10. APPENDICES APPENDIX A Results for the Hypotheses 10.1

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10. APPENDICES

APPENDIX A

Results for the Hypotheses

10.1 Results for Hypothesis 1a

10.1.1 Results for above average share price performance

10.1.1.1 Executive wage plus annual cash bonus (EFW+B)

Coefficientsa -749,488 1469,648 -,510 ,610 3,234 2,698 ,057 1,198 ,231 -116,852 30,463 -,188 -3,836 ,000 1,652 1,076 ,068 1,536 ,125 66,872 18,829 ,158 3,552 ,000 1,291 ,292 ,416 4,426 ,000 -,620 ,244 -,240 -2,542 ,011 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Control Variable: Number of Total Employees Control Variable: Executive Age

Control Variable: World Economy ( S&P 1000 Index) Control Variable: American Economy (NYSE Index) Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients t Sig.

(2)

Model Summary ,367a ,135 ,123 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Market Performance Indicator: Share Price, Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a. ANOVAb 4,20E+08 6 70069404,08 11,951 ,000a 2,70E+09 461 5863019,732 3,12E+09 467 Regression Residual Total Model 1 Sum of

Squares df Mean Square F Sig.

Predictors: (Constant), Control Variable: American Economy (NYSE Index), Market Performance Indicator: Share Price, Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

(3)

10.1.1.2 Executive wage plus annual cash bonus plus stocks granted (EFW+B+S)

Coefficientsa -3855,800 3588,270 -1,075 ,283 -,078 6,588 -,001 -,012 ,991 -207,526 74,378 -,142 -2,790 ,005 -,038 2,627 -,001 -,014 ,989 106,372 45,973 ,107 2,314 ,021 ,881 ,712 ,121 1,237 ,217 ,045 ,595 ,007 ,075 ,940 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted a. Model Summary ,244a ,059 ,047 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Market Performance Indicator: Share Price, Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

(4)

10.1.1.3 Executive wage plus annual cash bonus plus options granted (EFW+B+O)

Coefficientsa 4654,974 16757,495 ,278 ,781 134,901 30,488 ,215 4,425 ,000 714,828 347,115 ,103 2,059 ,040 -25,917 12,218 -,096 -2,121 ,034 141,201 216,495 ,030 ,652 ,515 -5,948 3,297 -,173 -1,804 ,072 2,462 2,755 ,086 ,893 ,372 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Dependent Variable: Fixed_Bonus_Option a. Model Summary ,318a ,101 ,089 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Market Performance Indicator: Share Price, Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a. ANOVAb 3,84E+10 6 6404283507 8,567 ,000a 3,41E+11 456 747577510,3 3,79E+11 462 Regression Residual Total Model 1 Sum of

a.

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10.1.1.4 Executive wage plus annual cash bonus plus stocks granted plus options

granted (EFW+B+S+O)

Coefficientsa 1461,834 17244,104 ,085 ,932 131,625 31,374 ,205 4,195 ,000 626,906 357,195 ,088 1,755 ,080 -27,677 12,573 -,100 -2,201 ,028 182,196 222,781 ,038 ,818 ,414 -6,367 3,393 -,181 -1,877 ,061 3,130 2,835 ,107 1,104 ,270 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted + Options Granted a. Model Summary ,301a ,091 ,079 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Market Performance Indicator: Share Price, Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted + Options Granted

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10.1.2 Results for above average market capitalization performance

10.1.2.1 Executive wage plus annual cash bonus (EFW+B)

Coefficientsa -1616,147 1592,621 -1,015 ,311 8,169 4,497 ,089 1,817 ,070 -116,030 32,408 -,163 -3,580 ,000 ,684 1,293 ,023 ,529 ,597 72,208 20,573 ,151 3,510 ,000 1,024 ,390 ,271 2,623 ,009 -,404 ,316 -,137 -1,281 ,201 (Constant) Market Performance Indicator: Market Capitalization

Control Variable: Industry Classification

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus a. Model Summary ,310a ,096 ,085 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market

Capitalization, Control Variable: World Economy ( S&P 1000 Index) a.

