OUR COMMITMENT
America’s economic model, which is based on freedom, liberty and other enduring principles of our democracy, has raised
standards of living for generations, while promoting competition, consumer choice and innovation. America’s businesses
have been a critical engine to its success.
Yet we know that many Americans are struggling. Too often hard work is not rewarded, and not enough is being done forworkers to adjust to the rapid pace of change in the economy. If companies fail to recognize that the success of our system
is dependent on inclusive long-term growth, many will raise legitimate questions about the role of large employers in oursociety.
With these concerns in mind, Business Roundtable is modernizing its principles on the role of a corporation.
Since 1978, Business Roundtable has periodically issued Principles of Corporate Governance that include language on thepurpose of a corporation. Each version of that document issued since 1997 has stated that corporations exist principally
to serve their shareholders. It has become clear that this language on corporate purpose does not accurately describe theways in which we and our fellow CEOs endeavor every day to create value for all our stakeholders, whose long-term
interests are inseparable.
We therefore provide the following Statement on the Purpose of a Corporation, which supersedes previous Business
Roundtable statements and more accurately reflects our commitment to a free market economy that serves all Americans.
This statement represents only one element of Business Roundtable’s work to ensure more inclusive prosperity, and we arecontinuing to challenge ourselves to do more.
Just as we are committed to doing our part as corporate CEOs, we call on others to do their part as well. In particular, weurge leading investors to support companies that build long-term value by investing in their employees and communities.

STATEMENT ON THE PURPOSE OF A CORPORATION
Americans deserve an economy that allows each person to succeed through hard work and creativity andto lead a life of meaning and dignity. We believe the free market system is the best means of generating good jobs,
a strong and sustainable economy, innovation, a healthy environment and economic opportunity for all.
Businesses play a vital role in the economy by creating jobs, fostering innovation and providing essential
goods and services. Businesses make and sell consumer products; manufacture equipment and vehicles; support
the national defense; grow and produce food; provide healthcare; generate and deliver energy; and offer
financial, communications and other services that underpin economic growth.

WHILE EACH OF OUR INDIVIDUAL COMPANIES SERVES ITS OWN CORPORATE PURPOSE, WE SHAREA FUNDAMENTAL COMMITMENT TO ALL OF OUR STAKEHOLDERS. WE COMMIT TO:DELIVERING VALUE TO OUR CUSTOMERS. We will further the tradition of American companies leading the way
in meeting or exceeding customer expectations.
INVESTING IN OUR EMPLOYEES. This starts with compensating them fairly and providing important benefits. It also
includes supporting them through training and education that help develop new skills for a rapidly changing world.
We foster diversity and inclusion, dignity and respect.
DEALING FAIRLY AND ETHICALLY WITH OUR SUPPLIERS. We are dedicated to serving as good partners to the othercompanies, large and small, that help us meet our missions.
SUPPORTING THE COMMUNITIES IN WHICH WE WORK. We respect the people in our communities and protect theenvironment by embracing sustainable practices across our businesses.
GENERATING LONG-TERM VALUE FOR SHAREHOLDERS, WHO PROVIDE THE CAPITAL THAT ALLOWS COMPANIESTO INVEST, GROW AND INNOVATE. We are committed to transparency and effective engagement with shareholders.

Each of our stakeholders is essential. We commit to deliver value to all of them, for thefuture success of our companies, our communities and our country.

Kevin J. Wheeler
A. O. SmithCorporationMiles D. White
AbbottJulie SweetAccenture

Brent Saunders
Allergan plc

John O. Larsen
Alliant Energy

Lee Styslinger, III
Altec, Inc.

James D. Taiclet
American Tower
Corporation

James Cracchiolo
Ameriprise Financial

Gail Koziara Boudreaux
Anthem, Inc.

John A. Hayes Brian Moynihan
Ball Corporation Bank of America

Charles W. Scharf
BNY Mellon

José (Joe) E. Almeida
Baxter International Inc.

