A Survey of Corporate Diversity Practices of The S&P 100: 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 +
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
.........................................................................................................
1 -1.23%conclusion
next steps................................................................17
HB -0.98 -5.16% Foreword.
BKMU -0.19 -2.62%
//////////////////////////////////////////////////////
CBZ -0.37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02
DFZ +0.17 +3.05%and
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 and
-0.03 -0.28%
+0.15 +4.17%
Executive
Summary....................................................................................3
Calverts gender-related
advocacy
actions.
19 RGDX -0.15 -1
RAND............
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
(EEO)
.................
67% WXH +0.15 +1.61%1. Equal Employment Opportunity
-0.16 -6.37%
AHPI 0.07 -1.33% ALDA -0.05 -0.95% CSLR 5.00 unch
CVVPolicy.
CYAN7+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
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%
-4.76%
AMEN -0.15
AWH -0.52 -1.55%ratings (By
BITI +0.01 +0.35%
CHMP +0.33 +21.97% CKX 11.01 unch
2. Internal Diversity Initiatives.
04% CLRO 0.17 -5.36% CNAF
15.51 unch DIT +0.83 +3.76% FFDF 11.25...................................................8
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% 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
3. External Diversity Initiatives...................................................9
73%
Appendix C: Model Board Diversity Policies .
Table of Contents
4.
Scope of Initiatives.................................................................... 10
5.
Family-Friendly Benefits..........................................................11
6. EEO-1 Disclosure......................................................................... 12
7. Highest Paid Executives.......................................................... 13
8. Board Representation.............................................................. 14
9. Director Selection Criteria..................................................... 15
10. Overall Corporate Commitment......................................... 16
and Proxy Disclosures ......................................................................... 22

about the authors................................................................................. 23
About calvert............................................................................................. 24
EXAMINING THE CRACKS IN THE CEILING: A SURVEY OF CORPORATE DIVERSITY PRACTICES OF THE S&P 100OCTOBER 2010
J. Krumsiek
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
TTEC -0.04 -0.46% WIRE -0.38 -2.23% ACTG -0.26 -10.40%
TIVO -0.35 -5.38%
President,
Chief
Executive
Officer
and
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%
+9.09%
VSCP
AIRT -0.22
Chair
of+0.09
Calvert
Group,
Ltd. -3.67% AMEN -0.15 -4.76% AWH -0.52 -1.55%
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
-0.06 employer
-3.64% SCLN and
-0.03 -2.78%
-0.29costly
-14.26%risks
+0.07 +0.85% with
TIII +0.02 +3.92% VSCP +0.0
SNFCAthe
SPANassociated
reducing
-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
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
discrimination, harassment, and litigation.

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
3
Consider
recent
study
that
finds
companies
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%
TTECMcKinsey
-0.04 -0.46%
WIRE -0.38
-2.23%
-0.26 -10.40% ALNC -0.69 -4.05% ARE
TIVO -0.35a-5.38%
ACTG
orKSW
more
women
senior
management
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% with
FLL 0.09three
-8.65%
-0.10 -4.69%
-0.15
-0.84%
MVC +0.82 +12.85%positions
LFTin
PRLS -0.06 -3.64% SCLN -0.03
score
more
highly
on-5.04%
nineNUHC
organizational
excellence
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
-0.07 -4.46% OKN
+0.02 +0.24%criteria
PW -0.03 -0.28% RAND +0.1
than
companies
with
no
women
at
the
top.
Goldman
Sachs
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 +4.20% KOPN -0.03 -1.91% LONG +0.18 +3.51% LUFK -0.24 -0.86% MTXX -0.23 -1.37%
research demonstrates that closing the gap between male
and female employment rates could potentially increase
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.
+0.02 GDP
+3.92%by
+9.09%
-0.22Eurozone
-3.67% AMEN
-0.15by
-4.76%
VSCP
AIRTand
AWH -0.52 -1.55% BITI +0.01
as +0.09
much
as 9%
GDP
13%.
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
-5.82% TCX
0.36
unchtwo
TOFCexamples
4.75 unch TWER
+2.74% business
UBOH +0.04 +0.44%
UNFY -0.20 -10.00% V
are
just
of a+0.02
growing
case for
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

gender equality and diversity that have many prominent
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
-0.49 -2.53%
BHB -0.98 -5.16% BKMU -0.19 -2
institutional
investors
their
positions
topromote
AZZ -0.16 -0.93%
BCPC
greater
women
and
minorities
oncompany
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
+0.07 +0.85%
TIII +0.02 +3.92%
VSCP +0.09 +9.09% AIRT -0.22
SNFCA -0.29 -14.26%of
SPAN
boards,
leading
to
a
growing
group
of
policy
makers
paying
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
increased
attention
to corporate
diversity.
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%
-1.10% HTS -0.07
-0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO HTGC -0.04
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
Calvert
recognizes
that
corporate
diversity
is
a
key
ingredient
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
In this second edition of Examining the Cracks in the Ceiling,
to succeed in an increasingly complex global marketplace,
PAN +0.07 +0.85% where
+3.92%
+0.09
+9.09%
-0.22 range
-3.67% of
AMEN
-0.15 -4.76% AWH -0.52 -1.55%
+0.35% CHMP
+0.33 +21.97%
11.01 unch
CLFD -0.09 -8.04% CLRO 0.17 -5.36% CN
TIII +0.02the
VSCPto
aAIRT
BITI +0.01
CKXhow
Calvert
continues
to evaluate
if and
wellcorporations
ability
draw
on
wide
viewpoints,
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
4.75and
unchexperience
+0.04
+0.44% UNFY -0.20 -10.00%
WVFC -0.01 -0.06% and
ACFN +0.09
+4.18% AFOP
TWER +0.02 +2.74%
UBOHto
VII -0.05 -1.01%
themselves
are
understanding
managing
the -0.01
risks-1.73%
andAPSG -0.03 -1.00%
backgrounds,
skills,
is critical
a companys
2
10% HTS -0.07 -0.32%
-1.13%
-5.39% views
ITWO -0.12
-1.68% JOSB
+4.20%
-1.91% LONG +0.18
+3.51% LUFK
-0.24 -0.86%
MTXXthis
-0.23 -1.37%
-0.20 -3.04% QCOR -0.12 -2.39
INFI -0.09
INSU -0.68
PSEC
opportunities
diversity
offers.
In 2008,
report
analyzed
success.
As an
investor,
Calvert
diversity
as+0.85
both
a KOPN -0.03
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%
the diversity
practices
whosesecurities
social
and strategic
business and
investmentimperative.
of all companies
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
wereheld
in the
Calvert
Social
Index.
year,
we+0.33 +21.97% CKX 11.01 unch
We
believe,
andnumerous
research
thatAIRT -0.22 -3.67%
CLN -0.03 -2.78%
SNFCA
-0.29 -14.26%
SPAN +0.07 +0.85%
+3.92% confirm,
VSCP +0.09 +9.09%
AMEN -0.15
-4.76%
-1.55%
+0.35%
TIII +0.02studies
AWH -0.52
BITI +0.01This
CHMP
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
narrowed
the +0.44%
universe
the-10.00%
companies
theStandard
comprehensive
diversity
15 +4.17% RGDXappropriate
-0.15 -15.00% SSEdiversity
5.75 unch policies,
TAST -0.17 -5.82%
TCX 0.36 unch TOFC
4.75 unch TWER +0.02 +2.74%
-1.01%
WVFC -0.01 -0.06% ACFN +0.09 +4.18
UBOH +0.04
UNFYto-0.20
VII -0.05 in
73%
Foreword
Earlier this year, an unprecedented milestone was setfor the first time, women
outnumbered men on the nations payrolls.
While this majority status continues to
shift between men and women, the longterm trend clearly signals the importance of
women in the workplace and underscores
the growing case for diversity. As a result,
we are once again compelled to assess
whether companies are adequately prepared to deal with this new reality.
programs, and strong leadership commitment enhance a

companys long-term value by building its reputation as a
1. U.S. Bureau of Labor Statistics, February 2010 Report.

2. Calverts 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
orientation, gender identity and expression, HIV/AIDS status, medical status, and
mental and physical ability.
& Poors 100 Index (S&P 100), while retaining our in-depth
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.
3. McKinsey & Co report Women Matter 3, September 2009

4. Goldman Sachs Global Economics Paper No: 164 (Women Hold Up Half the Sky),
March 2008
Our survey reveals a substantial commitment to workplace

equality, especially as it relates to the establishment of
diversity policies and programs. Not a single company scored
zero in this years ratings. Yet the conclusions we are unable
to draw are equally telling. Lack of disclosure regarding
workforce demographics and other concrete performance
metrics affects our ability to determine the full impact of
these diversity initiatives. Increased demographic data would
enhance our analysis regarding whether and how women
and minorities are advancing in the workplace. Detailed
performance metrics would also deepen our identification of
areas of strength and opportunity. Take for example, board
and executive diversity, two areas where we are able to
capture representation data: the results show women and
minorities have a long way to go in reaching parity. Despite
an increase in research studies demonstrating a sound
business case for diversity in the boardroom and executive

