These terms and conditions govern your use of the website alphaminr.com and its related services.
These Terms and Conditions (“Terms”) are a binding contract between you and Alphaminr, (“Alphaminr”, “we”, “us” and “service”). You must agree to and accept the Terms. These Terms include the provisions in this document as well as those in the Privacy Policy. These terms may be modified at any time.
Your subscription will be on a month to month basis and automatically renew every month. You may terminate your subscription at any time through your account.
We will provide you with advance notice of any change in fees.
You represent that you are of legal age to form a binding contract. You are responsible for any
activity associated with your account. The account can be logged in at only one computer at a
time.
The Services are intended for your own individual use. You shall only use the Services in a
manner that complies with all laws. You may not use any automated software, spider or system to
scrape data from Alphaminr.
Alphaminr is not a financial advisor and does not provide financial advice of any kind. The service is provided “As is”. The materials and information accessible through the Service are solely for informational purposes. While we strive to provide good information and data, we make no guarantee or warranty as to its accuracy.
TO THE EXTENT PERMITTED BY APPLICABLE LAW, UNDER NO CIRCUMSTANCES SHALL ALPHAMINR BE LIABLE TO YOU FOR DAMAGES OF ANY KIND, INCLUDING DAMAGES FOR INVESTMENT LOSSES, LOSS OF DATA, OR ACCURACY OF DATA, OR FOR ANY AMOUNT, IN THE AGGREGATE, IN EXCESS OF THE GREATER OF (1) FIFTY DOLLARS OR (2) THE AMOUNTS PAID BY YOU TO ALPHAMINR IN THE SIX MONTH PERIOD PRECEDING THIS APPLICABLE CLAIM. SOME STATES DO NOT ALLOW THE EXCLUSION OR LIMITATION OF INCIDENTAL OR CONSEQUENTIAL OR CERTAIN OTHER DAMAGES, SO THE ABOVE LIMITATION AND EXCLUSIONS MAY NOT APPLY TO YOU.
If any provision of these Terms is found to be invalid under any applicable law, such provision shall not affect the validity or enforceability of the remaining provisions herein.
This privacy policy describes how we (“Alphaminr”) collect, use, share and protect your personal information when we provide our service (“Service”). This Privacy Policy explains how information is collected about you either directly or indirectly. By using our service, you acknowledge the terms of this Privacy Notice. If you do not agree to the terms of this Privacy Policy, please do not use our Service. You should contact us if you have questions about it. We may modify this Privacy Policy periodically.
When you register for our Service, we collect information from you such as your name, email address and credit card information.
Like many other websites we use “cookies”, which are small text files that are stored on your computer or other device that record your preferences and actions, including how you use the website. You can set your browser or device to refuse all cookies or to alert you when a cookie is being sent. If you delete your cookies, if you opt-out from cookies, some Services may not function properly. We collect information when you use our Service. This includes which pages you visit.
We use Google Analytics and we use Stripe for payment processing. We will not share the information we collect with third parties for promotional purposes. We may share personal information with law enforcement as required or permitted by law.
2)
|
Aggregate number of securities to which transaction applies:
|
3)
|
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):
|
4)
|
Proposed maximum aggregate value of transaction:
|
1)
|
Amount Previously Paid:
|
2)
|
Form, Schedule or Registration Statement No.:
|
3)
|
Filing Party:
|
4)
|
Date Filed:
|
NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
|
||
|
|
|
|
|
|
TIME AND DATE
|
|
3:00 P.M. Central Daylight Time, Friday, May 25, 2018
|
|
|
|
PLACE
|
|
Old Republic Building
22nd Floor Conference Center
307 N. Michigan Avenue
Chicago, Illinois 60601
|
|
|
|
ITEMS OF BUSINESS
|
|
To elect four members of the Class 1 Board of Directors, each for a term of three years.
To ratify the selection of KPMG LLP (“KPMG”) as the Company’s independent registered public accounting firm for 2018.
To vote in an advisory capacity concerning the Company’s executive compensation.
To vote in an advisory capacity on properly made proposals submitted by shareholders.
To transact such other business as may properly come before the meeting and any adjournment or postpone-ment thereof.
|
|
|
|
RECORD DATE
|
|
You can vote if you are a shareholder of record on March 29, 2018.
|
|
|
|
ANNUAL REPORT TO SHAREHOLDERS
|
|
Our annual report to shareholders for 2017 is printed together with this proxy statement. The Company’s Forms 10-K, 10-Q and other reports to shareholders may be accessed through our website at
www.oldrepublic.com
or by writing to Investor Relations at the Company address.
|
|
|
|
PROXY VOTING
|
|
It is important that your shares be represented and voted at the Annual Shareholders’ Meeting. You can vote your shares by completing and returning your proxy card, by voting on the Internet, or by telephone.
|
|
|
|
April 16, 2018
|
|
By order of the Board of Directors
|
|
|
John R. Heitkamp, Jr.
