC -0.20 -3.04% QCOR -0.12 -2.39%Augustine managed Calvert’s
-0.24 -0.86% MTXX -0.23 research, advocacy Amy RGR +0.04 +0.39% SCL -1.66 -6.43% SEAC 4.32 unch International Business & Development. -82% SUPG +0.0
SHOR -0.37 -8.92% SIGM -0.91 -6.03% SNWL -0.29 -6.
37 -5.60% CGNX -0.40 and-4.02% CLRT -0.05on these importantDFZ +0.17 +3.05% CRGNpromote diversity and theAHPI 0.07 -1.33% ALDA -0.05 years CSLRexperience -0.16 -6.37% CYAN +0.00 +
policy work -2.98% CNU -0.02 -1.23%  efforts to +0.02 +2.67% WXH +0.15 +1.61%  Karen has 6 -0.95% of 5.00 unch CVV
15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01 unch CLFD -0.09 -8.04% CLRO 0.17 -5.36% CNAF 15.51 unchworking +3.76% FFDF 11.25 management
issues. In this role, Aditi leads Calvert’s global empowerment of women from DIT +0.83 in non-profit unch HIFN +0.01 +0.26% INHX 0.24 unch 
efforts toVII -0.05 -1.01% WVFC -0.01 -0.06% ACFN +0.09 +4.18% AFOPAs a-1.73% APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52%and abroad. SheCY +0.31 +4.75% DBTK +
04 +0.44% UNFY -0.20 -10.00%
advance boardroom 2008-2010. -0.01 Workplace Practices both domestically CSBK -0.21 -2.54%  has
diversity and promote the adoption Analyst, Amy analyzed corporate a deep understanding of the economic
NWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTGin the areasALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
and implementation of the Calvert practices and their impacts -0.26 -10.40%  and development issues that women
ALDA -0.05 -0.95% CSLR 5.00 unch Principles®. Further, +0.01% EWST -0.01diversity, 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA -0.
Women’s CVV -0.16 -6.37% CYAN +0.00 of -0.10% FLL labor relations, worker face globally. She has a BA in English
DIT +0.83 +3.76% FFDF 11.25 unch HIFN includes engaging KIRK +0.08 +2.85% LBCP -0.15 -2.31% LKI -0.07 labor NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -1
her experience +0.01 +0.26% INHX 0.24 unch safety, and international -5.04% rights. from Calvin College.
00% COBH +0.58companies and policy +0.31 +4.75% DBTK +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG in -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60
+4.52% CSBK -0.21 -2.54% CY makers on Her experience includes working -0.22
executive compensation, board -0.91 -6.03% SNWL -0.29 -6. -82% SUPG +0.01 +0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40%
39% SCL -1.66 -6.43% SEAC 4.32 unch SHOR -0.37 -8.92% SIGM sustainable and responsible investing
67% WXH +0.15 independence, and ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37%Ms. Augustine earned a -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% P
+1.61% AHPI 0.07 -1.33% privacy issues. since 1999. CYAN +0.00 +0.01% EWST -0.01
04% CLRO 0.17 -5.36% CNAF She has 15.51 unch DIT +0.83 +3.76% FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch University LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03
been in this position since B.A. in English from the KIRK +0.08 +2.85%
73%
2007 and has worked in the industry of Kansas. As of September, 2010,
since 2006. She frequently writes Amy moved on to become Director,
and speaks on these issues to various Corporate Programs, for CERES, in
internal and external stakeholders. Boston.
Aditi earned a B.S. in International
Economics from the University of
Florida and a M.B.A. in Finance from
George Washington University.

*Effective 4/30/2011, Calvert Asset Management Company, Inc. (CAMCO) will be renamed Calvert Investment Management, Inc.