Dennis A. Muilenburg
The Boeing Company

D. James Umpleby III
Caterpillar, Inc.

Carlos Rodriguez
ADP

Robert E. Sulentic
CBRE Group, Inc.

Michael L. Corbat Hubertus M. Mühlhäuser
CNH Industrial
Citigroup, Inc.

Mike Burke
AECOMJeffrey P. Bezos
AmazonGreg Case
Aon

Philip Blake
Bayer USA

Frédéric B. Lissalde
BorgWarner Inc.

Andrés Gluski
The AES
CorporationDoug Parker
American Airlines

Tim CookApple

Joe Davis
BCG

Eric Foss
Aramark

Daniel P. Amos
Aflac

Roger K. Newport
AK SteelCorporation

Nicholas K. Akins
American Electric
Power

Stephen J. Squeri
American Express

Alan B. Colberg
Assurant

Brendan P. Bechtel
Bechtel Group, Inc.

Corie BarryBest Buy
Co., Inc.

Randall Stephenson
AT&T Inc.

Laurence D. Fink
BlackRock, Inc.

Kewsong Lee
The Carlyle
Group

Robert Dudley
BP plc

Giovanni Caforio
Bristol-Myers
SquibbMaurice R. Greenberg
C.V. Starr & Co., Inc.

W. Anthony Will
CF Industries

Michael K. Wirth
ChevronCorporation

Evan G. Greenberg
Chubb

David M. CordaniCigna

Chuck Robbins
Cisco Systems, Inc.

James Quincey
The Coca-Cola
Company

Brian Humphries
CognizantBrian L. Roberts
ComcastCorporation

Ryan M. Lance
ConocoPhillips
Company

Wendell P. Weeks
Corning
Incorporated

Larry Merlo
CVS Health

Tom Linebarger
Cummins Inc.

Mark J. Costa
Eastman Chemical
Company

Craig Arnold
EATON

David M. Solomon
The Goldman Sachs
Group, Inc.

Mike Petters
Huntington
Ingalls Industries

George R. Oliver
JohnsonControls

Roger A. Krone
LeidosJamie Dimon
JPMorgan
Chase & Co.

Stuart Miller
LennarCorporation

Gary R. Heminger
Marathon Petroleum
Corporation

David L. Stover
Noble Energy, Inc.

Marillyn A. Hewson
Lockheed Martin
Corporation

Ken Moelis
Moelis &Company

James P. Gorman
Morgan Stanley

Kathy Warden
Northrop Grumman
Corporation

Steve Fisher
NovelisGreg C. Garland
Phillips 66

Marc B. Lautenbach
Pitney Bowes

Bruce E. Grewcock
Kiewit Corporation

Michel Khalaf
MetLife

Steve Mollenkopf
Qualcomm
Incorporated

Douglas L. Peterson
S&P Global

Keith Block
Salesforce

Bill McDermott
SAP

Jim Goodnight
SAS InstituteJames M. Loree
Stanley Black& Decker

James P. Keane
Steelcase Inc.

Russell K. Girling
TC Energy

LeRoy T. Carlson, Jr.
Telephone & Data
Systems, Inc.

M. Troy Woods
TSYS

Peter J. Davoren
TurnerConstruction Co.

Lance M. Fritz
Union Pacific

Oscar Munoz
United Airlines

Mortimer J. Buckley
Vanguard

Scott G. Stephenson
Verisk Analytics

Alfred F. Kelly, Jr.
Visa Inc.

Robert F. Smith
Vista Equity Partners

Anders Gustafsson
Zebra Technologies
Corporation

Omar Ishrak
Medtronicplc

Bob Moritz
PwC

Brian Cornell
TargetPatrick Decker
Xylem Inc.

