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The Dbriefs Corporate Governance series presents:

Diversity in the Boardroom:
Domestic and International
Perspectives


Dan Konigsburg, Director, Deloitte LLP
Barbara Krumsiek, President, CEO, and Chair, Calvert Investments

May 4, 2011
Release for answers to polling questions
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Understand disclosure of such data or information could be required by
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                                                             Copyright © 2011 Deloitte Development LLC. All rights reserved.
Agenda

Background

U.S. and international diversity perspectives

Disclosure and Board oversight

Investor diversity initiatives

Potential barriers for diversity initiatives




                                               Copyright © 2011 Deloitte Development LLC. All rights reserved.
Poll question #1

My company has a Board diversity policy in place.
• Agree
• Disagree
• Don’t know/Not applicable




                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Background
Diversity

• The subject of quotas and other diversity measures for
  listed company Boards can be a controversial and
  emotional issue
• There are many views on this topic
• Many agree with the goal behind quotas and other diversity
  measures: to advance and increase numbers of women
  and other minorities leading companies
• There are a variety of diversity initiatives around the world,
  differing by approach




1                                            Copyright © 2011 Deloitte Development LLC. All rights reserved.
Background
Diversity (continued)


• There is a discussion of diversity in the 2010 United Nations
  publication “Women’s Empowerment Principles: Equality
  means business”
• From a corporate governance perspective, including more
  individuals with different backgrounds on Boards of
  Directors could improve the Board’s functioning
• Some companies have formalized diversity policies
• In some companies, diversity is considered by the
  nominating committee



2                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
U.S. and international diversity perspectives
    Women in the boardroom

Survey background and featured results
• Contributions from Australia, Belgium, Canada, France,
  Germany, Italy, Netherlands, New Zealand, Norway, Spain,
  UK, USA
• Review of recent legislative and market efforts around the
  world to introduce quotas for women serving on listed
  company Boards
• Provides a variety of approaches to encourage diversity on
  Boards
• Current average percentages of women serving on Boards



3                                         Copyright © 2011 Deloitte Development LLC. All rights reserved.
U.S. and international diversity perspectives
    Women in the boardroom findings
            Country                     Quotas                                  The Numbers
                                                                         (% of Boards Comprised of
                                                                                  Women)
            Australia                    None                                               8.30%

            Belgium               DRAFT: 1/3 Female                                         6.80%

            Canada                       None                                              12.50%

             France               FINAL: 40% by 2018                                9.50% - 15.00%

            Germany                      None                                       8.20% - 10.50%

              Italy               DRAFT: 1/3 Female                                  3.40% - 6.20%

          Netherlands       FINAL: 30% by 2015 (“comply or                          4.02% - 13.70%
                                      explain”)
          New Zealand                    None                                              12.10%

            Norway            FINAL: Approximately 40% by                          31.30% - 34.30%
                          01/2008 (various based on board size)
             Spain                FINAL: 40% by 2015                                 8.00% - 9.20%

         United Kingdom                  None                                       8.50% - 12.50%

          United States                  None                                      12.20% - 15.20%

4                                                                 Copyright © 2011 Deloitte Development LLC. All rights reserved.
U.S. and international diversity perspectives
A call for quotas

Pros of quota systems for diversity include:

•   It will take too much time for change to occur naturally
•   No action will be taken without external requirements
•   More diverse Boards work better
•   Boards should reflect society
•   May not be best option, but less imperfect than others
•   Already have some “quotas” on Boards
•   Way to deal with profound misogyny


5                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Poll question #2

National legislation and regulatory measures, rather than
company policy, should dictate diversity programs for public
companies in the United States.
•   Agree
•   Strongly agree
•   Disagree
•   Strongly disagree
•   Don’t know/Not applicable




                                           Copyright © 2011 Deloitte Development LLC. All rights reserved.
U.S. and international diversity perspectives
    Examining the Cracks in the Ceiling: A Survey of
    Corporate Diversity Practices of the S&P 100,
    Calvert Investments
Corporate commitment remains the “X” factor
• 30 companies include some oversight of diversity
  issues at the Board level
• 34 companies include diversity measures within their
  compensation plans

No disclosure = no accountability
• 8 companies disclose full EEO-1 data
• 37 companies disclose no demographic data at all