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10.1.2.2 Executive wage plus annual cash bonus plus stocks granted (EFW+B+S)

Coefficientsa -2066,068 2583,166 -,800 ,424 15,576 7,293 ,104 2,136 ,033 -206,797 52,564 -,179 -3,934 ,000 ,032 2,097 ,001 ,015 ,988 67,331 33,369 ,087 2,018 ,044 1,486 ,633 ,243 2,347 ,019 -,299 ,512 -,062 -,584 ,559 (Constant) Market Performance Indicator: Market Capitalization

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted a. Model Summary ,312a _,097 _,087 _*********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

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10.1.2.3 Executive wage plus annual cash bonus plus options granted (EFW+B+O)

Coefficientsa 4689,196 16211,335 ,289 ,773 194,353 45,645 ,209 4,258 ,000 586,419 330,389 ,081 1,775 ,077 -16,319 13,140 -,054 -1,242 ,215 236,472 211,023 ,048 1,121 ,263 -11,681 3,948 -,305 -2,959 ,003 4,191 3,192 ,140 1,313 ,190 (Constant) Market Performance Indicator: Market Capitalization

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Options Granted a. Model Summary ,327a ,107 ,097 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Options Granted

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Model Summary ,319a _,102 _,091 _*********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

b.

10.1.2.4 Executive wage plus annual cash bonus plus stocks granted plus options

granted (EFW+B+S+O)

Coefficientsa 4245,169 16359,847 ,259 ,795 201,689 46,063 ,215 4,379 ,000 496,261 333,416 ,068 1,488 ,137 -16,992 13,260 -,055 -1,281 ,201 231,424 212,956 ,047 1,087 ,278 -11,223 3,984 -,291 -2,817 ,005 4,300 3,221 ,143 1,335 ,183 (Constant) Market Performance Indicator: Market Capitalization

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ANOVAb 5,29E+08 6 88148413,09 6,646 ,000a 1,04E+10 786 13264108,25 1,10E+10 792 Regression Residual Total Model 1 Sum of

Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Number of Total Employees, Control Variable: Executive Age, Market Performance Indicator: Share Price, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus b. Model Summary ,220a ,048 ,041 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Number of Total Employees, Control Variable: Executive Age, Market Performance Indicator: Share Price, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

10.2 Results for Hypothesis 1b

10.2.1 Results for below average share price performance

10.2.1.1 Executive wage plus annual cash bonus

(EFW+B)

Coefficientsa -6281,267 1683,939 -3,730 ,000 -4,336 7,122 -,024 -,609 ,543 -27,353 35,491 -,030 -,771 ,441 1,581 1,384 ,040 1,143 ,253 104,810 21,726 ,172 4,824 ,000 ,642 ,301 ,113 2,135 ,033 ,174 ,257 ,034 ,677 ,499 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

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10.2.1.2 Executive wage plus annual cash bonus plus stocks granted (EFW+B+S)

Coefficientsa -8595,691 2572,570 -3,341 ,001 -24,303 10,880 -,087 -2,234 ,026 -135,121 54,220 -,096 -2,492 ,013 2,867 2,114 ,048 1,356 ,175 151,179 33,191 ,161 4,555 ,000 1,418 ,459 ,163 3,087 ,002 -,007 ,392 -,001 -,017 ,987 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted a. Model Summary ,242a ,058 ,051 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Number of Total Employees, Control Variable: Executive Age, Market Performance Indicator: Share Price, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

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10.2.1.3 Executive wage plus annual cash bonus plus options granted (EFW+B+O)

Coefficientsa -17017,2 9844,321 -1,729 ,084 36,879 41,633 ,035 ,886 ,376 129,593 207,487 ,025 ,625 ,532 -7,020 8,094 -,031 -,867 ,386 470,529 127,061 ,134 3,703 ,000 -2,620 1,759 -,080 -1,490 ,137 1,976 1,503 ,068 1,315 ,189 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Options Granted a. Model Summary ,148a ,022 ,014 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Number of Total Employees, Control Variable: Executive Age, Market Performance Indicator: Share Price, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

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10.2.1.4 Executive wage plus annual cash bonus plus stocks granted plus options

granted (EFW+B+S+O)

Coefficientsa -19314,8 10401,846 -1,857 ,064 16,936 43,991 ,015 ,385 ,700 21,281 219,237 ,004 ,097 ,923 -5,661 8,553 -,024 -,662 ,508 517,696 134,256 ,139 3,856 ,000 -1,825 1,859 -,053 -,982 ,326 1,776 1,588 ,058 1,118 ,264 (Constant) Market Performance Indicator: Share Price Control Variable: Industry Classification

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted + Options Granted a. Model Summary ,148a ,022 ,014 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Number of Total Employees, Control Variable: Executive Age, Market Performance Indicator: Share Price, Control Variable: Industry Classification, Control Variable: World Economy ( S&P 1000 Index)

a.

