BRT Corporate Purpose Archive

In August 2019, the Business Roundtable issued its Statement on the Purpose of a Corporation (“BRT Statement”), in which CEOs of leading companies expressed their commitment to deliver value not only to shareholders, but also to stakeholders. In their study, “Will Corporations Deliver Value to All Stakeholders?”, Lucian Bebchuk and Roberto Tallarita conduct an empirical analysis of more than 600 hand-collected corporate documents to examine whether the companies that signed the BRT Statement have changed or have announced that they will change their corporate governance principles and practices to live up to the BRT Statement.

This BRT Corporate Purpose Archive contains the documents reviewed for the study. It includes corporate governance guidelines, no-action letter requests, statements in opposition to shareholder proposals, bylaws, and proxy statements of 128 U.S. public companies whose CEOs signed the BRT Statement, for the period from August 2019 to August 2021.

A. Corporate Governance Guidelines as of August 2021
3M
A.O. Smith Corporation
Abbott Laboratories
ADP
AECOM
Aflac
Alliant Energy
Amazon
American Airlines
American Electric Power
American Express
American Tower Corporation
Ameriprise Financial
Anthem, Inc
Apple
Aramark
Assurant
AT&T Inc.
Ball Corporation
Bank of America
Baxter International Inc.
Best Buy Co., Inc.
BlackRock, Inc.
BorgWarner Inc
Bristol-Myers Squibb
Caterpillar, Inc.
CBRE Group, Inc.
CF Industries
Chevron Corporation
Cigna
Cisco Systems, Inc.
Citigroup, Inc.
Cognizant
Comcast Corporation
ConocoPhillips Company
Corning Inc
Cummins Inc.
CVS Health
Dell Technologies
Dow
Duke Energy
DXC Technology
Eastman Chemical Company
Edison International
Exxon Mobil Corporation
FedEx Corporation
Fidelity National Information Services
Fluor Corporation
Ford Motor Company
Fox Corporation
Freeport-McMoRan Inc.
General Dynamics Corporation
General Motors Company
Hanesbrands Inc.
Honeywell
Huntington Ingalls Industries
IBM Corporation
International Paper Co.
Interpublic Group
Jacobs Engineering
Johnson & Johnson
JPMorgan Chase & Co.
KeyCorp
L3Harris Technologies, Inc.
Leidos
Lennar Corporation
Lockheed Martin Corporation
Macy’s, Inc.
Marathon Oil Corporation
Marathon Petroleum Corporation
Marriott International, Inc.
Mastercard
McCormick and Company, Inc.
McKesson Corporation
MetLife
Micron Technology
Moelis & Company
Morgan Stanley
Motorola Solutions
Nasdaq
Northrop Grumman Corporation
NRG Energy, Inc.
Oracle
Owens Corning
PepsiCo
Pfizer Inc.
Phillips 66
Pitney Bowes
Principal Financial Group
Progressive Corporation
Qualcomm Incorporated
Quanta Services
Raytheon Technologies Corporation
Rockwell Automation
S&P Global
Salesforce
Schnitzer Steel Industries, Inc.
Sempra Energy
Southern Company
Stanley Black & Decker
Steelcase Inc.
Stryker
Target
Telephone & Data Systems, Inc.
Texas Instruments Incorporated
The AES Corporation
The Boeing Company
The Carlyle Group
The Coca-Cola Company
The Goldman Sachs Group, Inc.
The Home Depot
The Procter & Gamble Company
The Travelers Companies Inc.
Union Pacific
United Airlines
United Parcel Service
Verisk Analytics
Visa Inc.
Vistra Energy
Walgreens Boots Alliance
Walmart Inc.
WESCO International, Inc.
Western Union
Whirlpool Corporation
World Fuel Services Corporation
Xerox Corporation
Xylem Inc.
Zebra Technologies Corporation

 