suite, the number of women and minority board members
and executives has remained essentially flat over the past
several years, demonstrating a clear disconnect between
diversity initiatives and outcomes.
We hope this survey of diversity practices will stimulate
discussion, catalyze action, and become an instrument for
measuring and managing how well women and minorities
are faring in the corporate workplace. We appreciate those
companies who are currently making efforts to identify,
evaluate, and communicate diversity practices in an honest
and transparent manner, and believe efforts towards more
comprehensive practices and more sophisticated disclosure
will pay off in both the workplace and marketplace.
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%
SNFCA -0.29 -14.26%
+0.07
+0.85% TIII +0.02
SCLN -0.03 -2.78%
SPAN
effectiveness
ofinstituted
policies
and
programs.
In +3.92% VSCP +0.0
+0.15
-15.00%
SSE 5.75
-0.17 -5.82% TCX 0.36 unch TO
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
RGDX -0.15
TASTdata
fact,
37%
of+4.17%
companies
still
disclose
nounch
EEO-1
demographic
data
critical
demonstrating
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%
-0.05 is
-0.75%
+0.60% HTGC -0.04 -1.10% HTS -0.07 -0
HBEthat
HMSYto+0.19
how
successfully
women
and
minorities
are-10.40%
advancing
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
ALNC -0.69 -4.05% ARE
throughout
companys
ranksand
evaluating
the-0.06 -3.64% SCLN -0.03
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%
MVC +0.82
+12.85% PRLS
KSW -0.10a-4.69%
LFT -0.15 -0.84%
effectiveness
of diversity
initiatives.
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
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%
> Due
to inconsistent disclosure among companies, we
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
-5.60% CGNX
-0.40 -4.02% CLRT -0.05 -2.98%
are unable
tofactor
a number
of-0.37
additional
data
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%
+0.09our
+9.09%
-3.67%
-0.15been
-4.76%
AWH -0.52 -1.55% BITI +0.01
VSCPinto
AIRT -0.22
AMEN
points
ratings
that
would
have
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
unch TOFC the
4.75 unch
+0.44% UNFY -0.20 -10.00% V
TWER +0.02 +2.74%
UBOH +0.04
in0.36
assessing
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
-1.13% include
INSU -0.68 -5.39%
factors
the percentage
of women
INFI -0.09
ITWO -0.12 -1.68%
JOSB +0.85in+4.20% KOPN -0.03 -1.91
In evaluating
the
diversity
practices
the
S&P
100,
we-0.69 -4.05% AREX -0.22 -4.45%
management
training
programs,
the
proportion
of -5.16% BKMU -0.19 -2
77 -5.07% TIVO -0.35
-5.38% TTEC -0.04
-0.46%
-2.23% of
ACTG
-0.26
-10.40%
-0.93% BCPC
-0.49
-2.53% BHB -0.98
WIRE -0.38
ALNC
ARL -0.11 -1.03%
AZZ -0.16
considered
10
indicators,
including:
EEO
policy,
internal
total
supplier
spending
dedicated
to
women
and
diversity
diversity
initiatives,
scope
minority-owned
and
theTCXextent
toTOFC
which
85% LBCP -0.15 -2.31%
LKI -0.07initiatives,
-5.04% NUHC external
-0.07 -4.46%
OKN +0.02 +0.24%
-0.28%of
-0.15 -15.00% SSE 5.75businesses,
unch TAST -0.17
-5.82%
0.36 unch
4.75 unch TWER +0.02
PW -0.03
RAND +0.15 +4.17% RGDX
diversity
initiatives,
family-friendly
benefits,
EEO-1
disclosure,
diversity
training
is
required.
Instead,
our
ratings
highest-paid executives, board diversity, director selection
remain focused on the more basic programmatic
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+3.05% //////////////////////////////////////////////////////
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Our
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rather than the quality ofCRGN
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analyzedadditional
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The
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come
in
board
diversity
disclosures,
we
heard
from
a
number
of
73%
Executive Summary
Calverts survey of the corporate diversity

practices of the companies in the S&P
100 Index (S&P 100) reveals that while
the majority of these large-capitalization
companies have progressed in developing
diversity strategies, a lack of detailed
disclosure and a gap between strategies and
performance remain.
a variety of forms, including detailed information on

employee demographics and disaggregated data on
participation rates in workplace programs.
> Overall disclosure of diversity policies and programs

is strong, as most companies openly discuss the
existence of policies and programs to advance
women and minorities. Unfortunately, the majority
of companies are not transparent about the
companies regarding the importance of diversity in the

boardroom. While we welcome the increased attention,
we remain disheartened by the glacial pace at which
women and minorities are reaching the upper echelons
of power. In fact, as the pipeline for corporate directors
continues to be dominated by those in the executive suite,
our findings with respect to executive diversity indicate
that board diversity is unlikely to significantly increase
in the near future. Of the 100 CEOs represented, 92 are
Caucasian males. 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.
Integration and innovation abound. Companies
are moving towards fully integrating their diversity

commitments throughout their organizations. We
found 30% of companies include some oversight of
diversity issues at the board level and 34% of companies
include diversity measures within their compensation
plans. A number of companies have also expanded
employee resource groups beyond focusing solely on one
traditionally underrepresented group to being inclusive of
broader demographics thereby reaching new markets for
both recruitment and business opportunities.
Corporate commitment remains the X factor. On
Methodology
We base our analysis and research on a number of
public sources, including: company websites, SEC filings,
sustainability reports, and direct feedback from companies.
We also use third-party sources such as Diversity Inc.,
Working Mother, and the Human Rights Campaign
Foundations Corporate Equality Index. The intention of our
ratings is to present a companys diversity performance as a
snapshot in time (June to August 2010). Our reliance on public
disclosure of diversity practices prevents us from conveying
every nuance of a companys particular approach to diversity,
and our ratings should be reviewed with that in mind. After
our initial research phase, we contacted all 100 companies
to provide them an opportunity to review our findings and
update our research as needed. Of the 100 companies, 43
responded with updates or verification, greatly increasing
the accuracy of our data and underscoring that top diversity
companies see their diversity ratings as a key strength and a
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 companythe 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.
How We Rate Companies

Beginning in June 2010, we worked on updating the
diversity profiles of each of the S&P 100 companies. In
order to provide useful analysis based on our research,
we assigned points to a companys performance in each
of the 10 diversity indicators. We then compiled these
INDICATOR
EQUAL EMPLOYMENT OPPORTUNITY (EEO) Policy
Includes Sexual Orientation................................................................................................................................................................................................. 5

Includes Sexual Orientation AND Gender Identity and/or Expression........................................................................................................................ 10
INDICATOR
Internal Diversity Initiatives

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
INDICATOR
External Diversity Initiatives
Evidence of Recruitment/Outreach OR Supplier Diversity programs........................................................................................................................... 5

Evidence of Recruitment/Outreach AND Supplier Diversity programs....................................................................................................................... 10
INDICATOR
Scope of Diversity Initiatives
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
INDICATOR
Family-friendly Benefits
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
INDICATOR
EEO-1 Disclosure
Companies with partial EEO-1 disclosure........................................................................................................................................................................... 5

Companies with full EEO-1 disclosure................................................................................................................................................................................. 10
INDICATOR
Highest Paid Executives
One Woman OR Minority in Five Highest Paid Executives............................................................................................................................................. 5

Two or more Women AND/OR Minorities in Five Highest Paid Executives................................................................................................................ 10
INDICATOR
Board representation
One or two Women OR Minorities on Board of Directors.............................................................................................................................................. 5

Three or four Women AND/OR Minorities on Board of Directors................................................................................................................................. 10
INDICATOR
Points
Possible
Director Selection Criteria
General diversity language................................................................................................................................................................................................... 5

Race AND/OR gender-specific diversity language............................................................................................................................................................ 10
INDICATOR
Diversity Indicators
separate points into an overall diversity rating. While we

maintained the same 10 indicators from our 2008 report,
we did slightly adjust the grading scale as appropriate
for this benchmark of large cap companies. Finally, we
analyzed additional data points not currently factored
into the ratings but helpful in assessing overall diversity
commitments.
10
Overall Corporate Commitment
External recognition of an overall corporate commitment to diversity...................................................................................................................... 5

Robust overall commitment to diversity, both internally and externally................................................................................................................... 10
Total Possible..............................................................................................................................................................................................100
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Five
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and
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Common themes will emerge, including those identified in
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12
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73%
Examining the 10 Key Indicators
A majority of S&P 100 companies scored

in the top half of the spectrum, with 65
companies scoring at or above 70 points.
Number of Companies
S&P 100 diversity Ratings
8
6
4
2
0
10
15
20
25
30
35
40
45
50
55
Overall Score
60
65
70
75
80
85
90
95
100
Indicator
1 Equal Employment Opportunity (EEO) Policy
74%
of the S&P 100

support EEO
policies inclusive of sexual
orientation and gender
identity and/or expression
S&P 100
Companies
PTS
Diversity Ratings Indicator
Includes neither sexual orientation nor gender identity and/or expression
Includes sexual orientation
23
10
Includes sexual orientation AND gender identity and/or expression
74
Employment discrimination based on an individuals sexual orientation or gender identity is widespread in the United States
and other countries. No matter how qualified, individuals can
be denied job opportunities, fired, or otherwise discriminated
against because of their actual, or even perceived, sexual orientation in 29 states and their gender identity in 38 states.5
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 governments efforts.
A total of 97% of S&P 100 companies support EEO policies
that explicitly address non-discrimination based on sexual orientation, while 74% support policies that further address nondiscrimination based on gender identity and/or expression.
These companies understand that strong non-discrimination
policies can enhance a companys long-term value, by
building its reputation as a fair and equitable employer and
reducing the costly risks associated with discrimination,
harassment, and litigation.
While not currently factored into the overall score for this
indicator, 54% of rated companies scored 100 on the Human
Rights Campaign Foundations Corporate Equality Index,
demonstrating equitable treatment of LGBT employees in
policies and practices. In the future, we expect these numbers
to increase, as companies move beyond best practice policies
to ensuring equity in benefits, training, and job opportunities.
5. Human Rights Campaign, 2010. Statewide Employment Laws & Policies Map. Available
at: http://www.hrc.org/documents/Employment_Laws_and_Policies.pdf.
Calvert and its coalition partners continue to successfully

engage companies to amend their EEO policies to explicitly
address non-discrimination based on sexual orientation and
gender identity and/or expression. In addition to addressing
the issue at the corporate level, the group has been working
to prompt change at the federal level through public support
of ENDA.
ENDA
The Employment Non-Discrimination Act, or ENDA, is a
piece of bipartisan federal legislation that would provide
basic protections against workplace discrimination on the
basis of sexual orientation and gender identity. The U.S.
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.
Calvert strongly supports passage of a fully inclusive
ENDA. Because state and local laws differ with respect to
employment discrimination, Calvert believes employees
and companies would benefit from a consistent,
nationwide policy to enhance efforts to prevent
discrimination. At least 34% of S&P 100 companies have
also publicly supported ENDA.
As a member of the Business Coalition for Workplace Fairness, Calvert sent letters to both the Senate Committee
on Health, Education, Labor and Pensions and the House
Committee on Education and Labor in support of a fully
inclusive ENDA. We also joined forces with other institutional investors to engage companies in which we invest on
this issue. In response to our engagement, numerous companies joined the Business Coalition for Workplace Fairness
and wrote their own Congressional letters of support.
Indicator
2 Internal Diversity Initiatives
96%
of S&P 100
companies
offer mandatory diversity
training, leadership
development, mentoring
and/or ERG programs
S&P 100
Companies
PTS
No evidence of internal initiatives
Evidence of one or two elements: mandatory training, leadership

development, mentoring, or ERG programs
12
10
Evidence of three or four elements: mandatory training, leadership