Senior Vice President, General Counsel
and Secretary
|
Page No.
|
Table of Contents
|
1
|
General Information
|
1
|
Voting Procedures
|
2
|
Other Matters for the Annual Shareholders’ Meeting
|
3
|
Principal Holders of Securities
|
4
|
Item 1: Election of Directors
|
6
|
Corporate Governance
|
6
|
Leadership Structure and Risk Management
|
8
|
Board of Directors’ Responsibilities and Independence
|
10
|
Procedures for the Approval of Related Person Transactions
|
10
|
Section 16(a) Beneficial Ownership Reporting Compliance
|
11
|
The Board and Its Committees
|
14
|
Shareholder Communication with the Board
|
14
|
Item 2: Ratification of the Selection of an Independent Registered Public Accounting Firm
|
14
|
External Audit Services
|
15
|
Audit Committee Report for 2017
|
16
|
Compensation Matters
|
16
|
Compensation Committee Report for 2017
|
16
|
Compensation Committee Interlocks and Insider Participation
|
16
|
Directors’ Compensation
|
17
|
Compensation Discussion and Analysis
|
19
|
Summary Compensation Table
|
21
|
CEO Pay Ratio Disclosure
|
23
|
Nonqualified Deferred Compensation
|
23
|
Incentive Compensation Plan and Stock Option Awards
|
24
|
Stock Option Grants During 2017
|
25
|
Exercises of Stock Option During 2017
|
25
26
|
Equity Compensation Plan Information
Outstanding Equity Awards at Year End 2017
|
27
|
Financial Restatement
|
27
|
Change of Control, Severance or Retirement
|
27
|
Tax Deductibility of Compensation
|
27
|
Stock Ownership Guidelines
|
28
|
Pension Plan and Baseline Security Plan
|
29
|
Pension Benefits
|
29
|
Employees Savings and Stock Ownership Plan (ESSOP)
|
30
|
Other Benefits
|
30
|
Item 3: Vote on Executive Compensation
|
31
|
Board of Directors’ Recommendation
|
31
|
ITEM 4: ShareHOLDER PrOPOSAL
|
32
|
OLD REPUBLIC’S STATEMENT IN OPPOSITION TO THE SHAREHOLDER PROPOSAL
|
33
|
Board of Directors’ Recommendation
|
33
|
ITEM 5: ShareHOLDER PrOPOSAL
|
34
|
OLD REPUBLIC’S STATEMENT IN OPPOSITION TO THE SHAREHOLDER PROPOSAL
|
40
|
Board of Directors’ Recommendation
|
40
|
Other Information
|
40
|
Shareholder Proposals for the 2019 Annual Shareholders’ Meeting
|
GENERAL INFORMATION
|
Title of Class
|
|
Name of Beneficial Owner
|
|
Amount and Nature of Beneficial Ownership
|
|
Percent of Class(*)
|
|
|
|
|
|
|
|
Common Stock
|
|
BlackRock, Inc.
|
|
24,394,927
|
(1)
|
8.1
|
Shareholders’ beneficial ownership
|
|
55 East 52
nd
Street
|
|
|
|
|
of more than 5% of the Common
|
|
New York, New York 10022
|
|
|
|
|
Stock and the ESSOP ownership
|
|
|
|
|
|
|
|
|
The Vanguard Group
|
|
21,707,483
|
(1)
|
7.2
|
|
|
100 Vanguard Blvd.
|
|
|
|
|
|
|
Malvern, Pennsylvania 19355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
State Street Corporation
|
|
19,934,251
|
(1)
|
6.6
|
|
|
State Street Financial Center
|
|
|
|
|
|
|
One Lincoln Street
|
|
|
|
|
|
|
Boston, Massachusetts 02111
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Old Republic International Corporation
|
|
13,133,025
|
(2)
|
4.3
|
|
|
Employees Savings and Stock Ownership Trust
|
|
|
|
|
|
|
307 N. Michigan Avenue
|
|
|
|
|
|
|
Chicago, Illinois 60601
|
|
|
|
|
Common Stock
|
|
Name of
Beneficial Owner
|
|
Shares Subject to Stock Options(*)
|
|
Shares Held by Employee Plans(*)(2)(3)
|
|
Other Shares Beneficially Owned(*)
|
|
Total
|
|
Percent of Class (*)
|
Directors’ and Executive Officers’(including nominees) Beneficial Ownership
|
|
Steven J. Bateman
|
|
0
|
|
0
|
|
15,000
|
|
15,000
|
|
**
|
|
Harrington Bischof
|
|
0
|
|
0
|
|
20,239
|
|
20,239
|
(4)
|
**
|
|
|
Jimmy A. Dew
|
|
0
|
|
118,481
|
|
745,657
|
|
864,138
|
(5)
|
0.3
|
|
|
John M. Dixon
|
|
0
|
|
0
|
|
21,061
|
|
21,061
|
|
**
|
|
|
Spencer LeRoy III
|
|
148,900
|
|
0
|
|
100,686
|
|
249,586
|
(6)
|
0.1
|
|
|
Karl W. Mueller
|
|
177,700
|
|
18,323
|
|
15,948
|
|
211,971
|
|
0.1
|
|
|
R. Scott Rager
|
|
340,000
|
|
80,946
|
|
2,500
|
|
423,446
|
|
0.1
|
|
|
Glenn W. Reed
|
|
0
|
|
0
|
|
5,000
|
|
5,000
|
|
**
|
|
|
Craig R. Smiddy
|
|
25,025
|
|
1,018
|
|
6,720
|
|
32,763
|
|
**
|
|
|
Arnold L. Steiner
|
|
0
|
|
0
|
|
792,438
|
|
792,438
|
(7)
|
0.3
|
|
|
Fredricka Taubitz
|
|
0
|
|
0
|
|
19,000
|
|
19,000
|
|
**
|
|
|
Charles F. Titterton
|
|
0
|
|
0
|
|
22,674
|
|
22,674
|
(8)
|
**
|
|
|
Dennis Van Mieghem
|
|
0
|
|
0
|
|
17,800
|
|
17,800
|
(9)
|
**
|
|
|
Steven R. Walker
|
|
0
|
|
0
|
|
60,000
|
|
60,000
|
(10)
|
**
|
|
|
Rande K. Yeager
|
|
146,500
|
|
42,427
|
|
45,297
|
|
234,224
|
|
0.1
|
|
|
Aldo C. Zucaro
|
|
740,000
|
|
620,912
|
|
1,255,080
|
|
2,615,992
|
|
0.9
|
|
|
Directors and Executive Officers, as a group (18)
|
|
1,665,850
|
|
940,095
|
|
3,170,365
|
|
5,776,310
|
|
1.9
|
**
|
Less than one-tenth of one percent.