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10.2.2 Results for below average market capitalization performance

10.2.2.1 Executive wage plus annual cash bonus (EFW+B)

Coefficientsa -6565,563 1472,703 -4,458 ,000 1,189 5,712 ,008 ,208 ,835 11,542 28,856 ,014 ,400 ,689 2,563 1,219 ,074 2,102 ,036 107,055 18,864 ,193 5,675 ,000 ,600 ,268 ,112 2,239 ,025 ,174 ,220 ,036 ,791 ,429 (Constant) Market Performance Indicator: Market Capitalization

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus a. Model Summary ,261a _,068 _,062 _*********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate

Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

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10.2.2.2 Executive wage plus annual cash bonus plus stocks granted (EFW+B+S)

Coefficientsa -9711,903 2861,372 -3,394 ,001 19,086 11,098 ,068 1,720 ,086 -46,545 56,066 -,029 -,830 ,407 ,702 2,369 ,011 ,297 ,767 144,289 36,651 ,135 3,937 ,000 ,638 ,521 ,062 1,226 ,220 ,726 ,427 ,078 1,701 ,089 (Constant) Market Performance Indicator: Market Capitalization

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted a. Model Summary ,219a ,048 ,042 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

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10.2.2.3 Executive wage plus annual cash bonus plus options granted (EFW+B+O)

Coefficientsa -8035,192 8102,298 -,992 ,322 106,549 31,435 ,135 3,390 ,001 8,955 158,770 ,002 ,056 ,955 -11,300 6,713 -,060 -1,683 ,093 391,408 103,808 ,131 3,770 ,000 -1,631 1,475 -,056 -1,106 ,269 1,228 1,210 ,047 1,015 ,311 (Constant) Market Performance Indicator: Market Capitalization

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Options Granted a. Model Summary ,190a ,036 ,030 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

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ANOVAb 1,46E+10 6 2430396587 5,948 ,000a 3,56E+11 870 408629518,3 3,70E+11 876 Regression Residual Total Model 1 Sum of

b.

10.2.2.4 Executive wage plus annual cash bonus plus stocks granted plus options

granted(EFW+B+S+O)

Coefficientsa -11161,8 8964,863 -1,245 ,213 124,251 34,781 ,142 3,572 ,000 -49,706 175,672 -,010 -,283 ,777 -13,098 7,428 -,063 -1,763 ,078 429,095 114,859 ,129 3,736 ,000 -1,579 1,632 -,049 -,967 ,334 1,765 1,339 ,061 1,318 ,188 (Constant) Market Performance Indicator: Market Capitalization

Dependent Variable: Executive Fixed Wage + Annual Cash Bonus + Stock Granted + Options Granted a. Model Summary ,198a ,039 ,033 *********** Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Control Variable: American Economy (NYSE Index), Control Variable: Executive Age, Control Variable: Number of Total Employees, Control Variable: Industry Classification, Market Performance Indicator: Market Capitalization, Control Variable: World Economy ( S&P 1000 Index)

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10.3 Results for Hypothesis 2

10.3.1 Results for effect of board size on share performance

Coefficientsa -33,288 16,143 -2,062 ,039 1,609 ,665 ,144 2,421 ,016 1,125 ,956 ,070 1,177 ,239 (Constant) Number of Board of Directors

Turover / Board Size to check for influence of executive on board of directors Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients t Sig.

Dependent Variable: Market Performance Indicator: Share Price a. Model Summary ,088a ,008 ,006 40,14508 Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Turover / Board Size to check for influence of executive on board of directors, Number of Board of Directors

a. ANOVAb 16535,073 2 8267,536 5,130 ,006a 2103174 1305 1611,627 2119709 1307 Regression Residual Total Model 1 Sum of

Predictors: (Constant), Turover / Board Size to check for influence of executive on board of directors, Number of Board of Directors

a.

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10.3.2 Results for effect of board size on market capitalization

Coefficientsa 67,529 9,544 7,076 ,000 -2,759 ,454 -,276 -6,075 ,000 -4,323 ,475 -,413 -9,108 ,000 (Constant) Number of Board of Directors

Turover / Board Size to check for influence of single director on market performance Model 1 B Std. Error Unstandardized Coefficients Beta Standardized Coefficients t Sig.

Dependent Variable: Market Performance Indicator: Market Capitalization a. Model Summary ,242a ,058 ,057 37,68532 Model 1 R R Square Adjusted R Square Std. Error of the Estimate Predictors: (Constant), Turover / Board Size to check for influence of single director on market performance , Number of Board of Directors

a. ANOVAb 127293,8 2 63646,893 44,816 ,000a 2052165 1445 1420,183 2179459 1447 Regression Residual Total Model 1 Sum of

Predictors: (Constant), Turover / Board Size to check for influence of single director on market performance , Number of Board of Directors

a.