Lee M. Tillman
Marathon Oil
CorporationTricia Griffith
ProgressiveCorporation

Egon Durban
Silver LakeJohn Visentin
XeroxCorporation

Mark Trudeau
Mallinckrodt
Pharmaceuticals

David S. Taylor
The Procter & Gamble
Company

Lisa DavisSiemens
Corporation USA

Hikmet Ersek
Western Union

L3Harris
Technologies, Inc.

Beth E. FordLand O’Lakes,
Inc.

Dr. Albert Bourla
Pfizer Inc.

Jeffrey W. Martin
Sempra Energy

John F. Barrett
Western & Southern
Financial Group

William M. Brown

Ramon Laguarta
PepsiCoTamara L. Lundgren
Schnitzer Steel
Industries, Inc.

John J. Engel
WESCOInternational, Inc.

Samuel R. Allen
John Deere

Brian Chambers
Owens Corning

Safra Catz
OracleThomas A. Kennedy
Raytheon CompanyJohn F. Fish
Suffolk

Darius Adamczyk
Honeywell

Steve Demetriou
JacobsBrian Tyler
McKesson
Corporation

Adena T. Friedman
Nasdaq

Earl C. Austin, Jr.
Quanta Services

Kevin Lobo
StrykerMary Barra
General Motors
Company

Ted Mathas
New York Life
Insurance Co.

Mauricio Gutierrez
NRG Energy, Inc.

Blake D. Moret
RockwellAutomation

Gary Norcross
FIS

Thomas C. Nelson
National Gypsum
Company

Greg Brown
Motorola Solutions

Daniel J. Houston
Principal

Craig Menear
The Home
Depot

Lynne M. Doughtie
KPMG LLP

Lawrence E. Kurzius
McCormick andCompany, Inc.

Ajay Banga
Mastercard

JM Lawrie
DXCTechnologyPhebe Novakovic
General Dynamics
Corporation

Linda H. Apsey
ITC Holdings
Corp.

Jeff Gennette
Macy’s, Inc.

Bhavesh V. (Bob) Patel
LyondellBasell
Industries

Roger W. Crandall
MassMutual

Arne M. Sorenson
MarriottInternational, Inc.

Sanjay Mehrotra
MicronTechnology

Beth E. Mooney
KeyCorp

Steven R. Swartz
HEARST
Corporation

Michael I. RothInterpublic Group

Lynn Good
Duke Energy

Frederick W. Smith
FedEx Corporation

Richard C. Adkerson
Freeport-McMoRan Inc.

Dinesh C. Paliwal
HARMANInternational

Mark S. SuttonInternational
Paper Co.

Jim Fitterling
Dow

Carmine Di Sibio
EY

Lachlan K. Murdoch
Fox Corporation

Gerald W. EvansHanesbrands Inc.

Charles Phillips
Infor

Ginni Rometty
IBM Corporation

Darren W. Woods
Exxon Mobil
Corporation

James P. Hackett
Ford MotorCompany

Deanna M. Mulligan
Guardian Life
Insurance Companyof America

Punit Renjen
Deloitte

Michael S. Dell
Dell
Technologies

Pedro J. Pizarro
EdisonInternational

Carlos M. Hernandez
Fluor Corporation

Revathi Advaithi
Flex

Alex Gorsky
Johnson& Johnson

Hal Yoh
Day &Zimmermann

Marc Bitzer
Whirlpool
Corporation

Thomas A. FanningSouthern Company

Richard K. Templeton
Texas Instruments
Incorporated

Rob Speyer
TishmanSpeyerAlan D. Schnitzer
The Travelers
Companies Inc.

Gregory J. Hayes
United TechnologiesCorporationDavid Abney
UPS

Stuart Parker
USAA

Stefano Pessina
Walgreens Boots
Alliance

Doug McMillon
Walmart, Inc.

Curt MorganVistra Energy

Abidali Z. Neemuchwala
Wipro Limited

Michael J. Kasbar
World Fuel Services
Corporation

Jim Kavanaugh
World WideTechnology

BRT.org/OurCommitment