|
(3)
|
Includes only the shares that have been allocated to the employer matching and employee savings accounts of the director or executive officer as a participant in the ESSOP. Excludes those shares for which the director or executive officer may be deemed to have investment and voting power as a result of being a member of the Executive Committee. These numbers include shares of the Company’s Common Stock held by the BSP for Mr. Rager.
|
(4)
|
Includes 8,437 shares held in an IRA trust for Mr. Bischof’s benefit.
|
(5)
|
Includes 315,908 shares owned by Mr. Dew’s wife and 93,682 shares held in an IRA trust for Mr. Dew.
|
(6)
|
Includes 40,587 shares held in IRA or Roth IRA trusts for Mr. LeRoy’s benefit.
|
(7)
|
Includes 270,237 shares owned by Mr. Steiner directly, 451,000 shares held in trust for Mr. Steiner’s children, for whom he is a co-trustee, and 91,201 shares held by the Steiner Foundation for which Mr. Steiner disclaims beneficial ownership.
|
(8)
|
Includes 5,549 shares held in IRA and SEP-IRA trusts for Mr. Titterton’s benefit.
|
(9)
|
Includes 12,125 shares held in an IRA trust for Mr. Van Mieghem’s benefit.
|
(10)
|
Includes 26,000 shares held in IRA and SEP-IRA trusts for Mr. Walker’s benefit, and 22,500 shares held by his wife.
|
ITEM 1
|
||||
ELECTION OF DIRECTORS
|
Name
|
|
Age
|
|
Positions with Company, Business Experience and Qualifications
|
Nominees for Election: CLASS 1
(Term to expire in 2021)
|
||||
Harrington Bischof
|
|
83
|
|
Director since 1997. President of Pandora Capital Corporation since 1996. Formerly Senior Advisor with Prudential Securities, Inc. and prior to that, a senior investment banker with the firms of Merrill, Lynch & Co. and White, Weld & Co. His experience in business, investment banking, and international finance are of significant value to the Company’s corporate governance.
|
Spencer LeRoy III
|
|
72
|
|
Director since February 26, 2015. Until his retirement on July 1, 2014, he was Senior Vice President, Secretary and General Counsel of the Company since 1992. Prior to that, he was a partner with the law firm of Lord, Bissell and Brook, now known as Locke Lord LLP. His legal career involved all aspects of insurance, corporate governance and financial-related matters. Mr. LeRoy brings to Old Republic’s Board a long and significant legal experience and extensive knowledge of the Company and its risk factors.
|
Charles F. Titterton
|
|
76
|
|
Director since 2004. Formerly Director - Insurance Group with Standard & Poor’s Corp. (“S&P”) until 2003. He brings significant business experience and knowledge of the risk factors connected with the insurance industry by virtue of his long career as a lending officer with a major banking institution and with S&P.
|
Steven R. Walker
|
|
73
|
|
Director since 2006. Formerly Senior Counsel and Partner with Leland, Parachini, Steinberg, Matzger & Melnick, LLP, attorneys, San Francisco, California. He brings significant experience to Old Republic’s Board as both an attorney and a business manager during a long career focused on the title insurance industry.
|
Continuing Directors: CLASS 3
(Term expires in 2020)
|
||||
Arnold L. Steiner
|
|
80
|
|
Director since 1974. Retired for more than five years from Steiner Bank, Birmingham, Alabama of which he was President and a substantial owner. He brings long and significant experience in financial businesses and has extensive knowledge of the Company and its risk factors.
|
Fredricka Taubitz
|
|
74
|
|
Director since 2003. A CPA by training, she was until 2000 Executive Vice President and Chief Financial Officer of Zenith National Insurance Corp. Until 1985, she was a partner with the accounting firm of Coopers & Lybrand (now PricewaterhouseCoopers LLP). During her long professional career she has gained significant experience in, and knowledge of, the business and the risk factors associated with the insurance industry.
|
Aldo C. Zucaro
|
|
79
|
|
Director since 1976. Chairman of the Board and Chief Executive Officer of the Company and various subsidiaries since 1993. A CPA by training, he brings a significant background as a former insurance specialist partner with Coopers & Lybrand (now PricewaterhouseCoopers LLP), and long-term experience with the insurance industry in general, and the Company in particular, since 1970.
|
Continuing Directors: CLASS 2
(Term expires in 2019)
|
||||
Steven J. Bateman
|
|
59
|
|
Director since February 23, 2017. An audit partner with the accounting firm of PricewaterhouseCoopers, LLP until his recent retirement, he had a 37 year career as an auditor and business advisor for a large number of organizations engaged in all major insurance fields. During that period of time, he gained a wealth of knowledge and experience in the business and the risk factors associated with the insurance industry. His background and experience will harmonize extremely well with the Company’s business and the Board’s governance objectives.
|
Jimmy A. Dew
|
|
77
|
|
Director since 1980. Formerly Vice Chairman of Old Republic’s subsidiary, Republic Mortgage Insurance Company (“RMIC”), of which he was a co-founder in 1973. His knowledge of RMIC gained in an executive capacity since its founding and his long service on Old Republic’s Board make him fully conversant with the insurance industry and its risk factors.
