An overview of Board Director composition for the Top 100 (by Market Cap Value) Georgia-based publicly traded companies. Six criteria are used to understand the true diversity of a board. The 100 companies are reviewed as a group and by Market Cap Value subgroups. This presentation shows the highlights taken from a more detailed text companion piece with the same title (also included on SlideShare).

1. Georgia Corporate
Governance Diversity
Report 2014
Tom Furlong
Managing Director
Harvard Group International

2. Overview
01
table of contents
Overall Board Demographics
02
Board Member Status Metrics
03
Public Companies based
outside Metro Atlanta
04
Top 100 Georgia-based
Companies
05
About Harvard Group International
and the author
06

3. 3
what is diversity?
This report* is a diversity analysis of the
top 100 (by Market Cap Value) Georgia-
based publicly traded corporations.
Gender and Ethnicity are the most common
forms of diversity- but other factors should be
considered to determine the “diversity” level of
a corporate board.
Six Diversity Criteria reviewed for this report:
• Gender
• Ethnicity
• Industry Focus (from inside/outside the
companies industrial sector)
• Working Status (Employed/Inactive)
• Location (In State/Out of State)
• Independence (Inside/Independent)
Overview
section 01
* A more detailed report, including individual company Board analysis, is available by contacting the author

4. 4
why is diversity important?
For consumer–facing companies, having a
board that reflects the general population in
gender and ethnicity will yield additional
insights into a company’s message and
market presence. The result: improved advice
and guidance for the executive team.
Diversity of experience is important in helping
to help prevent “group think” among the board.
This risk is most glaring when the directors are
all from the same industry or other similar
backgrounds and experiences.
Corporate Governance diversity can also
impact the investment community. Socially
motivated investment funds might look for
boards that reflect the general population;
investors might choose to target companies
whose board shows a breadth of experience;
and having a high level of diversity
demonstrates the board’s commitment to look
at a larger pool of talent for their members-
and would look at a larger pool of talent when
making key executive hiring decisions.
Overview
section 01

5. 5
methodology for this report
Market Cap Value (MCV) was utilized in
this report since a company’s Board
focus is to look out for the investment of
the shareholders.
This report looks at the Top 100 companies
both as a whole and by MCV size groupings:
 MCV greater then $5 billion
 MCV between $1 billion and $5 billion
 MCV between $250 million and $1 billion
 MCV less than $250 million
A few other points about this data:
• MCV were of January 24, 2014
• Directors were taken from each companies
website on February 1. 2014
• Demographic and other status criteria
were gathered through exhaustive
research of multiple data sources
• Changes that may have occurred between
the compilation of data and the report’s
publication date are not reflected in the
commentary or chart data
Overview
section 01

6. 6
overall board size
There are 931 total seats
among the 100 boards.
Board sizes range from 5 to
17 across all MCV groups.
Average board size is just
above 9 directors:
• 38 boards > 9 members
• 20 boards = 9 members
• 42 boards < 9 members
Overall Board demographics
section 02
Company Board Size
Size All Boards > $5B $1B-$5B $250M-$1B <$250M
14+ Directors 8 6 1 0 1
11 to 13 15 8 3 2 2
9 or 10 35 4 12 9 10
5 to 8 42 4 8 12 18
Total 100 22 24 23 31

7. 7
female representation
Women hold 11.7% of all
Georgia board seats.
• 7 companies have three
or more female directors
• 23 companies have two
women on their boards
• 39 companies have one
female director
• 31 companies have no
women on their boards
Overall Board demographics
section 02
Board Composition by Women
All
Boards > $5B $1B-$5B
$250M-
$1B <$250M
Women Serving 109 40 28 22 19
Total Board Seats 931 257 223 191 260
% Women Members 11.7% 15.6% 12.6% 11.5% 7.3%

8. 8
minority representation
Minorities hold 7.0% of all
Georgia Board seats.
• 25 companies have African
American directors
• 10 companies have
Hispanic directors
• 9 companies directors of
Asian heritage
• 9 companies have multiple
ethnic group
representation
Overall Board demographics
section 02
Board Members by Ethnicity
Group All > $5B $1B-$5B $250M-$1B <$250M
African American 44 18 11 5 10
Hispanic 10 5 1 3 1
Asian 11 4 1 4 2
White 866 230 210 179 247
All Board Members 931 257 223 191 260
% of Color 6.98% 10.51% 5.83% 6.28% 5.00%

9. 9
industry insiders
Boards with too many (or
too few) industry insiders
can become blind to
outside influences.
Nearly 1/3 (303 out of 931)
of board members come
from the same industry as
the company that they offer
governance and guidance.
Board Member Status Metrics
section 03
Industry Insider Composition
Status All > $5B $1B-$5B
$250M-
$1B <$250M
Industry Insiders < 33% 52 16 10 9 17
Industry Insiders 33%-67% 42 5 13 13 11
Industry Insiders > 67% 6 1 1 1 3
Total 100 22 24 23 31

10. 10
activity status
Board Member Status Metrics
section 03
A strong mix of active and
inactive/retired executives
on a board balances current
business perspectives with
time available for complex
board projects.
Currently 548 board members
are actively employed; the
others are either retired,
transitioning between roles, or
have board service as their
principal occupation.
Director Status
% Active All > $5B $1B-$5B $250M-$1B <$250M
# Active > 67% 37 5 8 9 15
# Active 67%-33% 53 15 12 12 14
# Active < 33% 10 2 4 2 2
Total 100 22 24 23 31