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APPENDIX B

Company Descriptives

Company Industry Classification* Employees* Market

Capitalization* Board Size*

Bank of America 2 151,593 126,18 19

Microsoft 12 46,188 240,80 7

Altria Group 5 164,700 103,80 12

Procter & Gamble 7 110,000 118,00 15

Wells Fargo 2 90,429 76,59 16

AT & T 14 185,848 109,35 20

Cisco Systems 13 31,134 152,20 12

PepsiCo 5 144,000 75,33 12

US Bancorp 2 41,067 43,32 18

United Parcel Service 15 372,444 31,51 12

Anadarko Petroleum 9 3,039 11,82 10 Oracle 12 35,075 61,47 10 3M 3 71,399 47,44 11 Walt Disney 8 119,800 52,54 14 Lowe's Cos 10 127,295 27,42 12 McDonalds 6 380,500 38,17 14 Target 10 248,100 34,66 12 Qualcomm 13 8,670 38,83 11 Lockheed Martin 1 139,600 20,92 13 Baker Hughes 9 28,628 12,71 11 Honeywell 3 105,990 30,32 14

Johnson & Johnson 4 104,830 147,55 14

Wachovia Corporation 2 83,009 51,85 21 HP 13 124,560 61,36 10 Marathon Oil 9 28,386 12,73 12 Coca Cola 5 37,400 113,44 13 Texas Instruments 11 36,590 45,68 11 United Technologies 3 171,960 36,41 12 Chasepeake Energy 9 1,351 2,74 7 XTO Energy 9 0,971 4,56 5

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Industry Classification

Aerospace & Defense 1

Banking 2

Conglomerates 3

Drugs & Biotechnology 4 Food Drink & Tobacco 5 Hotels, Restaurants & Leisure 6 Household & Personal Products 7

Media 8

Oil & Gas Operations 9

Retailing 10

Semiconductors 11

Software&Services 12 Technology Hardware & Equipment ₁₃ Telecommunications Services 14

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APPENDIX C

Alphabetical Order of Executives and Their Year of Birth

Company Name Executive Name Year of Birth United Parcel Service Abney, David P. 1955 Wachovia Corporation Adams, Austin A. 1943 Texas Instruments Agnich, Richard. J. 1943

3M Agostini, Giulio 1935

Target Ahlers, Linda L. 1950

United Parcel Service Alden, John W. 1942 Coca Cola Allan, Alexander R.C. 1944

Microsoft Allchin, James E. 1952

Anadarko Petroleum Allison, Robert J. 1938

Qualcomm Altman, Steven R. 1961

McDonalds Alvarez, Ralph 1955

Honeywell Anderson, David J. 1949

Wachovia Corporation Antonini, Jack M. Missing*

Oracle Ariko, Barry M. 1945

Procter & Gamble Arnold, Susan E. 1953

Wells Fargo Atkins, Howard I. 1950

AT & T Atterbury, John H. 1949

Wachovia Corporation Atwood, Robert T. 1940 Lockheed Martin Augustine, Norman R. 1935

United Technologies Ayers, J. 1956

Texas Instruments Aylesworth, William. A. 1942 Wachovia Corporation Baker, Leslie M. 1942

XTO Energy Baldwin, Louis G. 1949

Baker Hughes Ballantyne, Ray A. 1949

Microsoft Ballmer, Steven A. 1955

HP Barnholt, Edward W. 1943

Baker Hughes Barr, David H. 1949

Honeywell Barter, John W. 1946

Baker Hughes Bates, T. R. 1949

3M Baukol, Ronald O. 1937

Marathon Oil Beghini, Victor G. 1934

Marathon Oil Behrman, P. G. 1950

McDonalds Bell, Charles H. 1960

HP Belluzzo, Richard E. 1957

Microsoft Belluzzo, Richard E. 1957

Lockheed Martin Bennett, Marcus C. 1935

3M Benson, John W. 1944

Procter & Gamble Berndt, Wolfgang C. 1942 United Parcel Service Beystehener, John J. 1951 Altria Group Bible, Geoffrey C. 1937

Wells Fargo Biller, Leslie 1947

HP Birnbaum, Joel S. 1937

Lockheed Martin Blackwell, James A. jr. 1940

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Oracle Block, Keith 1960

Oracle Bloom, Gary L. 1960

Honeywell Bonsignore, Michael R. 1941

Honeywell Bossidy, Lawrence A. 1934

United Technologies Bousbib, Ari 1961

HP Bradley, R. Todd 1958

Walt Disney Braverman, Alan N. 1948

Lowe's Cos Bridgeford, Gregory M. 1954

Altria Group Bring, Murray H. 1934

Bank of America Brown, Edward J. 1948

PepsiCo Bru, Abelardo E. 1948

Procter & Gamble Brunner, Gordon F. 1938 United Technologies Buckley, Eugene 1930

3M Buckley, George W. 1946

United Technologies Bucknall, William, jr 1942 Chasepeake Energy Burger, Martha A 1952