development, mentoring, or ERG programs
84
While implementing an inclusive EEO policy is an important

first step, offering diversity training and establishing internal
diversity initiatives, such as mentoring and employee
resource group (ERG) programs, are just as critical.
Diversity training serves to ensure a companys policies and
overall commitment to an equitable workplace are clear and
understood by all employees. Internal diversity initiatives
offer employees opportunities to gain leadership skills, build
networks, and contribute strategically to company efforts,
all of which are needed to advance throughout a companys
ranks and prepare for future executive and board-level
appointments.
A total of 96% of rated companies support one or two
internal diversity initiatives, while 84% support three or
more, acknowledging that these initiatives not only benefit
employees, but also companies themselves through the early
identification of leaders, creative marketing and product
development ideas, outreach to broader markets, and an
overall reinforcement of the companys commitment to

diversity and inclusion.
While the ratings for this indicator focus on the existence of
internal initiatives, as more companies disclose participation
and promotion rates, we hope to be able to rate the
effectiveness of such initiatives. Currently 24% of companies
provide data on the percentage of women in management
training; of those companies, the average participation rate
is 40%, with Verizon leading the way with 79%. We welcome
this disclosure and encourage companies to consider
sharing the promotional rate of initiative participants
to demonstrate if and how women and minorities are
advancing up the corporate ladder.
Calvert believes internal diversity initiatives are crucial to
a companys success in building and sustaining a fair and
equitable working environment. A company dedicated to
diversity and inclusion must go beyond written policies by
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 Incs Building Talent Edge program, focused on recruitment and development strategies in its Asia
Pacific operations, increased womens 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
companies
offer recruitment/outreach
AND supplier diversity
programs
S&P 100
Companies
PTS
No evidence of external initiatives
Evidence of recruitment/outreach OR supplier diversity program
13
10
Evidence of recruitment/outreach AND supplier diversity program
80
External diversity initiatives are also critical to a companys

success in building and sustaining a fair and equitable
working environment. A total of 80% of S&P100 companies
support both recruitment and outreach initiatives, as well
as supplier diversity programs, understanding that these
programs provide companies an opportunity to reach the
broadest talent pool and build workforces reflective of the
communities in which they operate and the customer base
to which they market.
hope to be able to assess the effectiveness of such initiatives.

Currently, 29% of companies provide data on the percentage
of total spending dedicated to diverse suppliers; of these,
McDonalds leads the way with 55% of its supplier spending
allocated to minority- and women-owned businesses.
We welcome this additional disclosure and encourage
all companies to consider sharing more concrete metrics
demonstrating how these initiatives are contributing to
stronger, more diverse organizations.
With the working-age population expected to decline to 57%

by mid-century,6 competition for the best and brightest talent
will only increase. Coupling this pressure with the projection
that the working-age population will be more than 55%
minority in the same timeframe7 adds an increased sense of
urgency to establishing robust multicultural initiatives now.
Calvert views external diversity initiatives as a key

component to overall success. In order for a company to be
successful, it should seek diverse job candidates to mirror the
increasingly diverse marketplace and benefit from greater
creativity and innovation in the workplace.
Supplier diversity programs provide opportunities for companies to build and strengthen relationships with minority- and women-owned businesses, leverage the creativity
and innovation such companies bring to bear, and better align
products and services to an increasingly diverse customer
base. With the buying power of Hispanics, African-Americans,
Asians, and Native-Americans expected to exceed $3 trillion
by 2012, companies can ill afford to ignore these markets.8
While the ratings for this indicator focus on the existence of
external initiatives, as more companies disclose information
on recruitment rates and supplier diversity spending, we
6. U.S. Census Bureau News, August 2008. An Older and More Diverse Nation by Midcentury.
7. Ibid.
8. The Selig Center for Economic Growth at the University of Georgia, Terry College of
Business, 2007. The Multicultural Economy.
Merck & Co Inc/NJ and Morgan Stanley are among
leading companies supporting efforts to attract, recruit,
and retain minorities and women, providing internships,
scholarships, and fellowships to minority students
interested in entering their respective fields.
PepsiCo Inc supports a dedicated female talent
development division in the Middle East and Africa to
increase its recruitment of women in those regions.
Johnson & Johnson and IBM support business
development for diverse suppliers, including providing
scholarships to and collaborating with business schools
and executive leadership programs. IBM collaborated
with the World Banks International Finance Corporation
to develop a toolkit for diverse small and medium
enterprises both domestically and around the world.
Indicator
10
4 Scope of Diversity Initiatives
67%
of S&P 100
companies
support employee resource
groups targeted to three or
more groups
No reference to LGBT, disability, race/ethnicity, and/or gender
19
Specific reference to 1 or 2 LGBT, disability, race/ethnicity, and/or gender
14
10
Specific reference to 3 or 4 LGBT, disability, race/ethnicity, and/or gender
67
The scope of initiatives reflects the breadth of companies

internal and external diversity initiatives, such as mentoring
programs, employee resource groups, and recruitment and
outreach programs, by identifying the extent to which
such programs are targeted at one or more traditionally
underrepresented groups.
A total of 81% of rated companies support at least one
internal or external diversity initiative targeted at one or more
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)
support initiatives focused on race, ethnicity, and gender,
while only slightly less (73) offer initiatives focused on LGBT
employees. Disappointingly only 41 companies support
initiatives specifically targeted at employees with disabilities.
Interestingly, those companies with a wider scope of initiatives
perform better in eight of the nine other indicators, on average.
While supporting diversity initiatives targeted at any one
of the traditionally underrepresented groups is important,
Calvert believes it is crucial that a companys commitment
to such initiatives extends beyond one particular group,
particularly as a measure to improve recruitment and
retention. A recent Hay Group study9 estimates employee
turnover costs to equal 50 to 150% of salarya very costly
proposition. The same study also demonstrates organizations
that successfully engage and enable employees can realize
a 54% total reduction in voluntary turnover costs. These
findings demonstrate why employee engagement and
retention are identified by CEOs as critical issues.
9. Hay Group, Business Wire, July 15, 2010
S&P 100
Companies
PTS
Calvert believes employees should be recruited, hired,

promoted, and retained based on competency, not
chromosomes or the color of their skin. We want to see a
level playing field, where merit and hard worknot bias
and stereotypeare what count in hiring and advancement
opportunities, recognizing that companies committed
to diversity have a competitive advantage in employee
recruitment and retention and are better able to anticipate
and respond effectively to evolving consumer demand.
Cisco Systems Inc is known for its commitment to gender.
Its Gender Initiative focuses on increasing recruitment,
retention, and career opportunities for women in the IT
industry through a number of related programs. Its Girls
in Technology Initiative, for example, seeks to increase
the number of girls and young women in the engineering
and technology fields, providing them educational
opportunities and dedicated mentors.
Exxon Mobil Corp is known for its commitment to
employing nationals. In Russia, for example, nationals
comprise nearly 85% of the workforce. In Nigeria, 89% of
the companys workforce is Nigerian, including 76% of
senior leadership positions. With over 60% of company
employees located outside the United States, the
companys commitment to local hiring is critical.
IBM is known for its commitment to recruiting. The
company supports three internship and/or recruitment
programsEntry Point, Project View, Project View
Plustargeted at women, persons with disabilities;
African-American, Hispanic/Latino, Native-American,
and Asian college students, graduates; and experienced
professionals interested in pursuing technology careers.
Indicator
5 Family-friendly Benefits
93%
of S&P 100
companies
offer at least one familyfriendly benefit
S&P 100
Companies
PTS
No family-friendly benefits
One or two family-friendly benefits
22
10
Three or four family-friendly benefits
71
Family-friendly benefits and work-life balance have risen

to the top of employees checklists as key criteria for both
selecting and staying with an employer. With recruitment
and retention of talented employees becoming evermore
challenging, offering progressive benefits gains an even
greater importance.
partner benefitsdomestic partner benefits are the most

common, offered by 84 companies. Adoption assistance and
dependent care options are close behind, offered by 77 and
72 companies respectively. Flexible working provisions, while
benefiting employees and in the case of telecommuting, the
environment, are offered at 65 companies.
Calvert believes that companies offering family-friendly

benefits profit externally from a more positive public image,
and internally from factors such as increased recruitment and
retention of skilled workers, improved employee productivity
and morale, and improved quality of work-life balance that
leads to reduced absenteeism, turnover, and stress.
Family-friendly benefits have become an important element

of companies strategies to address issues of work-life
balance and recruitment and retention, as they become rising
workforce priorities. Companies should strive to eliminate
stigma or bias against those taking advantage of flexible work
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
taking time off from their careers: 73% of women trying to
return to the workforce had trouble finding a job, 22% were
forced to step down to a lower job title, and 58% of women
had to switch to a part-time, reduced time, or flex-time
schedule to balance work and family obligations.10 Interestingly 69% of women stated they would not have needed to
take time off if their companies had offered flexible work options such as reduced hours, job sharing, or part-time career
tracks,reinforcing the importance of family-friendly benefits.
A total of 93% of S&P 100 companies understand this fact and
offer at least one or more family-friendly benefit. Of the four
specific benefit areas analyzed flexible work arrangements,
adoption assistance, dependent care programs, and domestic
10. Center for Work-Life Policy, Off-Ramps and On-Ramps Revisited, Spring 2009
Capital One Financial Corp offers free treatment to employees family members (even those without health insurance) through on-site health centers at its headquarters.
Chevron Corp was the first major integrated energy company to offer domestic partner benefits to its employees.
Cisco Systems Inc offers full-time childcare to 400 kids
of its employees and reveals that 85% of its employees
flexed their hours or worked offsite in 2008, according to
Working Mother.
Hewlett-Packard Co states that 80% of its employees use
flex time, including 34% of its employees who formally
telecommute.
JPMorgan Chase & Co, according to Diversity, Inc., offers a
wide range of work-life benefits such as onsite childcare,
adoption assistance, paternity leave, lactation programs,
dependent care benefits, and domestic partner benefits.
11
Indicator
12
6 EEO-1 Disclosure
37%
of S&P 100
companies
have No EEO-1 disclosure
S&P 100
Companies
PTS
Companies with no EEO-1 disclosure
37
Companies with partial EEO-1 disclosure
55
10
Companies with full EEO-1 disclosure
EEO-1 disclosure provides a comprehensive breakdown of a

companys workforce by race and gender across employment
categories, enabling investors to get a snapshot of minority
and female representation throughout a companys ranks
and to measure a companys progress on hiring, retaining,
and promoting minority and female employees over time.
The federal government requires private companies with 100
or more employees and federal contractors to submit EEO-1
data. However, companies are not required to release EEO-1
information to investors or the public.
Only eight S&P 100 companies provide full disclosure
demonstrating a comprehensive breakdown of their
workforce. Fifty-five companies provide some level of
information, such as the percentage of women managers
they employ or the number of minority employees
throughout the organization. The remaining 37 companies
do not disclose any demographic data on their employees,
missing an opportunity to provide investors and interested
stakeholders with key evidence of whether and how women
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
the effectiveness of their diversity initiatives.
While corporate disclosure in this area remains

disappointing, movement on the reporting and regulatory
front continues. Internationally, the Global Reporting
Initiative is enhancing its sustainability reporting
framework, used by many corporations, to include a
number of additional gender-related indicators. U.S. Senator
Robert Menendez sent a voluntary survey to 2009 and
2010 Fortune 500 companies in order to gain a better
understanding of what minority and female representation
looks like on corporate boards, in senior leadership and in
the procurement of goods and services.11
S&P 100 Companies with Full