6                                       Copyright © 2011 Deloitte Development LLC. All rights reserved.
U.S. and international diversity perspectives
Examining the Cracks in the Ceiling: A Survey of
Corporate Diversity Practices of the S&P 100,
Calvert Investments (continued)
Disconnect between Board and executive diversity
• 18% representation of women in director positions
• 8% representation of women in the highest paid
  executive positions
• 14% representation of minorities in director positions
• 5% representation of minorities in the highest paid
  executive positions
• 56 companies have no women and/or minorities in the
  highest paid executive positions

7                                      Copyright © 2011 Deloitte Development LLC. All rights reserved.
Poll question #3

What percentage of women/minorities are included in your
Board composition?
•   Less than 10%
•   11-25%
•   26-50%
•   51-75%
•   Greater than 75%
•   Don’t know/Not applicable




                                         Copyright © 2011 Deloitte Development LLC. All rights reserved.
Disclosure and Board oversight
Policy advancements

U.S. Securities and Exchange Commission (SEC) Rule:
“Proxy Disclosure Enhancements”
• As of February 2010, companies are now 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 its
       policy”



    Source: US Securities and Exchange Commission, Proxy Disclosure Enhancements, Release Nos. 33-9089,
8   34-61175, IC-29092 (Dec. 16, 2009), page 38
                                                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Disclosure and Board oversight
    Policy advancements
    How are companies responding?
    • No mention of diversity - 31 companies
    • General mention of diversity - 25 companies
    • Specific mention of race/gender - 44 companies




     Source: Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices in the S&P 100,
9    Calvert Investments
                                                                                Copyright © 2011 Deloitte Development LLC. All rights reserved.
Disclosure and Board oversight
     Company considerations
     Board oversight of diversity policies
     • Consider current Board practices related to diversity
     • Evaluate leading practices for applicability
     • Implement and formalize diversity policies
     • Report on and disclose diversity policies




10                                           Copyright © 2011 Deloitte Development LLC. All rights reserved.
Investor diversity initiatives
     Initiatives
     Currently many diversity initiatives are going on throughout the
     world
     • Quotas/legal mandates
     • Increased regulation
     • Shareholder campaigns
     Examples:
     • Norway: quota – approximately 40% women by 1/2008 (various based
       on Board size)
     • India: quota proposal – companies with 5 or more directors would
       require at least one to be a woman
     • European Parliament: Committee of Legal Affairs calls for inclusion of
       diversity discussion
     • Belgium: quota – 1/3 of directors women

11                                                      Copyright © 2011 Deloitte Development LLC. All rights reserved.
Investor diversity initiatives
     Calvert’s shareholder advocacy

     Diversity advocacy initiatives
     • EEO-1 data disclosure
     • Equal employment opportunity policy
     • Boardroom diversity
     • Calvert Women’s Principles®




12                                           Copyright © 2011 Deloitte Development LLC. All rights reserved.
Proxy Voting Guidelines

     Calvert’s voting policy
     • Vote against slates without women or minorities
     Broader investor interest




13                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Poll question #4

In your opinion, which method will be the best way to
increase Board diversity in the United States?
• Legislation
• Shareholder campaigns
• Recruitment efforts / databases of diversified candidates for
  boards
• C-suite initiatives and attention
• Don’t know/Not applicable




                                            Copyright © 2011 Deloitte Development LLC. All rights reserved.
Investor diversity initiatives
     Calvert’s Board diversity advocacy
     Model nominating committee charter
     • Sarbanes-Oxley & exchange listing requirements
     • Focus on nominating committees
     • Expanded traditional services
     Results
     • Over 55 shareholder resolutions filed; 46 withdrawn
     • Of the 55 shareholder resolutions filed by Calvert, 30
       female and/or minority candidates have been added to
       corporate Boards (U.S. companies; since 2002)

14                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Barriers for diversity initiatives
     Cons of quota systems for diversity include:
     • Evidence of their benefits in some countries is mixed
     • External requirements do not drive commitment
     • Added women directors will be perceived as “tokens”
     • Boards are not visible and may not be an effective way
       to increase presence of women in organization
     • Let the market decide
     • Investors are not asking for this
     • Not enough qualified women to be found
     • Qualifications take priority over diversity


15                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Barriers for diversity initiatives
     Implications and questions

     What are some of the reasons we do not see support
     from investors?
     • Short-termism
     • Incentives
     • The role of retail shareholders
     • The role of culture
     • The role of private equity




16                                        Copyright © 2011 Deloitte Development LLC. All rights reserved.
Barriers for diversity initiatives