Honeywell Burnham, Daniel P. 1946

Target Butzer, Bart 1956

Procter & Gamble Byrnes, Bruce L. 1948

AT & T Caldwell, Royce S. 1938

Lockheed Martin Camardo, Michael F. 1942

US Bancorp Cameron, Gerry B. 1938

Altria Group Camilleri, Louis C. 1954

3M Campbell, Patrick D. 1951

McDonalds Cantalupo, James R. 1943

Lowe's Cos Canter, Charles W. jr 1942

HP Capellas, Michael D. 1954

HP Carleton, S. Fiorina 1954

Wachovia Corporation Carroll, David M. 1957

Cisco Systems Carter, Larry L. 1942

Oracle Catz, Safra 1961

Marathon Oil Cazalot, Clarence P. jr. 1950

US Bancorp Cecere, Andrew 1960

Cisco Systems Chambers, John T. 1948 United Technologies Chenevert, L. 1957 US Bancorp Chenevich, William L. 1943

Coca Cola Chestnut, James E. 1950

United Parcel Service Clanin, Robert J. 1943

Marathon Oil Clark, J. F. 1954

Baker Hughes Clark, James R. 1950

Procter & Gamble Clark, R. Kerry 1952 Lockheed Martin Coffman, Vance D. 1944

Bank of America Coll, Hugh L. 1935

PepsiCo Compton, John C 1961

Walt Disney Cooke, John F. 1942

Coca Cola Cooper, Ralph H. 1939

Lockheed Martin Corcoran, Thomas A. 1944

Honeywell Cote, David M. 1952

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Baker Hughes Crain, Alan R. 1951 Wachovia Corporation Crutchfield, Edward E. 1941 Coca Cola Cummings, Alexander B. 1956 Wachovia Corporation Cummings, Stephen E. 1955

Coca Cola Daft, Douglas N. 1943

Cisco Systems Daichendt, Gary, J. 1949 Procter & Gamble Daley, Clayton C. 1951

AT & T Daley, William M. 1949

Anadarko Petroleum Daniels, Robert P. 1958 United Parcel Service Darden, Calvin 1949 United Technologies Darnis, Geraud 1959 Johnson & Johnson Darretta, R. J. 1946 United Technologies David, George 1942 United Parcel Service Davis, D. Scott 1951 Wachovia Corporation Davis, Jean E. 1955

US Bancorp Davis, Richard K. 1957

Bank of America de Molina, Alvaro G. 1957

Baker Hughes Deaton, Chad C. 1952

Texas Instruments Delfassy, Gilles 1955 Bank of America DeMartini, Richard M. 1952 Altria Group Deromedi, Roger K. 1953

3M DeSimone, Livio D. 1936

Bank of America Desoer, Barbara J. 1953 Altria Group Devitre, Dinyar S. 1948 Johnson & Johnson Deyo, Russell C. 1949

Wells Fargo Dial, Terri A. 1951

Anadarko Petroleum Dickey,Diane L. 1956

Walt Disney Disney, Roy E. 1930

Chasepeake Energy Dixon, Steven C. 1958

AT & T Dorman, David W. 1954

Johnson & Johnson Dormer, Michael J. 1951

AT & T Dreyer, William E. 1937

US Bancorp Duff, Andrew S. 1957

US Bancorp Duim, Gary T. 1943

Coca Cola Dyson, Brian G. 1935

Altria Group Eckert, Robert A. 1954

Wells Fargo Edwards, C. Webb 1947

Procter & Gamble Einsmann, Harald 1933

Walt Disney Eisner, Michael D. 1942

AT & T Ellis, James D. 1942

Oracle Ellison, Lawrence J. 1944

Anadarko Petroleum Emme, James J. 1955 Texas Instruments Engibous, Thomas. J. 1952

PepsiCo Enrico, Roger A. 1944

United Parcel Service Eskew, Michael L. 1949

Coca Cola Fayard, Gary P. 1952

McDonalds Feldman, Alan D. 1952

McDonalds Fenton, Timothy J. 1957

Honeywell Ferrari, Giannantonio 1939

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Johnson & Johnson Fine, Roger S. 1942 Baker Hughes Finley, George. S. 1950 United Technologies FitzPatrick, D. 1954

AT & T Foster, Charles E. 1936

Honeywell Fradin, Roger 1953

Target Francis, Michael R. 1962

US Bancorp Frate, Daniel J. 1962

Coca Cola Frenette, Charles S. 1952

Microsoft Gates, William H. 1956

Marathon Oil Gedeon, C. C. 1941

United Technologies Geisler, James E. 1966 Johnson & Johnson Gelbman, R. G. 1947

Altria Group Gembler, Andreas 1943

Wachovia Corporation Georgius, John R. 1944 Cisco Systems Giancarlo, Charles H. 1958