EEO-1 Data Disclosure
AllState Corp
Intel Corp
Citigroup Inc
JPMorgan Chase & Co
Costco Wholesale Corp
NIKE Inc
Wal-Mart Stores Inc
Hewlett-Packard Co
11. http://menendez.senate.gov/newsroom/press/release/?id=1ba99543-ef57-446c-a1db7632a08c9bbc
Indicator
7 Highest Paid Executives
56%
of S&P 100
companies
have no women and/or
minorities in the highest
paid executive positions
S&P 100
Companies
PTS
No women and/or minorities in Five Highest Paid Executives
56
One woman or minority in Five Highest Paid Executives
30
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.

Despite progress in establishing diversity programs and
policies, there is still significant room for improvement in
the most elite corporate offices. We continue to find lack
of disclosure problematic, as there were 21 instances in
which we could not conclusively determine the minority
representation of these positions. Until more companies
provide biographical data confirming the diversity of each
officer, our ratings will continue to focus on the data we
can confirm.
Our analysis includes both the number and titles of women
and minorities included in the companys five highest paid
executives, as defined by the company in its annual proxy
filing, though our scores currently focus on the number of
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
group of companies. Among the S&P 100, only 14 companies
have two or more female and/or minority officers in these
positions, and 56 companies have no female and/or minority
representation in their highest paid positions. There are six
female CEOs, of which three are minorities, and two minority
male CEOs. To put these numbers into perspective, while
there are eight diverse CEOs, 92 companies have Caucasian
male CEOs, showing us just how far away we are from
anything resembling parity.
At Calvert, we believe having women and minorities in

these prestigious and integral positions shows employees,
investors, and other interested stakeholders that the
company is serious about its dedication to diversity and
is in fact walking the talk. As these positions are often the
gateway to future board appointments, the importance
of having strong diversity in these roles cannot be
underestimated or overlooked. For these reasons, the dismal
showing for this indicator especially disappoints us.
It should be no surprise that four of our five diversity leaders
are included in the chart below which highlights the only
companies to earn 10 points for this indicator, meaning that
each of these companies has two or more women and/or
minorities within their five highest paid officer positions.
Diversity in Leadership
Allstate Corp
Hewlett-Packard Co
American Electric Power Co
Home Depot Inc
Avon Products Inc
Johnson & Johnson
Campbell Soup Co
Kraft Foods Inc
Chevron Corp
Oracle Corp
Citigroup Inc
Sara Lee Corp
Coca-Cola Co
Xerox Corp
13
8 Board Representation
97%
of S&P 100
companies
have at least one woman
and/or minority on the
board of directors
No women or minorities on Board of Directors
One or Two women or minorities on Board of Directors
30
10
Three or more women and/or minorities on Board of Directors
67
Board diversityS&P 100

25
Though not currently factored into our ratings, our analysis

also includes women and minority directors specific
committee roles, realizing the importance of having
diversity in leadership positions. Of the 97 companies
having at least one woman and/or minority on the board,
67 companies have assigned at least one board committee
chair position to a woman director and 55 companies (where
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
committeeone of the most powerful positions on a board.
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
marketplace, the ability to draw on a wide range of
viewpoints, backgrounds, skills, and experience is critical to
a companys 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
recruit, retain, and promote the best people, including
women and minorities.
20
15
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
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
10
S&P 100
Companies
PTS
Since true diversity is needed from the factory floor to the

ceiling, our analysis includes diversity at every level of the
organization, including the boardroom. When analyzing
corporate practices at this level, we look at both the
demographic composition of the board (discussed further
below), as well as the new diversity disclosures mandated by
the Securities and Exchange Commission in corporate proxy
statements (discussed further in the next section).
Number of Companies
Indicator
14
Number of Diverse Directors
9
12. Catalyst, 2009 Catalyst Census: Fortune 500 Women Board Directors
Indicator
9 Director Selection Criteria
44%
of S&P 100
companies
mention diversity in race
and/or gender as part of their
director selection criteria
S&P 100
Companies
PTS
No mention of Diversity
31
General mention of Diversity
25
10
Specific mention of Diversity in Race and/or Gender
44
In December 2009, the Securities and Exchange Commission

(SEC) announced approval of a number of additional proxy
disclosure requirements; among other provisions companies
are for the first time required to disclose:
Whether, and if so how, a nominating committee
considers diversity in identifying nominees for director;
If diversity is considered, disclosure would be required
of how this policy is implemented, as well as how the
nominating committee (or the board) assesses the
effectiveness of the policy.13
Despite encouragement by Calvert and other commenters,
the SEC did not provide a definition of diversity for companies.
Rather, the SEC states that the definition of diversity is left to
the companys discretion and may be inclusive of race, gender,
and a range of other characteristics.
As a result of these new rules, which became effective on
February 28, 2010, for the first time we are able to compare
and contrast companies approach to this important issue by
comparing proxy disclosures. However, ten companies either
filed proxies before these disclosures were mandated or after
our research window closed. Therefore, we reviewed these ten
companies governance charters for consideration of diversity
in identifying director nominees. We welcome the large number of companies that took the newly mandated disclosure
requirements as an opportunity to reassess the boards current approach to diversity, since the SEC agreed that it is useful
for investors to understand how the board considers and
addresses diversity. However, twenty-one companies had no
change in their diversity-related disclosures from 2009 to 2010.
13. Proxy Disclosure Enhancements (SEC Release No. 33-9089, issued December 16, 2009), p.38
Calvert has developed Model Board Diversity Policies and

Proxy Disclosures (please see Appendix C) to provide guidance
to companies as to the types of commitments and information that investors would find useful in assessing a companys
efforts to build a diverse and effective board.
Forty-four companies mention race and/or gender as
desired characteristics in board nominees, twenty-five
companies state a general commitment to diversity in
the selection criteria, and thirty-one companies have no
mention of diversity (as captured by Calverts definition) in
the selection process. Selection criteria that refer solely to
diverse backgrounds or diversity of experience were not
considered as these phrases do not ensure that a companys
intentions are to seek racially and gender-diverse candidates.
Enhanced Diversity Disclosures

JPMorgan Chase & CoThe board strives to ensure diversity of representation among its members. Of the 11 director nominees, two are women and one is African-American.
Increasing diversity is a priority, and when considering
prospects for possible recommendation to the board, the
Governance Committee reviews available information
about the prospects, including gender, race and ethnicity,
as well as experience, qualifications, attributes and skills.
CitigroupAmong the factors that the nomination
and governance committee considers when evaluating
the composition of the board, diversity is critical. For a
company like Citi, which operates in over 100 countries
around the globe, diversity includes race, ethnicity, and
gender as well as the diversity of the communities and
geographies in which Citi operates.
15
16
Indicator
10 Overall Corporate Commitment
38%
of S&P 100
companies
demonstrate a robust
commitment to diversity, both
internally and externally
S&P 100
Companies
PTS
No evidence of an overall corporate commitment to diversity
16
External recognition of an overall corporate commitment to diversity
46
10
Demonstrated evidence of robust commitment to diversity, both

internally & externally
38
Corporate commitment reflects the extent to which a

companys commitment to diversity and inclusion appears to
be integrated and communicated throughout its governance
and management structure.
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
further the companys diversity objectives. Our findings
show that 80% of the S&P 100 have a diversity council and
46 of those disclose that their CEO and/or Chair is involved
in the councils operations. This second statistic on CEO
involvement is critical as leadership from the top sets
the tone and signals to all employees the importance of
embracing diversity and inclusion.
Next, we found that 34 companies link diversity measures to
their compensation plans. As compensation is the principal
performance incentive at any company, this is a true
indication of a companys commitment to diversity. Finally
we analyzed board committee charters and found that 30
companies mention oversight of diversity policies and/or
programs by their Board of Directors.
Calvert believes these types of commitments represent a
companys maturity in embracing diversity and inclusion.
Our analysis also shows that companies scoring high in
corporate commitment tend to score higher on eight of the

nine other diversity ratings indicators. These companies
are moving beyond the basics in diversity programs and
policies and truly integrating diversity into the highest
levels of their companies.
Chevron Corp ties managers performance ratings to
their hiring of diverse candidates and operates diversity
councils through the company.
Coca-Cola Co has a Public Issues and Diversity Review
Committee of its Board of Directors. Among other
responsibilities this committee is tasked with reviewing
the Companys progress toward its diversity goals.
JPMorgan Chase & Cos CEO Jamie Dimon leads the
diversity council, which includes a group of global senior
leaders, and meets regularly to discuss diversity action
plans within each business. A portion of these executives
compensation is also linked to their ability to attract,
retain, and lead a diverse employee base.
Sara Lee Corps Board of Directors and senior
management team ensure the integration of diversity
and inclusion into business vision sessions and planning
by setting policy, monitoring strategy, and holding
leadership accountable.
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17
Conclusion and Next Steps
evidence of increased innovation and integration, as well

as improved corporate commitment. We applaud robust
diversity policies and programs, and encourage companies
to continue efforts towards better work-life balance and
family-friendly benefits. We hope these strengthened
pipeline initiatives will result in improved executive and
board diversity representation, two areas remaining
essentially flat, despite growing investor interest. Where
companies tend to truly fall short is in the transparency
Calvert believes employees should be recruited, hired,