     Barriers
     • Lack of networks for women to utilize
     • Perceived lack of resources/qualified candidates
     • Not enough external or internal pressure
     • No consensus on necessity and benefits of diverse
       Boards
     • No formal diversity policies at many companies
     • Old boys’ network ways of recruiting new directors
     • Gradual process
     • Diversity should be a company-wide agenda item

17                                          Copyright © 2011 Deloitte Development LLC. All rights reserved.
Poll question #5

In your opinion, what is the biggest barrier for diversity
initiatives?
•   Lack of networks
•   Perceived lack of qualified candidates
•   Not enough external or internal pressure
•   No consensus on necessity of benefits
•   Don’t know/Not applicable




                                               Copyright © 2011 Deloitte Development LLC. All rights reserved.
Question and Answer
Join us June 1 at 2 PM ET as
our Corporate Governance
series presents:

Principles of Corporate
Governance: Findings of
the NYSE Commission on
Corporate Governance
CPE certificates are now available
    for immediate download.

Click the Request CPE link in the
 lower right hand corner of the
             screen.



                       Copyright © 2011 Deloitte Development LLC. All rights reserved.
Contact info

Dan Konigsburg
Director
Deloitte LLP
dkonigsburg@deloitte.com


Barbara Krumsiek
President, CEO, and Chair
Calvert Investments
diversity@calvert.com



                            Copyright © 2011 Deloitte Development LLC. All rights reserved.
This presentation contains general information only and Deloitte is not, by means of this
presentation, rendering accounting, business, financial, investment, legal, tax, or other
professional advice or services. This presentation is not a substitute for such professional advice
or services, nor should it be used as a basis for any decision or action that may affect your
business. Before making any decision or taking any action that may affect your business, you
should consult a qualified professional advisor. Deloitte shall not be responsible for any loss
sustained by any person who relies on this presentation.




                                                                             Copyright © 2011 Deloitte Development LLC. All rights reserved.
About Deloitte

Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by
guarantee, and its network of member firms, each of which is a legally separate and independent entity.
Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche
Tohmatsu Limited and its member firms. Please see www.deloitte.com/us/about for a detailed description
of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest
clients under the rules and regulations of public accounting.

About Calvert

A leader in Sustainable and Responsible Investments (SRI), Calvert Investments offers investors among
the widest choice of SRI strategies of any investment management company in the United States. Each
SRI strategy employs one of three proprietary approaches. Calvert Signature® Strategies integrate two
distinct research frameworks: a rigorous review of financial performance plus a thorough assessment of
environmental, social, and governance performance. Only when a company meets Calvert standards for
both frameworks will we consider investing. Calvert Solution® Strategies selectively invest in companies
that produce products and services designed to solve some of today's most pressing sustainability
challenges. Calvert SAGETM Strategies emphasize strategic engagement to advance environmental,
social, and governance performance in companies that may not meet Calvert standards today, but have
the potential to improve. More information on Calvert SRI strategies is available at
http://www.Calvert.com/SRI.




                                                                                   Copyright © 2011 Deloitte Development LLC. All rights reserved.
Diversity in the boardroom domestic and international perspectives

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Diversity in the boardroom domestic and international perspectives