Oracle Giaocoletto, Sergio 1951

Marathon Oil Giardini, C. P. 1935

Honeywell Giligan, J. Kevin 1954

Honeywell Gillette, Robert J. 1960

Target Gilpin, Larry V. 1943

Coca Cola Gladden, Joseph R. jr. 1942

Coca Cola Goizueta, Roberto C. 1931

PepsiCo Goodman, Richard A. 1948

McDonalds Greenberg, Jack M. 1942

Target Griffith, John D. 1961

US Bancorp Grundhofer, Jerry A. 1944

US Bancorp Grundhofer, John F. 1938

US Bancorp Grzedzinski, Edward 1955

Anadarko Petroleum Hackett, James T. 1953 Texas Instruments Hames, Michael J. 1958 Bank of America Hance, James, H. 1944 Lockheed Martin Hancock, Dain M. 1941 Wachovia Corporation Hauptfuhrer, W. Barnes 1954 United Technologies Hayes, Gregory J. 1960

Wells Fargo Hazen, Paul 1941

US Bancorp Heasley, Philip G. 1949

Lockheed Martin Heath, Ralph D. 1948

Marathon Oil Heminger, G. R. 1953

Oracle Henley, Jeffrey O. 1944

McDonalds Hennequin, Denis 1958

Microsoft Herbold, Robert J. 1941

Marathon Oil Hernandez, Robert M. 1944

Lowe's Cos Herring, Leonard G. 1927

Coca Cola Heyer, Steven H. 1952

Marathon Oil Hinchman, S. B. 1957

Wachovia Corporation Hodnett, Byron E. 1946

Altria Group Holden, Betsy D. 1955

Chasepeake Energy Hood, Henry J. 1960

Marathon Oil Howard, J. 1948

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Wells Fargo Hoyt, David, A. 1955

PepsiCo Hudson, Dawn 1957

Lowe's Cos Hull, Robert F. 1964

HP Hurd, Mark V. 1957

XTO Energy Hutton, Keith A. 1958

Walt Disney Iger, Robert A. 1951

Coca Cola Isdell, E. Neville 1943

Coca Cola Ivester, Douglas M. 1947

Qualcomm Jacobs, Irwin Mark 1933

Qualcomm Jacobs, Paul E. 1963

Wells Fargo Jacobs, Rodney L. 1940

Chasepeake Energy Jacobson, Douglas J. 1953 Procter & Gamble Jager, Durk I. 1942 Wachovia Corporation Jenkins, Benjamin P. 1944

Qualcomm Jha, Sanjay K. 1963

Lockheed Martin Johnson, Arthur E. 1947

Microsoft Johnson, Kevin R. 1961

Chasepeake Energy Johnson, Michael A. 1965

Honeywell Jonhson, Barry C. 1943

Honeywell Jonhson, Robert D. 1947

HP Joshi, Vyomesh I. 1954

HP Jotwani, Pradeep 1954

Cisco Systems Justice, Richard J. 1949

Qualcomm Keitel, William E. 1953

United Parcel Service Kelly, James P. 1943 Wachovia Corporation Kelly, Robert P. 1953

Coca Cola Kent, Muhtar 1952

Procter & Gamble Ketchum, Mark D. 1950

AT & T Kiernan, Donald E. 1940

3M Kiester, Charles E. 1936

Procter & Gamble Kilts, James M. 1947

McDonalds Kindler, Jeffery B. 1955

Honeywell Kittlerberger, Larry E. 1948 Johnson & Johnson Koffmann, C. A. 1940 Wells Fargo Kovacevich, Richard M. 1943

United Technologies Krapek, K. 1948

Honeywell Kreindler, Peter M. 1945

Lockheed Martin Kubasik, Christpher E. 1961 Anadarko Petroleum Kurz, Karl F. 1960

Microsoft Lacombe, Michael 1950

Procter & Gamble Lafley, A. G. 1946

PepsiCo Lahey, Edward V Missing*

Oracle Lane, Raymond J. 1946

Johnson & Johnson Larsen, Ralph. S. 1938 Wachovia Corporation Larsen, Terrence A. Missing* Anadarko Petroleum Larson, James R. 1949 Johnson & Johnson Lenehan, J. T. 1948 Chasepeake Energy Lester, J. Mark 1952 Bank of America Lewis, Kenneth D. 1947

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Anadarko Petroleum Lindahl, George 1945