promoted, and retained based on competency, not
chromosomes or the color of their skin. We want to see a
level playing field, where merit and hard worknot bias and
stereotypeare what count in workplace opportunities.
We believe companies that fully embrace this challenge
and commit to providing a fair and equitable working
environment will recognize gains in both the workplace
and marketplace.
18
Recommendations
Calvert recognizes that a comprehensive corporate diversity
strategy is a journey, not a destination. We anticipate
that companies will use this survey of diversity practices
to benchmark their progress and drive action within their
workplace. We applaud those companies that have worked
to advance the status of women and minorities within the
workplace and encourage other companies to evaluate the
benefits corporate diversity brings to bear on both strategic
and operational decisions. With that perspective in mind, we
offer three key recommendations:
1. Conduct a self-assessment. Using Calverts diversity
ratings as guidelines and the Gender Equality Principles
website self-assessment tool, companies should examine
their policies, practices and programs to identify their own
areas of strength and weakness. Companies should keep
in mind whether the relevant practices are implemented
domestically or globally. It is also critical to determine
if adequate metrics are in place to evaluate diversity
performance. Once these assessments are complete,
companies should use findings to develop action plans,
including establishment of measurable short- and longterm goals and commitments.
problems, as well as achievements. Such disclosure will

not only benefit interested shareholders and stakeholders,
but also the companies themselves, since it enables
prospective and current employees and external partners
to evaluate the companys progress on these issues.
> Establish appropriate metrics and processes to collect
and analyze the impact of diversity practices across the
workplace
> Review the Global Reporting Initiative and International
Finance Corporations Embedding Gender in
Sustainability ReportingA Practitioners Guide for
recommendations on embedding gender disaggregated
data into sustainability reporting
3. Support public policy and community efforts. Extend the
companys commitment to diversity beyond the corporate
walls by publicly supporting key legislation addressing issues
of equality in the workplace, such as equal employment
opportunity policies, fair pay practices, and workplace
violence prevention and engaging local community groups.
Companies should also consider reporting publicly on
their policy positions, thereby strengthening their efforts
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
companys current diversity efforts
2. Increase disclosure of corporate diversity practices. It
is essential not only to support comprehensive diversity
practices, but also to report on them in a detailed manner.
In order for the disclosure to be credible, companies
need to remember to communicate challenges and even
> Review current political spending and policy positions to

ensure an alignment with the companys commitment
to diversity
> Target local community support and other philanthropic
contributions to organizations that work to advance
diversity
00 +0.01% EWSTCalvert
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their shareholders, and reflect Calverts view that there is a
strong
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Complementing the domestic-focused GEP Initiative, the
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provided investors with a set of tools to assess corporate
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77 -5.07% TIVO -0.35
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play
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empowerment, and others are encouraged to follow their lead.
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15 +4.17% RGDXPrinciples
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19
Calverts Gender-Related Advocacy and Actions
tions launched the Gender Equality Principles (GEP) Initiative

and have worked with companies to translate the Principles
into practical policies, guidelines, indicators, and other performance tools for direct implementation into the workplace. A
companion websitewww.genderprinciples.orgwas also
diversity within its operations. We encourage S&P 100

companies interested in improving their ratings, and all
companies interested in advancing diversity, to utilize the
extensive tools and resources available at the GEP website,
www.genderprinciples.org.
Company
pts-4.69% Company
pts -0.29
Company
pts +3.92% VSCP +0.0
00 +0.01% EWST -0.01
-0.10% FLL 0.09 -8.65% KSW -0.10
-0.06 -3.64% SCLN -0.03 -2.78% SNFCA
-14.26% SPAN +0.07 +0.85% TIII +0.02
LFT -0.15 -0.84% MVC +0.82 +12.85%ptsPRLSCompany
+0.08
NUHC -0.07Co
-4.46% OKN +0.02 +0.24%
-0.03 -0.28%
-15.00%
HX 0.24 unch KIRK 3M
Co+2.85% LBCP -0.15 -2.31% LKI -0.07
80-5.04% Coca-Cola
95PW Home
Depot
Inc +0.15 +4.17% RGDX
80 -0.15Pfizer
IncSSE 5.75 unch TAST -0.17 -5.82%
80 TCX 0.36 unch TO
RAND
Abbott Laboratories
90
Colgate-Palmolive Co
85 Honeywell International Inc 60 Philip Morris International Inc 15
Alcoa
75 -0.98 -5.16%
Comcast
Corp-0.19 -2.62% CBZ -0.3765
Corp
85CNUProcter
& Gamble
Co +3.05% CRGN
90 +0.02 +2.67% WX
ARL -0.11 -1.03% AZZ
-0.16Inc
-0.93% BCPC -0.49 -2.53% BHB
-5.60% Intel
-0.40 -4.02% CLRT -0.05 -2.98%
-0.02 -1.23%
BKMU
CGNX
DFZ +0.17
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
-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%
Business
Allstate
Corp
85
ConocoPhillips
65
Machines
Corp
(IBM)
70 +4.18% AFOP -0.0
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% 75
VII -0.05QUALCOMM
-1.01% WVFCInc
-0.01 -0.06% ACFN +0.09
HMSY +0.19 +0.60%
HTGC -0.04
-1.10%
-1.13%Wholesale
-5.39% ITWO -0.12
+4.20% KOPN -0.03 -1.91%
LONG +0.18Co
+3.51% LUFK -0.24 -0.86%
Altria
Group
Inc HTS -0.07 -0.32%
50INFI -0.09
Costco
55 -1.68%
Johnson
Johnson
90 Raytheon
65MTXX -0.23 -1.37%
INSU -0.68Corp
JOSB&+0.85
Amazon.com Inc
45
CVS Caremark Corp
80 JPMorgan Chase & Co
95 Regions Financial Corp
45
Power
Co-8.04%
85CLRO 0.17
Dell
Inc CNAF 15.51 unch DIT +0.8375
Foodsunch
Inc HIFN +0.01 +0.26%85INHX 0.24
Saraunch
LeeCorp
95-2.31% LKI -0.07 -5.04
HMP +0.33 +21.97%American
unch CLFD
-0.09
-5.36%
+3.76%Kraft
FFDF 11.25
KIRK +0.08 +2.85% LBCP -0.15
CKX 11.01Electric
WVFC -0.01 -0.06% American
ACFN +0.09 +4.18%
/ APSGDevon
-0.03 -1.00%
-0.03 -1.00% COBH
+4.52% CSBK
-0.21Corp
-2.54% CY +0.31
ARQL
DBTK +0.31 +4.75%
ExpressAFOP
Co -0.01 -1.73%85
Energy
Corp
30 +0.58Lockheed
Martin
70+4.75%Schlumberger
Ltd DEP -0.41 -2.86%
30 EBS -1.01 -5.07%
Amgen
70-2.23%
Dow
Co/The
80 AREX
Lowe's
IncARL -0.11 -1.03% AZZ
50-0.16 Southern
Co-0.49 -2.53% BHB -0.9875-5.16% BKMU -0.19 -2
77 -5.07% TIVO -0.35
-5.38% Inc
TTEC -0.04 -0.46% WIRE -0.38
ACTGChemical
-0.26 -10.40%
-0.22 Cos
-4.45%
-0.93% BCPC
ALNC -0.69 -4.05%
01 -0.10% FLL 0.09 Apple
-8.65%
KSW -0.10 -4.69% LFT -0.15 -0.84%
+0.82
+12.85%
-3.64% 75
-2.78% Inc
SNFCA -0.29 -14.26% SPAN
+0.85%
PRLS -0.06
SCLN -0.03
TIII +0.02
Inc
50 MVC
EI du
Pont
de Nemours
& Co
Mastercard
70 +0.07
Sprint
Nextel
Corp+3.92% VSCP +0.09
60 +9.09% AIRT -0.22
AT&T
Inc VII -0.05 -1.01% WVFC -0.01
85 -0.06%
EMC
Corp+0.09 +4.18% AFOP -0.01 -1.73%
70 McDonald's
CorpARQL -0.03 -1.00%75
Corp CSBK -0.21 -2.54% CY70+0.31 +4.75% DBTK +
04 +0.44% UNFY -0.20
-10.00%
APSG -0.03 -1.00%
+0.58 +4.52%
ACFN
COBHTarget
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% Inc
LONG +0.18 +3.51%
-0.86% Corp
MTXX -0.23 -1.37% PSEC -0.20
-1.66
-6.43% SEACInc
4.32 unch SHOR
QCOR -0.12
Avon
Products
80LUFK -0.24
Entergy
60 -3.04%
Medtronic
Inc -2.39% RGR +0.04 +0.39%
75 SCL
Texas
Instruments
65 -0.37 -8.92% SIGM
Baker Hughes Inc
45
Exelon Corp
75 Merck & Co Inc/NJ
90 Time Warner Inc
80
Bank
ofunch
America
800.24 unch
Exxon
Mobil
60 LKI MetLife
IncNUHC -0.07 -4.46% OKN70
UnitedPW
Parcel
Inc
DIT +0.83 +3.76% FFDF
11.25
+0.01 +0.26% INHX
+0.08Corp
+2.85% LBCP -0.15 -2.31%
-0.07 -5.04%
+0.02 +0.24%
-0.03Service
-0.28%
RAND +0.1565
+4.17% RGDX -0.15 -1
HIFNCorp
KIRK
00% COBH +0.58 +4.52%
+0.31 +4.75%
+0.31
+4.75% DEP -0.41 -2.86% 85
EBS -1.01
-5.07% ENSG
FORR
-0.13 -0.78% Corp
HBE -0.05 -0.75%
CYCorp
Bank
ofCSBK
New-0.21
York-2.54%
Mellon
80 DBTK
FedEx
Corp
Microsoft
Corp-0.22 -1.54% EXTR -0.17
80 -13.82%
United
Technologies
60 HMSY +0.19 +0.60
Baxter
International
75 BCPCFord
70 -0.19Monsanto
Co-0.37 -5.60% CGNX -0.40
80-4.02%UnitedHealth
Group
Inc -0.02 -1.23%
65DFZ +0.17 +3.05%
05% AREX -0.22 -4.45%
-0.11 -1.03% Inc
AZZ -0.16 -0.93%
-0.49Motor
-2.53% Co
-2.62% CBZ
ARL
BHB -0.98 -5.16% BKMU
CLRT -0.05 -2.98%
CNU
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
Freeport-McMoRan
Copper
Boeing
Co
70
&
Gold
Inc
25 Morgan Stanley
70 US Bancorp
70
73%
20
Appendix A: S&P 100 Company Ratings (Alphabetical)
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
Company
pts-4.69% Company
pts -0.29
Company
pts +3.92% VSCP +0.0
00 +0.01% EWST -0.01
-0.10% FLL 0.09 -8.65% KSW -0.10
-0.06 -3.64% SCLN -0.03 -2.78% SNFCA
-14.26% SPAN +0.07 +0.85% TIII +0.02
LFT -0.15 -0.84% MVC +0.82 +12.85%ptsPRLSCompany
+0.08 +2.85%
-5.04% Monsanto
NUHC -0.07 -4.46%
-0.03
-0.28% RAND +0.15 +4.17% RGDX
-15.00%Technologies
SSE 5.75 unch Corp
HX 0.24 unch KIRK Citigroup
IncLBCP -0.15 -2.31% LKI -0.07
100
Co OKN +0.02 +0.24%
80PW US
Bancorp
70 -0.15United
60 TCX 0.36 unch TO
TAST -0.17 -5.82%
Sara Lee Corp
95
Microsoft Corp
80 Target Corp
70 Sprint Nextel Corp
60
JPMorgan
Chase
& -0.49
Co -2.53% BHB
95-0.98 -5.16%
HomeDepot
Inc -2.62% CBZ -0.3780
Inc CLRT -0.05 -2.98%
70CNUNYSE
60 +0.02 +2.67% WX
ARL -0.11 -1.03% AZZ
-0.16 -0.93%
BKMU -0.19
-5.60% QUALCOMM
-0.02 Euronext
-1.23% DFZ +0.17 +3.05% CRGN
BCPC
CGNX -0.40 -4.02%
NFCA -0.29 -14.26% Coca-Cola
-4.76%
AWH -0.52 -1.55% BITI +0.01
+21.97% CKXInc
11.01 unch
SPAN +0.07Co+0.85% TIII +0.02 +3.92%95VSCP +0.09
AIRT
CHMP +0.33
Dow +9.09%
Chemical
Co-0.22 -3.67% AMEN
80-0.15Oracle
Corp
70+0.35%Honeywell
International
60 CLFD -0.09 -8.04%
Chevron
CVS-2.54%
Caremark
Corp+4.75% DBTK +0.31
80 +4.75%
Morgan
70 ENSG
Exxon
Mobil
APSG -0.03 -1.00% ARQL
-0.03 Corp
-1.00% COBH +0.58 +4.52%95
-0.41 -2.86% EBS -1.01 -5.07%
-0.22
-1.54%Corp
FORR -0.13 -0.78% HBE
CSBK -0.21
CY +0.31
DEPStanley
EXTR -0.17 -13.82% 60
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%
& Gamble Co
Corp
Procter
90 Bank of NewYork Mellon Corp 80 MetLifeInc
70 Entergy
60 TTEC -0.04 -0.46%
NIKE Inc
90 SNFCA
Bank of
America
80 TIIIMastercard
70 -0.22Costco
55 -1.55% BITI +0.01
84% MVC +0.82 +12.85%
-0.29
-14.26% Corp
+0.02 +3.92%Inc
-3.67%Wholesale
-4.76% AWH -0.52
PRLS -0.06 -3.64% SCLN -0.03 -2.78%
SPAN +0.07 +0.85%
VSCP +0.09 +9.09% AIRT
AMEN -0.15Corp
46% OKN +0.02 +0.24%
-0.28% RAND +0.15 +4.17%
-15.00%Inc
SSE 5.75 unch TAST
-5.82% TCX Martin
0.36 unch
TOFC 4.75 unch70
+0.02 +2.74%
+0.04 +0.44% 50
UNFY -0.20 -10.00% V
PW
TWERNorfolk
UBOHCorp
Merck
& -0.03
Co Inc
90 RGDX
Avon-0.15
Products
80-0.17Lockheed
Corp
Southern
Johnson & Johnson
90
3M Co
80 Goldman Sachs Group Inc
70 Lowe's Cos Inc
50
Abbott
Laboratories
90 -1.23%Williams
Cos+3.05%
Inc CRGN +0.02 +2.67%
75 WXH
General
CoAHPI 0.07 -1.33%
70ALDA -0.05
Apple
Inc CSLR 5.00 unch CVV -0.1650-6.37% CYAN +0.00 +
-4.02%
+0.15Electric
+1.61%
-0.95%
37 -5.60% CGNX -0.40
CLRT -0.05 -2.98% CNU -0.02
DFZ +0.17
15 -4.76% AWH -0.52
-1.55%
11.01 unch CLFD -0.09
-5.36%
+0.83 +3.76%
FFDF 11.25
BITI +0.01 +0.35% CHMP +0.33
CKXCommunications
Xerox
Corp
85 +21.97%
Verizon
Inc -8.04%
75 CLRO
Ford0.17
Motor
CoCNAF 15.51 unch DIT70
Altria Group
Incunch HIFN +0.01 +0.26%
50 INHX 0.24 unch
Kraft
85 -0.17 -13.82%
Southern
Co-0.13 -0.78% HBE -0.0575
EMC
Corp
70 HTS
Regions
Financial
45 -0.68 -5.39% ITWO DEP -0.41 -2.86% EBS
-1.01Foods
-5.07%Inc
FORR
-0.75%
HMSY
+0.19 +0.60% HTGC -0.04 -1.10%
-0.07 -0.32%
-0.09 -1.13% INSU
ENSG -0.22 -1.54% EXTR
INFI Corp
NWL -0.29 -6. -82%
SUPGCorp
+0.01 +0.63% TG -0.77 -5.07%
-5.38% TTEC
-0.26Financial
-10.40% Corp
ALNC -0.69 -4.05%
-4.45% ARL -0.11 -1.03% 45
AZZ -0.16 -0.93% BCPC
ACTGOne
Intel
85TIVO -0.35
Medtronic
Inc-0.04 -0.46% WIRE -0.38
75 -2.23%
Capital
70 AREX
News-0.22
Corp
Co +0.09 +9.09%
85AIRT -0.22
McDonald's
Corp-0.15 -4.76% AWH75
Boeing
Co+0.01 +0.35% CHMP +0.3370
Baker
IncCLFD -0.09 -8.04%45CLRO 0.17 -5.36% CN
PAN +0.07 +0.85% Hewlett-Packard
TIII +0.02 +3.92% VSCP
-3.67% AMEN
-0.52 -1.55%
+21.97%
11.01 unch
BITI
CKXHughes
ch TAST -0.17 -5.82% TCX 0.36 unch TOFC 4.75 unch TWER +0.02 International
+2.74% UBOH Business
+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%
00% COBH +0.58 +4.52%
CSBK -0.21 -2.54% CY +0.31 +4.75%
+0.31 +4.75%
DEP -0.41 -2.86% 75
EBS -1.01
-5.07% Inc
FORR -0.13 Inc
-0.78% HBE -0.05 -0.75%
Corp
DBTK
ENSG -0.22 -1.54% EXTR -0.17