  • 1. The Dbriefs Corporate Governance series presents: Diversity in the Boardroom: Domestic and International Perspectives Dan Konigsburg, Director, Deloitte LLP Barbara Krumsiek, President, CEO, and Chair, Calvert Investments May 4, 2011
  • 2. Release for answers to polling questions Understand that any data or information provided by you as part of participating in this Dbriefs webcast (“webcast”) may be used by Deloitte in connection with this webcast, other studies, or analyses performed by Deloitte, publications, or in connection with services provided by Deloitte or otherwise. Understand that this webcast is the proprietary property of Deloitte. Understand that any such data or information may be disclosed by Deloitte to related entities or other third parties, including, without limitation, in publications, in connection with this webcast or such studies, analyses, or services, provided that such data or information does not contain any information that identifies you or associates you with the data or information that you have provided or are providing. Understand disclosure of such data or information could be required by law, in which case Deloitte will endeavor to notify you. Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 3. Agenda Background U.S. and international diversity perspectives Disclosure and Board oversight Investor diversity initiatives Potential barriers for diversity initiatives Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 4. Poll question #1 My company has a Board diversity policy in place. • Agree • Disagree • Don’t know/Not applicable Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 5. Background Diversity • The subject of quotas and other diversity measures for listed company Boards can be a controversial and emotional issue • There are many views on this topic • Many agree with the goal behind quotas and other diversity measures: to advance and increase numbers of women and other minorities leading companies • There are a variety of diversity initiatives around the world, differing by approach 1 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 6. Background Diversity (continued) • There is a discussion of diversity in the 2010 United Nations publication “Women’s Empowerment Principles: Equality means business” • From a corporate governance perspective, including more individuals with different backgrounds on Boards of Directors could improve the Board’s functioning • Some companies have formalized diversity policies • In some companies, diversity is considered by the nominating committee 2 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 7. U.S. and international diversity perspectives Women in the boardroom Survey background and featured results • Contributions from Australia, Belgium, Canada, France, Germany, Italy, Netherlands, New Zealand, Norway, Spain, UK, USA • Review of recent legislative and market efforts around the world to introduce quotas for women serving on listed company Boards • Provides a variety of approaches to encourage diversity on Boards • Current average percentages of women serving on Boards 3 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 8. U.S. and international diversity perspectives Women in the boardroom findings Country Quotas The Numbers (% of Boards Comprised of Women) Australia None 8.30% Belgium DRAFT: 1/3 Female 6.80% Canada None 12.50% France FINAL: 40% by 2018 9.50% - 15.00% Germany None 8.20% - 10.50% Italy DRAFT: 1/3 Female 3.40% - 6.20% Netherlands FINAL: 30% by 2015 (“comply or 4.02% - 13.70% explain”) New Zealand None 12.10% Norway FINAL: Approximately 40% by 31.30% - 34.30% 01/2008 (various based on board size) Spain FINAL: 40% by 2015 8.00% - 9.20% United Kingdom None 8.50% - 12.50% United States None 12.20% - 15.20% 4 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 9. U.S. and international diversity perspectives A call for quotas Pros of quota systems for diversity include: • It will take too much time for change to occur naturally • No action will be taken without external requirements • More diverse Boards work better • Boards should reflect society • May not be best option, but less imperfect than others • Already have some “quotas” on Boards • Way to deal with profound misogyny 5 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 10. Poll question #2 National legislation and regulatory measures, rather than company policy, should dictate diversity programs for public companies in the United States. • Agree • Strongly agree • Disagree • Strongly disagree • Don’t know/Not applicable Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 11. U.S. and international diversity perspectives Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices of the S&P 100, Calvert Investments Corporate commitment remains the “X” factor • 30 companies include some oversight of diversity issues at the Board level • 34 companies include diversity measures within their compensation plans No disclosure = no accountability • 8 companies disclose full EEO-1 data • 37 companies disclose no demographic data at all 6 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 12. U.S. and international diversity perspectives Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices of the S&P 100, Calvert Investments (continued) Disconnect between Board and executive diversity • 18% representation of women in director positions • 8% representation of women in the highest paid executive positions • 14% representation of minorities in director positions • 5% representation of minorities in the highest paid executive positions • 56 companies have no women and/or minorities in the highest paid executive positions 7 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 13. Poll question #3 What percentage of women/minorities are included in your Board composition? • Less than 10% • 11-25% • 26-50% • 51-75% • Greater than 75% • Don’t know/Not applicable Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 14. Disclosure and Board oversight Policy advancements U.S. Securities and Exchange Commission (SEC) Rule: “Proxy Disclosure Enhancements” • As of February 2010, companies are now 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 its policy” Source: US Securities and Exchange Commission, Proxy Disclosure Enhancements, Release Nos. 33-9089, 8 34-61175, IC-29092 (Dec. 16, 2009), page 38 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 15. Disclosure and Board oversight Policy advancements How are companies responding? • No mention of diversity - 31 companies • General mention of diversity - 25 companies • Specific mention of race/gender - 44 companies Source: Examining the Cracks in the