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 for workers 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 our society. 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 the purpose 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 the ways in which we and our fellow CEOs endeavor every day to create value for all our stakeholders, whose long-term interests are inseparable. Our boards have fiduciary duties to their shareholders and must remain firmly committed to fulfilling those duties. This duty fully aligns with the broader responsibility that companies serve our many stakeholders, including our employees and communities. 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 are continuing 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, we urge 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 and to 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 roll 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 finanacial, communications and other services that underpin economic growth. WHILE EACH OF OUR INDIVIDUAL COMPANIES SERVES ITS OWN CORPORATE PURPOSE, WE SHARE A 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 expecations. 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. SUPPORTING THE COMMUNITIES IN WHICH WE WORK. We respect the people in our communities and protect the environment by embracing sustainable practices across our businesses. GENERATING LONG-TERM VALUE FOR SHAREHOLDERS, WHO PROVIDE THE CAPITAL THAT ALLOWS COMPANIES TO INVEST, GROW AN INNOVATE. We are committed to transparency and effective engagement with shareholders. DEALING FAIRLY AND ETHICALLY WITH OUR SUPPLIERS. We are dedicated to serving as good partners to the other compaines, large and small, that help us meet our missions. Each of our stakeholders is essential. We commit to deliver value to all of them, for the future success of our companies, our communities, and our country. Miles D. White Julie Sweet Carlos Rodriguez Mike Burke Andrés Gluski Daniel P. Amos Roger K. Newport Brent Saunders Abbott Accenture ADP AECOM The AES Aflac AK Steel Allergan plc Corporation Corporation John O. Larsen Lee Styslinger, III Jeffrey P. Bezos Nicholas K. Akins Stephen J. Squeri James D. Taiclet James Cracchiolo Alliant Energy Altec, Inc. Amazon American Electric American Express American Tower Ameriprise Financial Power Corporation Gail Koziara Boudreaux Kevin J. Wheeler Greg Case Tim Cook Eric Foss Alan B. Colberg Randall Stephenson Anthem, Inc. A.O. Smith Aon Apple Aramark Assurant AT&T Inc. Corporation John A. Hayes Brian Moynihan José (Joe) E. Almeida Joe Davis Brendan P. Bechtel Corie Barry Laurence D. Fink Ball Corporation Bank of America Baxter International Inc. BCG Bechtel Group, Inc. Best Buy BlackRock, Inc. Co., Inc. Charles W. Scharf Dennis A. Muilenburg Frédéric B. Lissalde Robert Dudley Giovanni Caforio Maurice R. Greenberg Kewsong Lee BNY Mellon The Boeing Company BorgWarner Inc. BP plc Bristol-Myers C.V. Starr & Co., Inc. The Carlyle Squibb Group Robert E. Sulentic W. Anthony Will Michael K. Evan G. Greenberg David M. Cordani Chuck K. Robbins Michael L. Corbat CBRE Group, Inc. CF Industries Chevron Chubb Cigna Cisco Systems, Inc. Citigroup, Inc. Corporation Hubertus M. Mühlhäuser James Quincey Brian L. Roberts Ryan M. Lance Wendell P. Weeks Tom Linebarger Larry Merlo CNH Industrial The Coca-Cola Comcast ConocoPhillips Corning Cummins Inc. CVS Health Company Corporation Company Incorporated Hal Yoh Michael S. Dell Punit Renjen Jim Fitterling Lynn Good JM Lawrie Mark J. Costa Craig Arnold Day & Dell Deloitte Dow Duke Energy DXC Eastman Chemical Eaton Zimmermann Technologies Technology Company Pedro J. Pizarro Darren W. Woods Carmine