FedEx
85
Machines
Corp
(IBM)
Amgen
70 -13.82%
Amazon.com
45 HMSY +0.19 +0.60
Colgate-Palmolive
85 BCPCExelon
CorpBHB -0.98 -5.16% BKMU
75 -0.19UnitedHealth
Group
IncCGNX -0.40
65-4.02%Occidental
Corp
40DFZ +0.17 +3.05%
05% AREX -0.22 -4.45%
-0.49 -2.53%
-2.62% CBZ -0.37
-5.60%
-2.98% CNU
-0.02 -1.23%
ARL -0.11 -1.03%Co
AZZ -0.16 -0.93%
CLRT -0.05Petroleum
CLN -0.03 -2.78% SNFCA
-0.29 -14.26%
+0.09 +9.09%
AMEN -0.15
-4.76%
BITI +0.01 +0.35%
Campbell
Soup CoSPAN +0.07 +0.85%
85TIII +0.02
EI du+3.92%
Pont
deVSCP
Nemours
& CoAIRT75-0.22 -3.67%
UnitedParcel
Service
IncAWH -0.52
65-1.55%Halliburton
Co CHMP +0.33 +21.97%
35 CKX 11.01 unch
AT&T Inc
85
Dell Inc
75 Texas Instruments Inc
65 Gilead Sciences Inc
35
73%
21
Appendix B: S&P 100 Company Ratings (By Score)
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
Wells Fargo & Co
80
Alcoa Inc
75
ConocoPhillips
65
Freeport-McMoRan Copper
& 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
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
-0.06 -3.64%
-0.03 -2.78% SNFCA
-0.29 -14.26%
+0.07 +0.85%
TIII +0.02 +3.92% VSCP +0.0
SPAN
inSCLN
a companys
response
to the
SEC-required
diversity
-0.28%
RAND
+0.15
+4.17%
RGDX
-0.15
-15.00%
SSE
5.75
unch
TAST
-0.17
-5.82%
disclosures in proxy filings though our goal is for companies