Ceiling: A Survey of Corporate Diversity Practices in the S&P 100, 9 Calvert Investments Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 16. Disclosure and Board oversight Company considerations Board oversight of diversity policies • Consider current Board practices related to diversity • Evaluate leading practices for applicability • Implement and formalize diversity policies • Report on and disclose diversity policies 10 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 17. Investor diversity initiatives Initiatives Currently many diversity initiatives are going on throughout the world • Quotas/legal mandates • Increased regulation • Shareholder campaigns Examples: • Norway: quota – approximately 40% women by 1/2008 (various based on Board size) • India: quota proposal – companies with 5 or more directors would require at least one to be a woman • European Parliament: Committee of Legal Affairs calls for inclusion of diversity discussion • Belgium: quota – 1/3 of directors women 11 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 18. Investor diversity initiatives Calvert’s shareholder advocacy Diversity advocacy initiatives • EEO-1 data disclosure • Equal employment opportunity policy • Boardroom diversity • Calvert Women’s Principles® 12 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 19. Proxy Voting Guidelines Calvert’s voting policy • Vote against slates without women or minorities Broader investor interest 13 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 20. Poll question #4 In your opinion, which method will be the best way to increase Board diversity in the United States? • Legislation • Shareholder campaigns • Recruitment efforts / databases of diversified candidates for boards • C-suite initiatives and attention • Don’t know/Not applicable Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 21. Investor diversity initiatives Calvert’s Board diversity advocacy Model nominating committee charter • Sarbanes-Oxley & exchange listing requirements • Focus on nominating committees • Expanded traditional services Results • Over 55 shareholder resolutions filed; 46 withdrawn • Of the 55 shareholder resolutions filed by Calvert, 30 female and/or minority candidates have been added to corporate Boards (U.S. companies; since 2002) 14 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 22. Barriers for diversity initiatives Cons of quota systems for diversity include: • Evidence of their benefits in some countries is mixed • External requirements do not drive commitment • Added women directors will be perceived as “tokens” • Boards are not visible and may not be an effective way to increase presence of women in organization • Let the market decide • Investors are not asking for this • Not enough qualified women to be found • Qualifications take priority over diversity 15 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 23. Barriers for diversity initiatives Implications and questions What are some of the reasons we do not see support from investors? • Short-termism • Incentives • The role of retail shareholders • The role of culture • The role of private equity 16 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 24. Barriers for diversity initiatives Barriers • Lack of networks for women to utilize • Perceived lack of resources/qualified candidates • Not enough external or internal pressure • No consensus on necessity and benefits of diverse Boards • No formal diversity policies at many companies • Old boys’ network ways of recruiting new directors • Gradual process • Diversity should be a company-wide agenda item 17 Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 25. Poll question #5 In your opinion, what is the biggest barrier for diversity initiatives? • Lack of networks • Perceived lack of qualified candidates • Not enough external or internal pressure • No consensus on necessity of benefits • Don’t know/Not applicable Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 27. Join us June 1 at 2 PM ET as our Corporate Governance series presents: Principles of Corporate Governance: Findings of the NYSE Commission on Corporate Governance
  • 28. CPE certificates are now available for immediate download. Click the Request CPE link in the lower right hand corner of the screen. Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 29. Contact info Dan Konigsburg Director Deloitte LLP dkonigsburg@deloitte.com Barbara Krumsiek President, CEO, and Chair Calvert Investments diversity@calvert.com Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 30. This presentation contains general information only and Deloitte is not, by means of this presentation, rendering accounting, business, financial, investment, legal, tax, or other professional advice or services. This presentation is not a substitute for such professional advice or services, nor should it be used as a basis for any decision or action that may affect your business. Before making any decision or taking any action that may affect your business, you should consult a qualified professional advisor. Deloitte shall not be responsible for any loss sustained by any person who relies on this presentation. Copyright © 2011 Deloitte Development LLC. All rights reserved.
  • 31. About Deloitte Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of member firms, each of which is a legally separate and independent entity. Please see www.deloitte.com/about for a detailed description of the legal structure of Deloitte Touche Tohmatsu Limited and its member firms. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting. About Calvert A leader in Sustainable and Responsible Investments (SRI), Calvert Investments offers investors among the widest choice of SRI strategies of any investment management company in the United States. Each SRI strategy employs one of three proprietary approaches. Calvert Signature® Strategies integrate two distinct research frameworks: a rigorous review of financial performance plus a thorough assessment of environmental, social, and governance performance. Only when a company meets Calvert standards for both frameworks will we consider investing. Calvert Solution® Strategies selectively invest in companies that produce products and services designed to solve some of today's most pressing sustainability challenges. Calvert SAGETM Strategies emphasize strategic engagement to advance environmental, social, and governance performance in companies that may not meet Calvert standards today, but have the potential to improve. More information on Calvert SRI strategies is available at http://www.Calvert.com/SRI. Copyright © 2011 Deloitte Development LLC. All rights reserved.