Di Sibio Frederick W. Smith Gary Norcross Revathi Advaithi Carlos M. Hernandez Edison Exxon Mobil EY FedEx Corporation FIS Flex Fluor Corporation International Corporation James P. Hackett Richard C. Adkerson Phebe Novakovic Mary Barra David M. Solomon Deanna Mulligan Ford Motor Freeport-McMoRan Inc. General Dynamics General Motors The Goldman Sachs The Guardian Life Company Corporation Company Group, Inc. Insurance Company of America Gerald W. Evans Dinesh C. Paliwal Steven R. Swartz Craig Menear Darius Adamczyk Mike Petters Ginni Rometty Hanesbrand Inc. HARMAN HEARST The Home Honeywell Huntington IBM Corporation International Corporation Depot Ingalls Industries Charles Phillips Mark S. Sutton Michael Roth Linda H. Apsey Steve Demetriou Samuel R. Allen Alex Gorsky George R. Oliver Infor International Interpublic Group ITC Holdings Jacobs John Deere Johnson Johnson Paper Co. Corp. & Johnson Controls Jamie Dimon Beth E. Mooney Bruce E. Grewcock Lynn M. Doughtie William M. Brown Beth E. Ford Roger A. Krone Stuart Miller JPMorgan KeyCorp Kiewit Corporation KPMG LLP L3Harris Land O’ Lakes, Leidos Lennar Chase & Co. Technologies, Inc. Inc. Corporation Marillyn A. Hewson Bhavesh V. (Bob) Patel Jeff Gennette Mark Trudeau Lee M. Tillman Gary R. Heminger Arne M. Sorenson Lockheed Martin LyondellBasell Macy’s, Inc. Mallinckrodt Marathon Oil Marathon Petroleum Marriott Corporation Industries Pharmaceuticals Corporation Corporation International, Inc. Roger W. Crandall Ajay Banga Lawrence E. Kurzius Brian Tyler Omar Ishrak Michel Khalaf Sanjay Mehrotra Ken Moelis MassMutual Mastercard McCormick And McKesson Medtronic Metlife Micron Moelis & Company, Inc. Corporation plc Technology Company James P. Gorman Greg Brown Adena T. Friedman Thomas C. Nelson Ted Mathas Kathy Warden Steve Fisher Morgan Stanley Motorola Solutions Nasdaq National Gypsum New York Life Northrop Grumman Novelis Company Insurance Co. Corporation Mauricio Gutierrez Safra Catz Brian Chambers Ramon Laguarta Dr. Albert Bourla Greg C. Garland Marc B. Lautenbach NRG Energy, Inc. Oracle Owens Corning PepsiCo Pfizer Inc. Phillips 66 Pitney Bowes Daniel J. Houston David S. Taylor Tricia Griffith Bob Moritz Earl C. Austin Jr. Thomas A. Kennedy Blake D. Moret Principal The Procter & Gamble Progressive PwC Quanta Services Raytheon Company Rockwell Company Corporation Automation Douglas L. Peterson Keith Block Bill McDermott Jim Goodnight Tamara L. Lundgren Jeffrey W. Martin Lisa Davis S&P Global Salesforce SAP SAS Institute Schnitzer Steel Sempra Energy Siemens Industries, Inc. Corporation USA Egon Durban Thomas A. Fanning James M. Loree James P. Keane Kevin Lobo John F. Fish Brian Cornell Silver Lake Southern Company Stanley Black Steelcase Inc. Stryker Suffolk Target & Decker Russell K. Girling LeRoy T. Carlson, Jr. Rob Speyer Alan D. Schnitzer M. Troy Woods Peter J. Davoren Lance M. Fritz TC Energy Telephone Data Tishman The Travelers TSYS Turner Union Pacific Systems, Inc. Speyer Companies Inc. Construction Co. Oscar Munoz Gregory J. Hayes David Abney Stuart Parker Mortimer J. Buckley Scott G. Stephenson Alfred F. Kelly Jr. United Airlines United Technologies UPS USAA Vanguard Verisk Analytics Visa Inc. Corporation Curt Morgan Stefano Pessina Doug McMillon John J. Engel John F. Barrett Hikmet Ersek Marc Bitzer Vistra Energy Walgreens Boots Walmart, Inc. WESCO Western & Southern Western Union Whirlpool Alliance International, Inc. Financial Group Corporation Abidali Z. Neemuchwala Michael J. Kasbar Jim Kavanaugh John Visentin Patrick Decker Anders Gustafsson Wipro Limited World Fuel Services World Wide Xerox Xylem, Inc. Zebra Technologies Corporation Technology Corporation Corporation BRT.ORG/OURCOMMITMENT.