to TCX 0.36 unch TO
21 -2.54% CY +0.31
+4.75% DBTK
+4.75% DEP -0.41
-2.86%language
-0.17 -13.82%
-0.13 -0.78%
-0.75% candidates
HMSY +0.19 +0.60%
HTGC -0.04 -1.10% HTS -0.07 -0
EBS -1.01 -5.07%
ENSG -0.22 -1.54% EXTR adopt
HBE -0.05
Calverts
goal+0.31
in developing
model
for board
suchFORR
policies
to ensure
diverse
areincluded
diversity
policies
is to-6.provide
guidance
toTG -0.77 -5.07%
indirector
search
procedures
diversity
isACTG
considered
EAC 4.32 unch SHOR
-0.37 -8.92%
-0.91 disclosures
-6.03% SNWL -0.29
-82% SUPG
+0.01 +0.63%
TIVO -0.35 -5.38%
TTEC
-0.04 -0.46% and
WIRE -0.38
-2.23%
-0.26 -10.40% ALNC -0.69 -4.05% ARE
SIGMand
asCSLR
to the
types
of-0.16
commitments
and+0.01%
information
assessments
ofthe
board.
the
SEC-required
AHPI 0.07 -1.33% companies
ALDA -0.05 -0.95%
5.00 unch
-6.37% CYAN +0.00
FLLannual
0.09 -8.65%
LFT -0.15
-0.84%For
+0.82
+12.85% PRLS -0.06 -3.64% SCLN -0.03
CVV
EWST -0.01 -0.10% in
KSW -0.10 -4.69%
MVC
that
investors,
such
Calvert,
would
find useful
inunch
assessing
a company
must
use
that
36% CNAF 15.51 unch
+0.83 +3.76%
FFDF as
11.25
unch HIFN
+0.01 +0.26%
INHX 0.24
LBCP -0.15 -2.31%
LKI -0.07 -5.04%
NUHC
-0.07language
-4.46% OKN
+0.02accurately
+0.24% PW -0.03 -0.28% RAND +0.1
DIT
KIRK +0.08 +2.85%disclosures,
a
companys
efforts
to
build
a
diverse
and
effective
board.
describes
that
companys
particular
circumstances
and
theFORR -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 +0.31 +4.75% DEP -0.41 -2.86% EBS -1.01 -5.07% ENSG -0.22 -1.54% EXTR -0.17
-13.82%
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%
-0.75% in
HMSY +0.19 +0.60%board)
-1.10%
-0.07regard
-0.32% to
INFIthe
-0.09 -1.13% INSU that
-0.68 -5.39%
-0.12
-1.68%overlooked,
committee
considers
diversity
has a
policy
with
qualified,
often
HBE -0.05
HTGC -0.04
HTS
ITWObut
JOSB +0.85 +4.20% KOPN -0.03 -1.91
identifying
nominees
for
director
consideration
of
diversity
in
identifying
candidates
may
be
found
in
a BHB
broad
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%
-0.98 -5.16% BKMU -0.19 -2
+0.02 +2.67%
+1.61% be
-0.95% CSLR 5.00
unch CVV -0.16 -6.37% CYAN +0.00 +
37 -5.60% CGNX -0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05%
CRGN
WXH +0.15would
AHPI 0.07 -1.33%array
ALDAof-0.05
director
nominees,
disclosure
organizations,
including
01 -0.10% FLL 0.09 -8.65%
KSW -0.10
-4.69%
LFT -0.15
-0.84%
Theboard
believes
that
diversity
isMVC
an +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
required
of-0.09
how
thispolicy
is -5.36%
imple-CNAF 15.51 unch DIT
academic
institutions,
privately
held+0.26% INHX 0.24 unch
15 -4.76% AWH -0.52 -1.55% BITI +0.01 +0.35% CHMP +0.33 +21.97% CKX 11.01
unch CLFD
-8.04%
CLRO 0.17
+0.83 +3.76%
FFDF 11.25 unch
HIFN +0.01
attribute
of-4.46%
a well-functioning
85% LBCP -0.15 -2.31% important
LKI -0.07 -5.04%
NUHC -0.07
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
mented,
as
well
as
how
the
nominating
businesses,
nonprofit
organizations,
04 +0.44% UNFY -0.20board.
-10.00%In
-0.05 -1.01%
-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 +
VII
WVFC -0.01
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
+0.19 +0.60%
-0.32% INFI in
-0.09
-1.13% INSU -0.68 -5.39% ITWO HMSY
HTS -0.07
committee
(or-0.05
the-0.75%
board)
assesses
the HTGC -0.04 -1.10%
and trade
associations,
addition
serve
asdirectors
the Company
SB +0.85 +4.20% KOPNto
-0.03
-1.91%
LONG +0.18of
+3.51%
-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
LUFK -0.24 we
effectiveness
of
its
policy.
to
the
traditional
candidate
pool
of AZZ -0.16 -0.93% BCPC
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%
consider
a range
of matters
of diversity
HB -0.98 -5.16% BKMU
-0.19 -2.62%
-5.60% CGNX
-0.40 -4.02% CLRT -0.05 -2.98% CNU -0.02 -1.23% DFZ +0.17 +3.05% //////////////////////////////////////////////////////
CRGNofficers.
+0.02 +2.67% WXH +0.15 +1.61% AH
CBZ -0.37
corporate directorsand
ALDA -0.05 -0.95% CSLR 5.00
unch CVV
-0.16
-6.37%
CYAN +0.00culture,
+0.01% EWST -0.01
-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.
FLL 0.09of-8.65%
KSW -0.10
including
race,
gender,
ethnicity,
In the
process
searching
for qualified
thought
and
to -0.15
serve
on the
board,
theNUHC -0.07 -4.46%(b)
Strived
to use,
to -0.03
their-0.28%
fullest
potenDIT +0.83 +3.76% FFDF 11.25
unch
HIFNgeography
+0.01 +0.26%and
INHXmeasures
0.24 unch enKIRK +0.08persons
+2.85% LBCP
-2.31%
LKI -0.07
-5.04%
+0.02 +0.24%
+0.15 +4.17% RGDX -0.15 -1
OKN
PW
RAND
suring
that
the
board,
as
a
whole,
reflects
Nominating
Committee
(or
the
board)
tial,
the
current
network
of
organiza00% 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% a
INFI -0.09
-5.39% ITWO -0.12
-1.68%strives
JOSB +0.85
-0.24and
-0.86%
MTXXgroups
-0.23 -1.37%
-3.04% QCOR -0.12 -2.39
range
INSU -0.68
KOPN -0.03of-1.91%
LONG +0.18 +3.51% LUFK
PSEC
of-1.13%
viewpoints,
backgrounds,
skills,
for+4.20%
the inclusion
diverse
tions
trade
that
may-0.20
help
and
expertise.
groups,
knowledge,
and
viewpoints.
To
identify
diverse
candidates;
and
05% AREX -0.22 -4.45%experience,
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%

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%this,
+0.00
+0.01% EWST
CYAN
accomplish
the
Committee
(or-0.01
the-0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% P
CLN -0.03 -2.78% SNFCA
-0.29
-14.26% SPAN
+0.07 +0.85% has
-1.55% BITI
+0.01 +0.35%
TIII +0.02 +3.92% VSCP +0.09 +9.09% AIRT -0.22 -3.67% AMEN -0.15 -4.76% AWH
CHMP +0.33 +21.97% CKX 11.01 unch
The
Nominating
Committee
(c) -0.52
Periodically
reviewed
director
board)
may retain
anunch
executive
search
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
+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
KIRK +0.08
developed
a
set
of
criteria
for
board
recruitment
and
selection
protocols
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
firm to help meet the Committees (or the
73%
membership that strives to attain a
so that diversity remains a
22
Appendix C: Model Board Diversity Policies

and Proxy Disclosures
Introduction
diversity of background and skills for the

board. The Committee has also created a
search protocol that seeks qualified board
candidates from, among other areas,
the traditional corporate environment,
government, academia, private enterprise,
non-profit organizations, and professions
such as accounting, human resources, and
legal services.
boards) diversity objective as well as form

alliances with organizations representing
the interests of women and minorities. In
connection with its efforts to create and
maintain a diverse board, the Nominating
Committee (or the board) has:
(a) Developed recruitment protocols
that seek to include diverse
candidates in any director search.
component of any director search.

The Nominating Committee (or the board)
has reviewed the selection process and
ensured that women and/or minorities
were included in the slate of candidates.
The current racial and gender make-up
of the existing board of directors is as
follows: [provide breakdown]
00 +0.01% EWSTThis
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FLL 0.09 -8.65%
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+0.07team
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KSW -0.10
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SPANThe
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the+12.85%
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authored
by Calverts
diversity
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LKI -0.07to
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RAND +0.15 +4.17% of
RGDX
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TAST -0.17 -5.82% TCX 0.36 unch TO
HX 0.24 unch KIRK
spearheads
Calverts
efforts
promote
corporate
diversity
and
global
empowerment
women
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leverages
PWthe
members
individual
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barriers
to diversity
the workplace.
21 -2.54% CY +0.31
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FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60% HTGC -0.04 -1.10% HTS -0.07 -0
DEP -0.41 -2.86%
EBS dismantle
EXTR -0.17in-13.82%
Former
36% CNAF 15.51 unch DIT +0.83 +3.76%Sustainability
FFDF 11.25 unch HIFN +0.01 +0.26% INHX 0.24 unch KIRK +0.08
+2.85%Manager,
LBCP -0.15 -2.31% LKI -0.07 -5.04% NUHC -0.07 -4.46%Research
+0.24% CAMCO*
PW -0.03 -0.28% RAND +0.1
OKN +0.02Intern,
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
-1.54% Bulthuis
EXTR -0.17 -13.82%
is a FORR -0.13 -0.78% HBE
Management
International Labor
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% TGGlobal
-0.77 -5.07%
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-0.35
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Candidate
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23% ACTG -0.26 -10.40% ALNC -0.69 -4.05%
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%
AREX -0.22
ARL -0.11 -1.03% AZZ -0.16 -0.93% Relations,
Company,
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andSenior
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%
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FLLGeorge
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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%
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Sustainability
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CKX 11.01
unch CLFD Governance
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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
CAMCO*
Diversity
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Aditi
Mohapatra
of
Business,
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in -2.86% EBS -1.01 -5.07%
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
Calverts
research,
advocacy
managed
Development.
18 +3.51% LUFK directs
-0.24 -0.86%
MTXX -0.23 -1.37%
-3.04% QCOR -0.12Amy
-2.39%Augustine
-6.43% SEAC 4.32 unch International
-6.03%
PSEC -0.20
RGR +0.04 +0.39%
SCL -1.66Calverts
SHOR -0.37 -8.92%Business
SIGM -0.91&
SNWL -0.29 -6. -82% SUPG +0.0
and
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work
on
these
important
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to
promote
diversity
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Karen
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6
years
of
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issues.
this
role,
Aditi
leads
global
of 0.17
women
from
in non-profit
15 -4.76% AWH -0.52
-1.55%In
+0.01
+0.35%
+0.33Calverts
+21.97% CKX 11.01
unch empowerment
CLFD -0.09 -8.04% CLRO
-5.36% CNAF
15.51 unchworking
FFDF 11.25 management
unch HIFN +0.01 +0.26% INHX 0.24 unch
BITI
CHMP
DIT +0.83 +3.76%
efforts
to
advance
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2008-2010.
As
a
Workplace
Practices
both
domestically
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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 diversity and promote the adoption
Analyst, Amy analyzed corporate
a deep understanding of the economic
NWL -0.29 -6. -82%and
+0.01 +0.63% TG -0.77of
-5.07%
TIVO -0.35 -5.38% TTECpractices
-0.04 -0.46%
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-0.38 -2.23%
-0.26
-10.40%
-0.11 -1.03%
SUPG
ACTGin
ALNC -0.69
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ARLthat
AZZ -0.16 -0.93% BCPC
implementation
theCalvert
and
impacts
the
areas
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development
issues
women
ALDA -0.05 -0.95% CSLR
5.00 unch Principles.
-0.10% FLL 0.09
-8.65%
-4.69% LFT -0.15 -0.84%
+0.82 +12.85%
PRLS -0.06
CVV -0.16 -6.37% Further,
CYAN +0.00 +0.01% EWST -0.01
KSW -0.10worker
MVC
SCLN -0.03 -2.78% SNFCA -0.
Womens
of diversity,
labor
relations,
face
globally.
Shehas
a BA-3.64%
in English
DIT +0.83 +3.76% FFDF
unch HIFN includes
+0.01 +0.26%engaging
INHX 0.24 unch KIRK +0.08
+2.85% LBCP
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-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
her11.25
experience
safety,
and-0.15
international
rights.
from
Calvin
College.
00% COBH +0.58companies
+4.52% CSBK -0.21
+4.75%
-0.41 -2.86%
EBS -1.01 -5.07%
-0.22 -1.54% EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE -0.05 -0.75% HMSY +0.19 +0.60
and-2.54%
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makers
on
Her
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includes
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CY +0.31
DBTK +0.31 +4.75%
DEP
ENSG in
executive
compensation,
board
sustainable
and
responsible
investing
andALDA
privacy
issues.
1999.
Augustine
a -0.10% FLL 0.09 -8.65% KSW -0.10 -4.69% LFT -0.15 -0.84% MVC +0.82 +12.85% P
67% WXH +0.15 independence,
+1.61% AHPI 0.07 -1.33%
-0.05 -0.95%
CSLR 5.00 unch since
CVV -0.16
-6.37%Ms.
+0.00 +0.01% earned
CYAN
EWST -0.01
She
has
been
in
this
position
since
B.A.
in
English
from
the
University
2007 and has worked in the industry
of Kansas. As of September, 2010,
73%
23
About the Authors
Aditi Mohapatra
since 2006. She frequently writes