|
John M. Dixon
|
|
78
|
|
Director since 2003. Formerly Chief Executive Partner with the law firm of Chapman and Cutler, Chicago, Illinois until his retirement in 2002. His qualifications include his extensive background as an attorney and his knowledge of corporate law and the risk factors of corporations like the Company.
|
Name
|
|
Age
|
|
Positions with Company, Business Experience and Qualifications
|
Continuing Directors: CLASS 2
(Term expires in 2019) (Continued)
|
||||
Glenn W. Reed
|
|
65
|
|
Director since August 17, 2017. Mr. Reed served as a Managing Director of The Vanguard Group, Inc., one of the world’s largest asset-management firms until his retirement from the firm in July 2017. While at Vanguard, Mr. Reed had overall responsibility for Vanguard’s corporate finance and mutual fund finance functions, most recently heading up the firm’s Strategy division. Prior to joining Vanguard in 2007, he served as general counsel for a multi-line health and life insurance company following a 21-year career in the partnership of the Chicago-based law firm of Gardner, Carton & Douglas (now Drinker Biddle). This long-term experience and deep knowledge gained in these fields of endeavor harmonize extremely well with the Company’s business needs and the Board’s governance objectives.
|
Dennis P. Van Mieghem
|
|
77
|
|
Director since 2004. A CPA by training, he was the Partner in charge of the National Insurance Tax Practice of the accounting firm of KPMG LLP until his 1998 retirement. With this background, he brings significant experience and knowledge of the insurance industry and its risk factors to Old Republic’s Board.
|
CORPORATE GOVERNANCE
|
1)
|
The shareholders and debt holders whose capital commitment enable and underpin the insurance risk taking;
|
2)
|
The employees whose intellectual capital, know how, and business relationships enable the economically efficient use of capital in the service of policyholders;
|
3)
|
The policyholders who rely on Old Republic’s insurance subsidiaries’ long-term promises of financial indemnity; and
|
4)
|
The community at large and its expectations for the Company’s adherence to the rules and regulations directed by state and federal regulatory authorities in the interest of managing the business in an ethical and legal manner.
|
•
|
Ascertain that strategies and policies are in place to encourage the growth of consolidated earnings and shareholders’ equity over the long term, while increasing the Company’s regular dividend payout;
|
•
|
Ascertain that the Company’s business is managed in a sound and conservative manner that takes into account the public interest vested in its insurance subsidiaries;
|
•
|
Provide advice and counsel to management on business opportunities and strategies;
|
•
|
Review and approve major corporate transactions;
|
•
|
Monitor the adequacy of the Company’s internal control and financial reporting systems and practices to safeguard assets and to comply with applicable laws and regulations;
|
•
|
Ascertain that appropriate policies and practices are in place for managing the identified risks faced by the enterprise;
|
•
|
Evaluate periodically the performance of the Chairman and CEO in the context of the Company’s Mission and performance metrics;
|
•
|
Review and approve senior management’s base and incentive compensation taking into account the business’ performance gauged by its return on equity and growth of operating earnings;
|
•
|
Periodically review senior management development and succession plans both at corporate and operating subsidiary levels;
|
•
|
Select and recommend for shareholder election candidates deemed qualified for Board service;
|
•
|
Select and retain an independent registered public accounting firm for the principal purpose of expressing its opinion on the annual financial statements and internal controls over financial reporting of the Company and its subsidiaries;
|
•
|
Act as the Board of Directors of the Company’s significant insurance company subsidiaries; and
|
•
|
Monitor, review and approve the operations and major policy decisions of the Company’s insurance subsidiaries.
|
•
|
Satisfy the requirements for director independence, as set out in the Company’s Corporate Governance Guidelines, in the Listed Company Standards of the NYSE, and in the regulations of the SEC;
|
•
|
Are, or have been, senior executives of businesses or professional organizations; and
|
•
|
Have significant business, financial, accounting and/or legal backgrounds that lend themselves to the unique nature of the Company’s operations in addressing market and customer needs.
|
BOARD AND COMMITTEE MEMBERSHIP
|
||||||
|
|
|
Committees
|
|||
Director
|
Independent Directors(a)
|
Other Directors(b)
|
Executive
|
Audit
|
Governance and Nominating
|
Compensation
|
Steven J. Bateman
|
x
|
|
|
x
(c)
|
|
x
|
Harrington Bischof
|
x
|
|
x
|
|
x
|
x
|
Jimmy A. Dew
|
x
|
|
|
|
|
x
|
John M. Dixon
|
x
|
|
x
|
|
x
|
x
(d)
|
Spencer LeRoy III
|
x
|
|
|
|
x
|
|
Glenn W. Reed (e)
|
x
|
|
|
|
x
|
x
|
Arnold L. Steiner
|
x
(f)
|
|
x
|
|
x
|
x
|
Fredricka Taubitz
|
x
|
|
|
x
(c)(d)
|
|
x
|
Charles F. Titterton
|
x
|
|
|
x
(c)
|
x
(d)
|
|
Dennis P. Van Mieghem
|
x
|
|
|
x
(c)(g)
|
|
x
(g)
|
Steven R. Walker
|
x
|
|
x
|
x
|
x
(g)
|
|
Aldo C. Zucaro
|
|
x
|
x
(d)
|
|
|
|
Number of scheduled and special meetings
|
4
|
4
|
4
|
4
|
4
|
5
|
Number of written consents and telephone meetings
|
2
|
1
|
4
|
3
|
1
|
1
|
(a)
|
Independent Director as that term is defined in SEC Rules and the Listed Company Standards of the NYSE.