B. Corporate Governance Guidelines before the BRT Statement
3M
A.O. Smith Corporation
Abbott Laboratories
ADP
AECOM
Aflac
Alliant Energy
Amazon
American Airlines
American Electric Power
American Express
American Tower Corporation
Ameriprise Financial
Anthem, Inc
Apple
Aramark
Assurant
AT&T Inc.
Ball Corporation
Bank of America
Baxter International Inc.
Best Buy Co., Inc.
BlackRock, Inc.
BorgWarner Inc
Bristol-Myers Squibb
Caterpillar, Inc.
CBRE Group, Inc.
CF Industries
Chevron Corporation
Cigna
Cisco Systems, Inc.
Citigroup, Inc.
Cognizant
Comcast Corporation
ConocoPhillips Company
Corning Inc
Cummins Inc.
CVS Health
Dell Technologies
Dow
Duke Energy
DXC Technology
Eastman Chemical Company
Edison International
Exxon Mobil Corporation
FedEx Corporation
Fidelity National Information Services
Fluor Corporation
Ford Motor Company
Fox Corporation
Freeport-McMoRan Inc.
General Dynamics Corporation
General Motors Company
Hanesbrands Inc.
Honeywell
Huntington Ingalls Industries
IBM Corporation
International Paper Co.
Interpublic Group
Jacobs Engineering
Johnson & Johnson
JPMorgan Chase & Co.
KeyCorp
L3Harris Technologies, Inc.
Leidos
Lennar Corporation
Lockheed Martin Corporation
Macy’s, Inc.
Marathon Oil Corporation
Marathon Petroleum Corporation
Marriott International, Inc.
Mastercard
McCormick and Company, Inc.
McKesson Corporation
MetLife
Micron Technology
Moelis & Company
Morgan Stanley
Motorola Solutions
Nasdaq
Northrop Grumman Corporation
NRG Energy, Inc.
Oracle
Owens Corning
PepsiCo
Pfizer Inc.
Phillips 66
Pitney Bowes
Principal Financial Group
Progressive Corporation
Qualcomm Incorporated
Quanta Services
Raytheon Technologies Corporation
Rockwell Automation
S&P Global
Salesforce
Schnitzer Steel Industries, Inc.
Sempra Energy
Southern Company
Stanley Black & Decker
Steelcase Inc.
Stryker
Target
Telephone & Data Systems, Inc.
Texas Instruments Incorporated
The AES Corporation
The Boeing Company
The Carlyle Group
The Coca-Cola Company
The Goldman Sachs Group, Inc.
The Home Depot
The Procter & Gamble Company
The Travelers Companies Inc.
Union Pacific
United Airlines
United Parcel Service
Verisk Analytics
Visa Inc.
Vistra Energy
Walgreens Boots Alliance
Walmart Inc.
WESCO International, Inc.
Western Union
Whirlpool Corporation
World Fuel Services Corporation
Xerox Corporation
Zebra Technologies Corporation

 

C. No-Action Letter Requests

 

D. Statement in Opposition to Shareholder Proposals

 

E. Bylaws

3M
A.O. Smith Corporation
Abbott Laboratories
ADP
AECOM
Aflac
Alliant Energy
Amazon
American Airlines
American Electric Power
American Express
American Tower Corporation
Ameriprise Financial
Anthem, Inc
Apple
Aramark
Assurant
AT&T Inc.
Ball Corporation
Bank of America
Baxter International Inc.
Best Buy Co., Inc.
BlackRock, Inc.
BorgWarner Inc
Bristol-Myers Squibb
Caterpillar, Inc.
CBRE Group, Inc.
CF Industries
Chevron Corporation
Cigna
Cisco Systems, Inc.
Citigroup, Inc.
Cognizant
Comcast Corporation
ConocoPhillips Company
Corning Inc
Cummins Inc.
CVS Health
Dell Technologies
Dow
Duke Energy
DXC Technology
Eastman Chemical Company
Edison International
Exxon Mobil Corporation
FedEx Corporation
Fidelity National Information Services
Fluor Corporation
Ford Motor Company
Fox Corporation
Freeport-McMoRan Inc.
General Dynamics Corporation
General Motors Company
Hanesbrands Inc.
Honeywell
Huntington Ingalls Industries
IBM Corporation
International Paper Co.
Interpublic Group
Jacobs Engineering
Johnson & Johnson
JPMorgan Chase & Co.
KeyCorp
L3Harris Technologies, Inc.
Leidos
Lennar Corporation
Lockheed Martin Corporation
Macy’s, Inc.
Marathon Oil Corporation
Marathon Petroleum Corporation
Marriott International, Inc.
Mastercard
McCormick and Company, Inc.
McKesson Corporation
MetLife
Micron Technology
Moelis & Company
Morgan Stanley
Motorola Solutions
Nasdaq
Northrop Grumman Corporation
NRG Energy, Inc.
Oracle
Owens Corning
PepsiCo
Pfizer Inc.
Phillips 66
Pitney Bowes
Principal Financial Group
Progressive Corporation
Qualcomm Incorporated
Quanta Services
Rockwell Automation
S&P Global
Salesforce
Schnitzer Steel Industries, Inc.
Sempra Energy
Southern Company
Stanley Black & Decker
Steelcase Inc.
Stryker
Target
Telephone & Data Systems, Inc.
Texas Instruments Incorporated
The AES Corporation
The Boeing Company
The Carlyle Group
The Coca-Cola Company
The Goldman Sachs Group, Inc.
The Home Depot
The Procter & Gamble Company
The Travelers Companies Inc.
Union Pacific
United Airlines
United Parcel Service
Verisk Analytics
Visa Inc.
Vistra Energy
Walgreens Boots Alliance
Walmart Inc.
WESCO International, Inc.
Western Union
Whirlpool Corporation
World Fuel Services Corporation
Xerox Corporation
Xylem Inc.
Zebra Technologies Corporation

 

F. Mentions of BRT Statement in the Proxy Statement