and speaks on these issues to various
internal and external stakeholders.
Aditi earned a B.S. in International
Economics from the University of
Florida and a M.B.A. in Finance from
George Washington University.
Amy Augustine
Amy moved on to become Director,

Corporate Programs, for CERES, in
Boston.
*Effective 4/30/2011, Calvert Asset Management Company, Inc. (CAMCO) will be renamed Calvert Investment Management, Inc.
Karen Bulthuis
00 +0.01% EWSTCalvert
-0.01 -0.10%
-4.69% LFT management
-0.15 -0.84% MVC +0.82 +12.85% PRLSchoice
-0.06 -3.64%
SCLNstrategies
-0.03 -2.78% of
SNFCA
-14.26% SPAN
+0.07 +0.85% TIII +0.02 +3.92% VSCP +0.0
FLL 0.09 -8.65% is
KSW
Investments
an -0.10
investment
ofSRI
any-0.29
investment
management
+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 employs
HX 0.24 unch KIRK
TAST -0.17 -5.82% TCX 0.36 unch TO

company that offers mutual funds and separate accounts
company in the United States. Each SRI strategy
21 -2.54% CY +0.31
+4.75% DEP retirement
-0.41 -2.86% EBS
-1.01 -5.07%
-0.17 -13.82%
FORRproprietary
-0.13 -0.78% HBE
-0.05 -0.75% HMSY
+0.19 Signature
+0.60% HTGC -0.04 -1.10% HTS -0.07 -0
DBTK +0.31investors,
ENSG -0.22 -1.54% EXTR one
to+4.75%
institutional
plans,
financial
of three
approaches.
Calvert
intermediaries,
and
their
By -6.
combining
rigorous
Strategies
integrate
two
distinct
research
frameworks:
EAC 4.32 unch SHOR
-0.37 -8.92% SIGM
-0.91
-6.03%clients.
-82% SUPG +0.01
+0.63% TG -0.77 -5.07%
TTEC -0.04
-0.46%
-2.23%
ACTG -0.26 -10.40%aALNC -0.69 -4.05% ARE
SNWL -0.29
TIVO -0.35 -5.38%
WIRE -0.38
withCSLR
independent
disciplined
review
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a thorough
AHPI 0.07 -1.33% analysis
ALDA -0.05 -0.95%
5.00 unch CVVthinking,
-0.16 -6.37% our
+0.00 +0.01% EWST -0.01 -0.10% rigorous
FLL 0.09 -8.65%
-4.69% LFTperformance
-0.15 -0.84% MVC plus
+0.82 +12.85%
CYAN
KSW -0.10
PRLS -0.06 -3.64% SCLN -0.03
approach
money
management
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beyond
traditional
assessment
ofLKI
environmental,
social,
and
governance
36% CNAF 15.51 unch
+3.76%
FFDF 11.25
unch HIFN +0.01
+0.26%
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unch KIRK +0.08 +2.85%
LBCP -0.15 -2.31%
-0.07 -5.04% NUHC -0.07
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+0.02 +0.24% PW -0.03 -0.28% RAND +0.1
DIT +0.83to
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factors
in
order
to
manage
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and
to
identify
investment
performance.
Only
when
a
company
meets
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% Calvert
EXTR -0.17 -13.82% FORR -0.13 -0.78% HBE
opportunities with greater long-term potential. We offer
standards for both frameworks will we consider investing.
more than 40 equity, bond, cash, and asset allocation
Calvert Solution Strategies selectively invest in companies
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%
+0.09 +9.09%and
-0.22 -3.67%
-0.52 -1.55% BITI +0.01
VSCPproducts
AIRTservices
AMEN -0.15to-4.76%
AWH
investment strategies, many of which feature integrated
that
produce
designed
solve
some
46% OKN +0.02 +0.24%
-0.28% RAND +0.15
SSE 5.75 unch TAST -0.17 -5.82%
TCX 0.36most
unch TOFC
4.75 unch
+0.44% UNFY -0.20 -10.00% V
PW -0.03
RGDX -0.15 -15.00%
TWER +0.02 +2.74%
UBOH +0.04Calvert
corporate
sustainability
and+4.17%
responsibility
research.
of todays
pressing
sustainability
challenges.
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
Founded in 1976 and based in Bethesda, Maryland, Calvert

SAGE Strategies emphasize strategic engagement to
77 -5.07% TIVO -0.35
-5.38% TTEC -0.04
-0.46% WIRE
-0.38 -2.23%
-0.26 -10.40%
-4.05% AREX
-0.22 -4.45%
-0.16 -0.93%
Investments
managed
assets
of more
$14 billion
as of
advance
environmental,
social,
and governance
performance
ACTGthan
ALNC -0.69
ARL -0.11 -1.03% AZZ
BCPC -0.49 -2.53%
BHB -0.98 -5.16% BKMU -0.19 -2
September
30, -4.69%
2010.LFT
More
is+12.85%
available
in companies
may not
Calvert
today,
01 -0.10% FLL 0.09
-8.65% KSW -0.10
-0.15 information
-0.84% MVC +0.82
-0.06 -3.64% SCLN -0.03
-2.78% SNFCA that
-0.29 -14.26%
+0.07 +0.85%
+0.02 +3.92%
VSCP +0.09 +9.09% AIRT -0.22
PRLSat
SPANmeet
TIIIstandards
www.Calvert.com.
buthave
the-15.00%
potential
tounch
improve.
More
information
on 4.75 unch TWER +0.02
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
SSE 5.75
TAST
-0.17
-5.82%
TCX
0.36
unch
TOFC
Calvert
SRI
strategies
is -1.10%
available
at www.Calvert.com/SRI.
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%
-0.32% INFI -0.09 -1.13% INSU -0.68 -5.39% ITWO HTGC -0.04
HTS -0.07
A
leader
in
Sustainable
and
Responsible
Investments
(SRI),
Calvert Investments offers investors among the widest
73%
24
About Calvert
25
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

A Survey of Corporate Diversity Practices of The S&P 100: Examining The Cracks in The Ceiling

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Examining the Cracks

and Proxy Disclosures ......................................................................... 22

discrimination, harassment, and litigation.

KOPN -0.03 -1.91

programs, and strong leadership commitment enhance a

1. U.S. Bureau of Labor Statistics, February 2010 Report.

3. McKinsey & Co report Women Matter 3, September 2009

Our survey reveals a substantial commitment to workplace

business case for diversity in the boardroom and executive

initiatives.We have, however,

-0.02 -1.23% DFZ +0.17 +3.05%

Calverts survey of the corporate diversity

a variety of forms, including detailed information on

> Overall disclosure of diversity policies and programs

companies regarding the importance of diversity in the

Caucasian males. While women make up approximately

are moving towards fully integrating their diversity

average companies earning a perfect 10 in corporate

While women make up approximately 18% of director positions

How We Rate Companies

EQUAL EMPLOYMENT OPPORTUNITY (EEO) Policy

Includes Sexual Orientation................................................................................................................................................................................................. 5

Internal Diversity Initiatives

External Diversity Initiatives

Evidence of Recruitment/Outreach OR Supplier Diversity programs........................................................................................................................... 5

Scope of Diversity Initiatives

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

Companies with partial EEO-1 disclosure........................................................................................................................................................................... 5

Highest Paid Executives

One Woman OR Minority in Five Highest Paid Executives............................................................................................................................................. 5

One or two Women OR Minorities on Board of Directors.............................................................................................................................................. 5

Director Selection Criteria

General diversity language................................................................................................................................................................................................... 5

separate points into an overall diversity rating. While we

Overall Corporate Commitment

External recognition of an overall corporate commitment to diversity...................................................................................................................... 5

BHB -0.98 -5.16% approach

Examining the 10 Key Indicators

A majority of S&P 100 companies scored

S&P 100 diversity Ratings

1 Equal Employment Opportunity (EEO) Policy

of the S&P 100

Diversity Ratings Indicator

Includes neither sexual orientation nor gender identity and/or expression

Includes sexual orientation

Includes sexual orientation AND gender identity and/or expression

Calvert and its coalition partners continue to successfully

2 Internal Diversity Initiatives

Diversity Ratings Indicator

No evidence of internal initiatives

Evidence of one or two elements: mandatory training, leadership

Evidence of three or four elements: mandatory training, leadership

While implementing an inclusive EEO policy is an important

overall reinforcement of the companys commitment to

3 External Diversity Initiatives

Diversity Ratings Indicator

No evidence of external initiatives

Evidence of recruitment/outreach OR supplier diversity program

Evidence of recruitment/outreach AND supplier diversity program

External diversity initiatives are also critical to a companys

hope to be able to assess the effectiveness of such initiatives.

With the working-age population expected to decline to 57%

Calvert views external diversity initiatives as a key