|
(b)
|
The Other Director classification includes all directors who are members of management, or do not currently meet the standard indicated in (a) above.
|
(c)
|
Financial Experts as that term is defined in SEC Regulation S-K.
|
(d)
|
Chairman.
|
(e)
|
Mr. Glenn W. Reed was elected as a director on August 17, 2017 and only attended Board and Committee meetings after that date.
|
(f)
|
Lead Director.
|
(g)
|
Vice-Chairman
|
Audit Committee
|
|
Members: Steven J. Bateman
Fredricka Taubitz, Chairman
Charles F. Titterton
|
Dennis P. Van Mieghem, Vice-Chairman
Steven R. Walker
|
Compensation Committee
|
|
Members: Steven J. Bateman
Harrington Bischof
Jimmy A. Dew
John M. Dixon, Chairman
|
Glenn W. Reed
Arnold L. Steiner
Fredricka Taubitz
Dennis P. Van Mieghem, Vice Chairman
|
Executive Committee
|
|
Members: Harrington Bischof
John M. Dixon
Arnold L. Steiner
|
Steven R. Walker
Aldo C. Zucaro, Chairman
|
Governance and Nominating Committee
|
|
Members: Harrington Bischof
John M. Dixon
Spencer LeRoy III
|
Glenn W. Reed
Arnold L. Steiner
Charles F. Titterton, Chairman
Steven R. Walker, Vice Chairman
|
ITEM 2
|
||||
RATIFICATION OF THE SELECTION OF AN INDEPENDENT
|
||||
REGISTERED PUBLIC ACCOUNTING FIRM
|
Type of Fees
|
|
2017
|
|
2016
|
||
Audit Fees
|
|
$5,337,680
|
|
|
$5,408,600
|
|
Audit Related Fees
|
|
$27,100
|
|
|
88,725
|
|
Tax Fees
|
|
—
|
|
|
—
|
|
All Other Fees
|
|
—
|
|
|
—
|
|
Total
|
|
$5,364,780
|
|
|
$5,497,325
|
|
By Audit Committee:
|
|
Steven J. Bateman
Fredricka Taubitz, Chairman
Charles F. Titterton
|
Dennis P. Van Mieghem, Vice Chairman
Steven R. Walker
|
COMPENSATION MATTERS
|
By Compensation Committee:
|
|
Steven J. Bateman
Harrington Bischof
Jimmy A. Dew
John M. Dixon, Chairman
|
Glenn W. Reed
Arnold L. Steiner
Fredricka Taubitz
Dennis P. Van Mieghem, Vice-Chairman
|
2017 Directors’ Compensation
|
||||
Name
|
|
Fees Earned or Paid in Cash
|
||
Steven J. Bateman (1)
|
|
$
|
96,000
|
|
Harrington Bischof
|
|
156,000
|
|
|
Jimmy A. Dew4
|
|
132,000
|
|
|
John M. Dixon
|
|
168,000
|
|
|
James C. Hellauer (2)
|
|
144,000
|
|
|
Spencer LeRoy III (3)
|
|
124,000
|
|
|
Glenn W. Reed (4)
|
|
60,000
|
|
|
Arnold L. Steiner
|
|
168,000
|
|
|
Fredricka Taubitz
|
|
162,000
|
|
|
Charles F. Titterton
|
|
156,000
|
|
|
Dennis Van Mieghem
|
|
156,000
|
|
|
Steven R. Walker
|
|
162,000
|
|
(1)
|
Mr. Bateman’s compensation reflects the fact that he was elected a director in February 2017 and only served on the Audit and Compensation Committees for part of the year.
|
(2)
|
Mr. Hellauer, formerly a Class 1 director, retired as a member of the Board of Directors effective December 31, 2017.
|
(3)
|
Mr. LeRoy’s compensation reflects the fact that he was determined to be an “Independent Director” in August of 2017 and only served on the Governance and Nominating Committee for part of the year.
|
(4)
|
Mr. Reed’s compensation reflects the fact that he was elected a director in August 2017 and only served on the Compensation and Governance and Nominating Committees for part of the year.
|
COMPENSATION DISCUSSION AND ANALYSIS
|
•
|
Vision and planning in managing the Company for the long run;
|
•
|
Strategies established and implemented to accomplish this important objective;
|
•
|
Leadership qualities;
|
•
|
Judgment in making decisions regarding plans and general management of the Company’s affairs;
|
•
|
Commitment to achieving goals, especially when faced with adversity;
|
•
|
Ability in setting objectives and promoting the best interests of the Company’s shareholders, the beneficiaries of its subsidiaries’ insurance policies, and those of other stakeholders; and
|
•
|
Adherence to high ethical standards that promote and protect the Company’s good name, culture and reputation.
|
•
|
Annual Salary;
|
•
|
Awards issued under the Company’s Key Employee Performance Recognition Plan (“KEPRP”), which are usually comprised of both cash and deferred amounts. These awards are principally based on participants’ annual salaries, and five-year running averages of growth in premium and fees, underwriting/service income, operating earnings (excluding realized investment gains or losses) achieved by the Company and its subsidiaries over multi-year periods, and return on equity in excess of a minimum target return based on U.S. Treasury Securities’ yields (in all cases excluding the impact of the RFIG run-off on consolidated results). In certain cases, special awards based upon individuals’ performances or extraordinary contributions in any one year or longer period of time are also made;
|
•
|
Awards issued under the Incentive Compensation Plan (traditionally stock options, but may also include cash and other equity awards) in conjunction with awards under the KEPRP; and
|
•
|
Other employment benefits such as life and health insurance programs, the ESSOP and the BSP.