AT & T Lindner, Richard G. 1954

Cisco Systems Listwin, Donald J. 1958 Walt Disney Litvack, Sanford M. 1936

HP Livermore, Ann M. 1958

United Technologies Lord, J. 1943

Marathon Oil Lowden, S. J. 1959

Texas Instruments Lowe, Gregg.A. 1962

Texas Instruments Lu, Keh-Shew 1946

Baker Hughes Lukens, Max. L. 1948

Texas Instruments Madavi, Syrus P. 1949

Qualcomm Major, John E. 1946

Wachovia Corporation Malone, Wallace D. jr. 1936 Anadarko Petroleum Manley, Charles G. 1943

Texas Instruments March, K. P. 1957

Microsoft Maritz, Paul A. 1954

Lockheed Martin Marsh, G. Thomas 1943

Marathon Oil Matheny, K. L. 1947

Baker Hughes Mattson, Eric. L. 1951

Walt Disney Mayer, Kevin A. 1962

Cisco Systems Mazzola, Mario 1946

Walt Disney McCarthy, Christine M. 1955 Chasepeake Energy McClendon, Aubrey K. 1959 Bank of America McColl, Hugh L. 1935 Wachovia Corporation McDonald, Malcolm S. Missing* Procter & Gamble McDonald, Robert E. 1952

Bank of America McGee, Liam E. 1947

PepsiCo McKenna, Matthew M. 1951

United Technologies McKenna, Ronald F. 1940 Wachovia Corporation McMullen, Donald A. 1948

3M McNerney, W. James 1949

Walt Disney Meisinger, Louis M. 1942 Lockheed Martin Menaker, Frank H. jr. 1940

3M Meredith, W. George 1943

AT & T Miller, Forrest E. 1950

Marathon Oil Mills, J. T. 1947

Coca Cola Minnick. Mary E. 1959

US Bancorp Mitau, Lee R. 1947

3M Mitsch, Ronald A. 1934

United Parcel Service Moderow, Joseph R. 1948

US Bancorp Moffett, David M. 1951

Procter & Gamble Montoya, Jorge P. 1946

PepsiCo Morrison, Robert S. 1942

HP Mott, Randal D. 1956

Bank of America Moynihan, Brian T. 1959

AT & T Mueller, Edward A. 1947

Microsoft Mundie, Craig J. 1949

Walt Disney Murphy, Lawrence 1962

Walt Disney Murphy, Peter E. 1962

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Bank of America Murray, Michael. J. 1944

Walt Disney Nanula, Richard D. 1960

Lowe's Cos Niblock, Robert A. 1959

PepsiCo Nooyi, Indra K. 1955

AT & T Notebaert, Richard C. 1948

3M Nozari, Moe S. 1942

Oracle Nussbaum, Jay 1943

Baker Hughes O'Donnell, L. 1957

Wells Fargo Omen, Mark C. 1954

Qualcomm Padovani, Roberto 1954

United Technologies Page, S. 1939

3M Palensky, Frederick J. 1949

XTO Energy Palko, Steffen E. 1950

Altria Group Parrish, Steven C. 1954

Coca Cola Patrick, Deval L. 1956

McDonalds Paull, Matthew H. 1951

Anadarko Petroleum Pease, Mark L. 1955

Target Pellegrene, John E. 1936

Procter & Gamble Pepper, John E. 1938

HP Perez, Antonio M. 1945

Johnson & Johnson Peterson, Per. A. 1944

XTO Energy Petrus, Timothy L. 1954

Oracle Phillips, Charles H. 1958

HP Platt, Lewis E. 1941

Lowe's Cos Pond, Dale C. 1945

Cisco Systems Pond, Randy 1952

Johnson & Johnson Poon, Christine A. 1952

Honeywell Poses, Frederic M. 1942

Cisco Systems Powell, Dennis D. 1947

McDonalds Quinlan, Michael R. 1944

Baker Hughes Ragauss, Peter A. 1957

Microsoft Raikes, Jeffrey S. 1958

Cisco Systems Redfield, Carl 1946

Honeywell Redlinger, Donald J. 1944

Anadarko Petroleum Reeves, Robert K. 1956

3M Reich, Charles 1942

PepsiCo Reinemund, Steven S. 1948

McDonalds Rensi, Edward H. 1945

Bank of America Rice, Charles E. 1936 Cisco Systems Richardson, James 1956

3M Richelsen, Raymond C. 1941

Texas Instruments Ritchi, Kevin. J. 1956

Oracle Roberts, George 1955

McDonalds Roberts, Michael J. 1950

HP Robison, Shane 1953

PepsiCo Rodkin, Gary M. 1952

Anadarko Petroleum Rose, Michael E. 1946

PepsiCo Rosenfeld, Irene B. 1953

Oracle Roux, David J. 1956

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Coca Cola Ryes, Jose Octavio 1952