11. 11
location status
Board Member Status Metrics
section 03
A broad geographic reach can
offer differing perspectives that
might impact a company’s
guidance and operation.
Companies in the three top MCV
groups have national and global
operations: residency diversity
might be the most important
attribute when evaluating
perspective board nominees.
Director Residency
% Directors All > $5B $1B-$5B $250M-$1B <$250M
Georgians > 67% 34 3 9 7 15
Georgians 33%-67% 29 8 10 6 5
Georgians < 33% 37 11 5 10 11
Total 100 22 24 23 31

12. 12
independence status
Board Member Status Metrics
section 03
Board independence is crucial
in gaining the upmost levels of
shareholder confidence- and in
providing diversity of insight.
For this report, 195 of the 931 board
members (20.9%) are considered to
be an “insider”- either currently or
formerly employed by the company
or someone with a familial tie to the
company or it’s founder.
Board Composition
# Board Insider All > $5B $1B-$5B $250M-$1B <$250M
Insider > 2 23 6 7 5 5
Insider = 2 27 2 6 5 14
Insider = 1 50 14 11 13 12
Total 100 22 24 23 31

13. 13
the “other Georgia”
Public Companies based Outside Metro Atlanta
section 04
Only 17 of the Top 100 MCV
companies are based outside
the metro Atlanta region.
These companies have additional
challenges in building diverse
boards: smaller talent pools to
attract nominees in both location
and business experience levels.
Corporate HQ Location
Location All > $5B $1B-$5B $250M-$1B <$250M
Inside Metro Atlanta 83 19 21 20 23
Outside Metro Atlanta 17 3 3 3 8
Total 100 22 24 23 31
% Outside Metro
Atlanta 17.0% 13.6% 12.5% 13.0% 25.8%

14. 14
who is on the the list?
The Top 100 Georgia based companies
section 05
Aaron's Coca-Cola Enterprises Haverty Furniture Premier Exhibitions
Acuity Brands Colony Bankcorp HD Supply Premiere Global Services
AdCare Health Systems Concurrent Computer Heritage Financial Group PRGX Global
AFC Enterprises (nka Popeyes) Cousins Properties Home Depot Primerica
AFLAC Incorporated Crawford & Company Intercontinentalexchange Group Rock-Tenn Company
AGCO Corporation Cryolife Interface Rollins
Agilysys Cumulus Media InterNAP Network Services RPC
AGL Resources Delta Air Lines Invesco Saia
Alimera Sciences Dixie Group Manhattan Associates Schweitzer-Mauduit
American Software DLH Corp Marine Products SouthCrest Financial Group
Ameris Bancorp Earthlink MedAssets Southeastern Bank Financial
Arris Group Ebix MiMedx Group Southeastern Banking
Asbury Automotive Group Equifax Mohawk Industries Southern Company
Atlantic American Corporation Examworks Group Mueller Water Products Southwest Georgia Financial
Atlanticus Exide Technologies NCR Corporation State Bank Financial
Axiall Fidelity Southern Corporation Neenah Paper Streamline Health Solutions
Beazer Homes USA FleetCor Technologies Newell Rubbermaid SunLink Health Systems
BlueLinx Flowers Foods Numerex SunTrust Banks
Carmike Cinemas GBS Enterprises Ocwen Financial Synovus Financial
Carter's Gentiva Health Services Orion HealthCorp Thomasville Bancshares
Cbeyond Genuine Parts Company Oxford Industries Total System Services (TSYS)
CCF Holding Company Georgia-Carolina Bancshares Perma-Fix Environmental United Community Banks
Citi Trends Global Payments Piedmont Office Realty Trust United Parcel Service
Citizens Bancshares Graphic Packaging Post Properties Video Display Corporation
Coca-Cola Company Gray Television Preferred Apartment Zep, Inc.

15. 15
who are we?
Harvard Group International (HGI) is an
Atlanta-based executive search firm that has
completed search projects within multiple
industries throughout North America. Founded
in 1996, HGI exceeds performance metrics of
the multi-office and multi-national retained
search firms in rate of success (99%+), speed
of service, and diversity placement metrics.
The HGI team (with over 300 years of search
industry experience) attracts best-in-class
talent for board roles, C-Suite, senior/junior
executive positions, and key individual
contributor roles.
Tom Furlong is the Managing Director of the
HGI’s Energy practice and also works with the
Corporate Governance and Food Service/
Hospitality teams. He has successfully helped
clients and candidates build their future for
over 15 years by leading executive search
projects throughout North America and Asia.
Tom also draws upon his 13 years of
experience at Novartis to understand the inner
workings of individual teams that give strength
to enterprises of all sizes and scopes.
About Harvard Group International and the author
section 06

16. Harvard Group International
1640 Powers Ferry Road #25
Marietta, Georgia 30067-1444
p) +1 404.459.9045
w) www.harvardsearch.com
t) @harvardsearch
Tom Furlong
p) +1 678.214.6065
e) tfurlong@harvardsearch.com
t) @TerrellMillTom
contact
information