|
|
Segmented Operating Results ($ in Millions)
|
|||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||
Pretax operating income (loss) (a):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General insurance
|
$
|
340.3
|
|
$
|
319.9
|
|
$
|
336.4
|
|
$
|
221.3
|
|
$
|
288.3
|
Title insurance
|
|
237.1
|
|
|
210.2
|
|
|
166.8
|
|
|
99.5
|
|
|
124.3
|
Corporate and other (b)
|
|
9.9
|
|
|
13.0
|
|
|
7.6
|
|
|
5.7
|
|
|
2.1
|
Subtotal
|
|
587.3
|
|
|
543.3
|
|
|
511.0
|
|
|
326.7
|
|
|
414.7
|
RFIG run-off business
|
|
(73.5)
|
|
|
69.8
|
|
|
29.4
|
|
|
10.3
|
|
|
110.0
|
Total
|
|
513.8
|
|
|
613.1
|
|
|
540.4
|
|
|
337.1
|
|
|
524.8
|
Income taxes (credits) on operating income (loss)(c)
|
|
195.7
|
|
|
193.5
|
|
|
177.7
|
|
|
104.3
|
|
|
173.2
|
Net operating income (loss) (a)
|
$
|
318.0
|
|
$
|
419.6
|
|
$
|
362.7
|
|
$
|
232.7
|
|
$
|
351.6
|
(b)
|
Represents amounts for Old Republic’s holding company parent, minor corporate services subsidiaries, and a small life and accident insurance operation.
|
(c)
|
2017 Includes $41.8 of deferred income tax expense to adjust to the new 21% tax rate of 2018 pertaining to operations as of December 31, 2017.
|
SUMMARY COMPENSATION TABLE
|
||||||||||
(a)
Name and Principal Positions
|
(b)
Year
|
(c)
Salary
|
(d)
Bonus (1)
|
(e)
Value of Stock Option Awards (2)
|
(f)
Change in Pension Value and Nonqualified Deferred Compensation Earnings (3)(4)
|
(g)
All Other (5) Compensation
|
(h)
Total ($)
|
|||
Aldo C. Zucaro
|
2017
|
$911,666
|
$740,899
|
|
$327,000
|
|
$645,543(3)
|
|
$19,527
(7)
|
$2,644,635
|
ORI Chairman and
|
2016
|
895,000
|
636,809
|
|
350,000
|
|
306,047(3)
|
|
18,017
(7)
|
2,205,873
|
Chief Executive Officer
|
2015
|
870,000
|
582,978
|
|
268,000
|
|
416,266(3)
|
|
18,526
(7)
|
2,155,770
|
|
2014
|
855,000
|
31,109
|
|
306,000
|
|
368,087
|
|
17,110
(7)
|
1,577,306
|
|
2013
|
828,333
|
283,340
|
|
119,700
|
|
69,315
|
|
13,677
(7)
|
1,314,365
|
|
|
|
|
|
|
|
|
|||
Karl W. Mueller
|
2017
|
471,666
|
239,969
|
|
129,165
|
|
47,946
|
|
18,694
(7)
|
907,440
|
ORI Senior Vice President
|
2016
|
465,000
|
209,901
|
|
131,250
|
|
288
|
|
17,657
(7)
|
824,096
|
and Chief Financial Officer
|
2015
|
455,000
|
191,344
|
|
73,700
|
|
-- (3)
|
|
16,610
(7)
|
736,654
|
|
2014
|
445,000
|
140,701
|
|
107,100
|
|
63,151
|
|
13,034
(7)
|
768,986
|
|
2013
|
431,667
|
171,469
|
|
55,575
|
|
25,395
|
|
8,568
(7)
|
692,674
|
|
|
|
|
|
|
|
|
|||
R. Scott Rager
|
2017
|
518,333
|
690,673
|
|
179,850
|
|
—
|
|
33,506
(7)
|
1,422,362
|
ORI President and
|
2016
|
510,000
|
602,869
|
|
175,000
|
|
—
|
|
32,469
(7)
|
1,320,338
|
Chief Operating Officer
|
2015
|
500,000
|
544,828
|
|
80,400
|
|
—
|
|
31,145
(7)
|
1,156,373
|
|
2014
|
490,000
|
303,977
|
|
113,220
|
|
—
|
|
30,571
(7)
|
937,768
|
|
2013
|
476,667
|
388,708
|
|
55,575
|
|
—
|
|
24,763
(7)
|
945,713
|
|
|
|
(8)
|
|
|
|
|
|
||
Craig R. Smiddy (6)
|
2017
|
494,999
|
562,367
|
|
98,100
|
|
—
|
|
14,888
(7)
|
1,170,354
|
President and Chief
|
2016
|
485,000
|
473,349
|
|
87,500
|
|
—
|
|
14,277
(7)
|
1,060,126
|
Operating Officer −
|
2015
|
475,000
|
428,780
|
|
33,500
|
|
—
|
|
13,518
(7)
|
950,798
|
General Insurance Group
|
2014
|
460,000
|
375,000
|
|
44,370
|
|
—
|
|
13,112
(7)
|
892,482
|
|
2013
|
184,327
|
—
|
|
—
|
|
—
|
|
239,733(7)
|
424,060
|
|
|
|
|
|
|
|
|
|||
Rande K. Yeager
|
2017
|
519,134
|
2,093,977(8)
|
|
171,675
|
|
41,806
|
|
21,741
(7)
|
2,848,333
|
Chairman and Chief
|
2016
|
510,000
|
686,357
|
|
140,000
|
|
26,674
|
|
20,704
(7)
|
1,383,735
|
Executive Officer −
|
2015
|
495,000
|
606,369
|
|
80,400
|
|
-- (3)
|
|
19,965
(7)
|
1,201,734
|
Title Insurance Group
|
2014
|
485,000
|
387,952
|
|
114,750
|
|
93,014
|
|
21,085
(7)
|
1,101,801
|
|
2013
|
471,250
|
400,656
|
|
51,300
|
|
53,308
|
|
16,683
(7)
|
993,197
|
(2)
|
The value of options is calculated pursuant to the Black-Scholes model. The option values represent the estimated present value as of the date the options were granted. Accordingly, the option awards included under this column were granted in the years shown and reflect, among other factors previously noted, an evaluation of earnings trends and returns on equity for prior years.