About Calvert
00 +0.01% EWSTCalvert Investments isKSW -0.10 -4.69% LFT management+0.82 +12.85% PRLSchoice ofSCLN -0.03 -2.78% SNFCA -0.29 -14.26% SPAN +0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
-0.01 -0.10% FLL 0.09 -8.65%  an investment -0.15 -0.84% MVC -0.06 -3.64% SRI strategies of any investment management
HX 0.24 unch KIRK +0.08 +2.85% LBCP offers mutual funds NUHC -0.07 -4.46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch employs -5.82% TCX 0.36 unch TO
company that -0.15 -2.31% LKI -0.07 -5.04% and separate accounts company in the United States. Each SRI strategy TAST -0.17
21 -2.54% CY +0.31 +4.75% DBTK +0.31 +4.75% DEP retirement plans, financial -0.22 -1.54% EXTR one -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 Signature™
to institutional investors, -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.17 of three proprietary approaches. Calvert +0.60% HTGC -0.04 -1.10% HTS -0.07 -0
intermediaries, and their clients. By combining rigorous Strategies integrate two distinct research frameworks: a
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37% our disciplined EWST -0.01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFTperformance plus +12.85% PRLS -0.06 -3.64% SCLN -0.03
analysis with independent thinking, CYAN +0.00 +0.01% rigorous review of financial -0.15 -0.84% MVC +0.82 a thorough
approach to money management goes beyond traditional assessment of environmental, social, and governance
factors in order to manage risk and to identify investment +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% Calvert -13.82% FORR -0.13 -0.78% HBE
APSG -0.03 -1.00% ARQL -0.03 -1.00% COBH +0.58 +4.52% CSBK -0.21 -2.54% CY +0.31 +4.75% DBTK performance. Only when a company meets EXTR -0.17
opportunities with greater long-term potential. We offer standards for both frameworks will we consider investing.
23% DFZ +0.17 +3.05% /
moreCRGN +0.02equity, WXH +0.15 +1.61% AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch CVV -0.16 -6.37%Strategies+0.01% EWST -0.01 -0.10% companiesKSW -0.10 -4.69% 
than 40 +2.67%  bond, cash, and asset allocation Calvert Solution™ CYAN +0.00 selectively invest in FLL 0.09 -8.65%
84% MVC +0.82 +12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCAfeature integrated +0.85% TIIIthat +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55% BITI +0.01
investment strategies, many of which -0.29 -14.26% SPAN +0.07 +0.02 produce products and services designed to solve some
46% OKN +0.02 +0.24% PW -0.03 -0.28% RAND +0.15 +4.17% RGDX -0.15 -15.00% SSE 5.75 unch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 +2.74% UBOH +0.04CalvertUNFY -0.20 -10.00% V
corporate sustainability and responsibility research. of today’s most pressing sustainability challenges. +0.44% 
54% EXTR -0.17 -13.82% FORR -0.13 -0.78%and based in Bethesda, +0.60% HTGC -0.04 -1.10% HTS -0.07 -0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO engagement to
Founded in 1976 HBE -0.05 -0.75% HMSY +0.19 Maryland, Calvert SAGE™ Strategies emphasize strategic -0.12 -1.68% JOSB +0.85 +4.20% KOPN -0.03 -1.91
77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69of
Investments managed assets of more than $14 billion as -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93%governance performance BKMU -0.19 -2
advance environmental, social, and BCPC -0.49 -2.53% BHB -0.98 -5.16%
01 -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 information is+12.85% PRLS -0.06 -3.64% SCLN -0.03 -2.78% SNFCA that may not meet+0.85% TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22
September 30, 2010. More -0.84% MVC +0.82 available at in companies -0.29 -14.26% SPAN +0.07 Calvert standards today,
www.Calvert.com. but have the potential to improve. More information on
Calvert SRI strategies is available at www.Calvert.com/srI.
A leader in+0.63% TG -0.77 -5.07% TIVO -0.35 -5.38% TTEC -0.04 -0.46%(SRI), -0.38 -2.23% ACTG -0.26 -10.40% ALNC -0.69 -4.05% AREX -0.22 -4.45% ARL -0.11 -1.03% AZZ -0.16 -0.93% BCPC
NWL -0.29 -6. -82% SUPG +0.01
Sustainable and Responsible Investments WIRE
Calvert Investments offers investors among the widest
73%

www.Calvert.com For more information on any Calvert fund, please contact your financial advisor, call Calvert
at 800.368.2748 or visit www.calvert.com for a free summary prospectus and/or prospectus.
An institutional investor should call Calvert at 800.327.2109. An investor should consider the
investment objectives, risks, charges, and expenses of an investment carefully before investing.
The summary prospectus and prospectus contain this and other information. Read them carefully
before you invest or send money.
Calvert funds are available at NAV for RIAs and Wrap Programs. Not all funds available at all firms.
Calvert mutual funds are underwritten and distributed by Calvert Distributors, Inc., member
FINRA, and a subsidiary of Calvert Group, Ltd.
*Effective April 30, 2011, Calvert Distributors, Inc. will be renamed Calvert Investment Distributors, Inc. and Calvert Group, Ltd.
will be renamed Calvert Investments, Inc.

BR10063-201010

FPO
25%

Cert no SW
. -COC-214
2

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