Wells Fargo Saklad, Daniel A. 1943

Oracle Sanderson, Edward 1948

Marathon Oil Sandman, D. D. 1948

Texas Instruments Scarisbrick, John C. 1953 United Parcel Service Schaffer, Charles L. 1945

Qualcomm Schrock, Donald E. 1945

Target Scovanner, Douglas A. 1955

XTO Energy Seeds, J. Richards 1945

Anadarko Petroleum Seitz, John N. 1950

PepsiCo Sharpe, Robert F. 1951

Anadarko Petroleum Sharples, Richard J. 1946

Oracle Shaw, Robert W. 1947

AT & T Sigman, Stanley T. 1947

XTO Energy Simpson, Bob R. 1948

McDonalds Skinner, James A. 1944

Lockheed Martin Sloane, Stanton D. 1950 Lockheed Martin Smith, Albert E. 1950 United Parcel Service Soupata, Lea N. 1950

XTO Energy Staab, Kenneth F. 1956

Walt Disney Staggs, Thomas O. 1961

Coca Cola Stahl, Jack L. 1953

McDonalds Stein, Stanley R. 1942

Target Steinhafel, Gregg, W. 1955

AT & T Stephenson, Randall L. 1962 Lockheed Martin Stevens, Robert J. 1952

Lowe's Cos Stone, Larry D. 1951

Target Storch, Gerald L. 1957

Lowe's Cos Strickland, Robert L. 1930

Wells Fargo Stumpf, John G. 1953

Anadarko Petroleum Sullivan, William D. 1955

Qualcomm Sulpizio, Richard 1950

Marathon Oil Surma, J. P. Missing*

Baker Hughes Szescila, Andrew. J. 1947

US Bancorp Sznewajs, Robert D. 1946

Altria Group Szymanczyk, Michael E. 1948 Bank of America Taylor, R. Eugene 1947 Lockheed Martin Teets, Peter B. 1941 Texas Instruments Templeton, Richard. K. 1958 Wachovia Corporation Terraciano, Anthony P. 1938 Wachovia Corporation Thompson, G. Kennedy 1950

PepsiCo Thompson, Peter M. 1946

Qualcomm Thornley, Anthony S. 1946

Wells Fargo Thornton, John T. 1938

HP Ticknor, Carolyn M. 1947

Lowe's Cos Tillmann, Robert L. 1943

Wells Fargo Tolstedt, Carrie L. 1961 Baker Hughes Trahan, Jabian. P. Missing*

Microsoft Turner, Brian Kevin 1965

(30)

3M Ursu, John J. 1939

Marathon Oil Usher, Thomas J. 1942

Bank of America Vandiver, F. William 1941 XTO Energy Vennerberg, Vaughn O. 1953

Microsoft Vergnes, Bernard P. 1944

Qualcomm Viterbi, Andrew J. 1934

Cisco Systems Volpi, Michelangelo 1966 PepsiCo von der Heyden, Karl M. 1936 Anadarko Petroleum Walker, R. A. 1956

Altria Group Wall, Charles R. 1944

Baker Hughes Wall, Douglas J. 1952

Honeywell Wallman, Richard F. 1951

Chasepeake Energy Ward, Tom L. 1959

Lowe's Cos Warden, William C. jr. 1952

Coca Cola Ware, Carl 1943

HP Wayman, Robert P. 1945

PepsiCo Weatherup, Craig E. 1945

Altria Group Webb, William H. 1939

Texas Instruments Weber, William P. 1940 United Parcel Service Weidemeyer, Thomas H. 1947 Johnson & Johnson Weldon, W. C. 1948 Cisco Systems Wellmann, F. Selby Missing*

Lowe's Cos Whiddon, Thomas E. 1952

AT & T Whitacre, Edward E. 1941

Texas Instruments Whitaker, Delbert A. 1941

Qualcomm White, Harvey P. 1934

PepsiCo White, Michael D. 1951

3M Wiens, Harold J. 1946

Baker Hughes Wiley, Michael E. 1950

Marathon Oil Wilhelm, Paul J. 1941

AT & T Wilkins, Rayford 1951

Oracle Williams, Derek 1944

Johnson & Johnson Wilson, Robert. N. 1940 United Parcel Service Winestock, James F. 1952

HP Winkler, Michaer J. 1955

Target Woodrow, Kenneth B. 1944

Bank of America Woods Brinkley, Amy 1955 Texas Instruments Wroe, Thomas jr. 1950 Wachovia Corporation Wurtz, Thoams J. 1962 United Technologies Yoskowitz, I. 1945

3M Ziegler, Richard F. 1949

HP Zitzner, Duane E. 1947

US Bancorp Zona, Richard A. 1944

Coca Cola Zyman, Sergio S. 1945