|
a)
|
Options are issued with an exercise price equal to 100% of the per share value at the close of trading (the “Fair Market Value”) of Common Stock on the business day immediately preceding the date of grant. The “Grant Date” shall be the date the Compensation Committee grants an option and the date from which the option term shall be measured.
|
b)
|
The term of each option is 10 years (unless such terms are otherwise shortened or forfeited due to termination of employment) and it is assumed that these executives will hold these options for an average of 8 years.
|
c)
|
Specific interest rates are used for valuing the awards. Such rates are predicated on the interest rate on U.S. Treasury securities on the date of grant with a maturity date corresponding to that of the expected option life.
|
d)
|
A stock price volatility factor is utilized in valuing the option awards. This factor is calculated using daily stock prices for the period prior to the Grant Date corresponding with the expected option life.
|
e)
|
Expected annual dividend yields ranging between 4.0% and6.09% are used in the calculation of the awards.
|
(3)
|
Represents the aggregate change in the actuarial present value of the accumulated benefits under the Company’s defined benefit pension plan. Plan benefits were frozen as of December 31, 2013. The year over year change in the present value of accumulated benefits resulted in negative amounts in 2015 for Messrs. Mueller and Yeager, of $11,927 and $90,632, respectively, because of changes in the underlying actuarial assumptions. SEC rules require that these negative changes be treated as zeros. For Mr. Zucaro, there was a negative impact of $16,376 for Old Republic’s defined benefit pension plan and a positive impact of $432,642 for the Old Republic International Corporation Executives Excess Benefit Plan for a combined net positive impact of $416,266 for 2015. For 2016, the year over year change in the present value of accumulated benefits for Mr. Zucaro, had a negative impact of $55,211 for Old Republic’s defined benefit pension plan and a positive impact of $361,258 for the Old Republic International Corporation Executives Excess Benefit Plan for a combined net positive impact of $306,047. For 2017, the year over year change in the present value of accumulated benefits for Mr. Zucaro had a negative impact of $205,520 for Old Republic’s defined benefit pension plan and a positive impact of $851,063 for the Old Republic International Corporation Executives Excess Benefit Plan for a combined net positive impact of $645,543.
|
(4)
|
The Company does not have any non-qualified deferred compensation plans that credit above market or preferential earnings to participants.
|
(5)
|
Includes all minor amounts covering the Company’s matching contribution to the executive officers’ ESSOP accounts; the Company’s contribution to the executive officer’s Baseline Security Plan (“BSP”) accounts; the value of the Company’s group term life insurance plan treated as income; the value of the personal use of any vehicle supplied for Company business; and the personal value of meals and club dues incurred for Company business.
|
(6)
|
Mr. Smiddy
joined the Company on August 13, 2013 and became
President and Chief Operating Officer-General Insurance on October 1, 2015.
|
(7)
|
Includes $100,128 as the value of 6,720 shares of restricted Old Republic stock, which vested over three years, awarded to Mr. Smiddy when he joined the Company and $139,605 paid in connection with his relocation to the Company’s executive offices in Chicago.
|
(8)
|
Mr. Yeager’s bonus for 2017 consists of an award of $649,219 (inclusive of accrued interest on prior years’ deferred balance) under the KEPRP of the Title insurance segment, and an additional award of $1,444,758 (consisting of a cash award of $1,066,721 and an equity award with a value of $378,037) resulting from satisfaction in 2017 of pre-set, five-year underwriting/service income performance objectives of the Title insurance segment under the Incentive Compensation Plan.
|
|
The total annual compensation of the Company’s CEO - Aldo C. Zucaro:
|
$2,644,635
|
|
The total annual compensation of the Median Employee:
|
$71,948
|
|
Ratio of the CEO’s compensation to the Median Employee:
|
36.8 to 1
|
|
•
|
Are reasonably competitive in the context of prevailing salary scales in the insurance industry, and
|
•
|
Provide a fixed, reasonable source of annual income in context of individual work responsibilities.
|
•
|
Business size and complexity of operations with which the person is associated;
|
•
|
The person’s level of responsibility and experience;
|
•
|
The success of the business unit with which the person is principally engaged; and
|
•
|
The evaluation of the manager’s contribution to the business unit’s success.
|
Nonqualified Deferred Compensation
|
||||||
Name
|
|
Company’s
Contributions in 2017
|
|
Aggregate Interest
Earnings 2017
|
|
Aggregate Deferred Balance as of December 31, 2017
|
Aldo C. Zucaro
|
|
$325,000
|
|
$40,899
|
|
$7,774,323
|
Karl W. Mueller
|
|
87,500
|
|
14,969
|
|
862,138
|
R. Scott Rager
|
|
292,500
|
|
55,673
|
|
3,848,699
|
Craig R. Smiddy
|
|
250,000
|
|
12,367
|
|
1,038,246
|
Rande K. Yeager
|
|
287,500
|
|
24,219
|
|
1,410,553
|
•
|
An alignment of stockholder and employee interests;
|
•
|
Employee efforts to grow shareholder value; and
|
•
|
A long-term commitment to the Company by employee-shareowners.
|
•
|
The achievements of the individual;
|
•
|
The overall performance of the Company:
|
•
|
The performance of the subsidiary or division to which the individual is attached; and
|
•
|
The past and anticipated contributions of the individual to the Company’s success.
|
Stock Option Grants
|
||||||||
Name
|
|
Grant Date
|
|
All Other Option Awards: Number of Securities Underlying Options
|
|
Exercise or Base Price of Option Awards
|
|
Grant Date Fair Value of Option Award
|
|
|
|
|
|
|
|
|
|
Aldo C. Zucaro
|
|
3/22/17
|
|
100,000
|
|
$19.98
|
|
$327,000
|
Karl W. Mueller
|
|
3/22/17
|
|
39,500
|
|
19.98
|
|
129,165
|
R. Scott Rager
|
|
3/22/17
|
|
55,000
|
|
19.98
|
|
179,850
|
Craig R. Smiddy
|
|
3/22/17
|
|
30,000
|
|
19.98
|
|
98,100
|
Rande K. Yeager
|
|
3/22/17
|
|
52,500
|
|
19.98
|
|
171,675
|
Exercises of Stock Options During 2017
|
||||||
|
|
Option Awards
|
||||
Name
|
|
Number of Shares Acquired on Exercise
|
|
Value Realized on Exercise
|
||
|
|
|
|
|
||
Aldo C. Zucaro
|
|
—
|
|
|
—
|
|
Karl W. Mueller (1)
|
|
25,000
|
|
|
$198,785
|
|
R. Scott Rager (2)
|
|
47,500
|
|
|
$401,375
|
|
Craig R. Smiddy
|
|
—
|
|
|
—
|
|
Rande K. Yeager (3)
|
|
116,300
|
|
|
$781,423
|
|
(1)
|
During 2017, Mr. Mueller exercised an option granted to him in 2008, as such, the value realized that is shown above had accrued over the years since that option was granted.
|
(2)
|
During 2017, Mr. Rager exercised options granted to him in 2008 and 2009, as such, the value realized that is shown above had accrued over the years since those option were granted.
|
(3)
|
During 2017, Mr. Yeager exercised options granted to him between 2011 and 2015, as such, the value realized that is shown above had accrued over the years since those option were granted.
|
Equity Compensation Plan Status as of Year End 2017
|
||||||
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
|
|
Weighted-average exercise price of outstanding options, warrants and rights
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
|
|
|
(a)
|
|
(b)
|
|
(c)
|
Equity compensation plans approved by security holders
|
|
6,565,019
|
|
$15.76
|
|
12,371,345
|
Equity compensation plans not approved by security holders
|
|
—
|
|
—
|
|
—
|
Total
|
|
6,565,019*
|
|
$15.76
|
|
12,371,345
|
Outstanding Equity Awards at Year End 2017
|
|||||||||
|
|
Number of Securities
|
|
|
|||||
Name
|
|
Underlying Unexercised Options Exercisable
|
|
Underlying Unexercised Options Unexercisable
|
|
Option
Exercise
Price
|
|
Option
Expiration
Date
|
|
|
|
|
|
|
|
|
|
|
|
Aldo C. Zucaro
|
|
100,000
|
|
—
|
|
|
$ 12.33
|
|
03/23/21
|
|
|
70,000
|
|
—
|
|
|
10.80
|
|
03/21/22
|
|
|
70,000
|
|
—
|
|
|
12.57
|
|
03/20/23
|
|
|
100,000
|
|
—
|
|
|
16.06
|
|
03/19/24
|
|
|
100,000
|
|
—
|
|
|
15.26
|
|
03/19/25
|
|
|
100,000
|
|
—
|
|
|
18.14
|
|
03/23/26
|
|
|
100,000
|
|
—
|
|
|
19.98
|
|
03/22/27
|
|
|
|
|
|
|
|
|
|
|
Karl W. Mueller
|
|
15,000
|
|
—
|
|
|
10.48
|
|
03/25/19
|
|
|
17,500
|
|
—
|
|
|
12.08
|
|
03/25/20
|
|
|
30,000
|
|
—
|
|
|
12.33
|
|
03/23/21
|
|
|
32,500
|
|
—
|
|
|
10.80
|
|
03/21/22
|
|
|
32,500
|
|
—
|
|
|
12.57
|
|
03/20/23
|
|
|
24,500
|
|
10,500
|
|
|
16.06
|
|
03/19/24
|
|
|
12,375
|
|
15,125
|
|
|
15.26
|
|
03/19/25
|
|
|
9,375
|
|
28,125
|
|
|
18.14
|
|
03/23/26
|
|
|
3,950
|
|
35,550
|
|
|
19.98
|
|
03/22/27
|
|
|
|
|
|
|
|
|
|
|
R. Scott Rager
|
|
13,000
|
|
—
|
|
|
12.08
|
|
03/25/20
|
|
|
30,000
|
|
—
|
|
|
12.33
|
|
03/23/21
|
|
|
32,500
|
|
—
|
|
|
10.80
|
|
03/21/22
|
|
|
32,500
|
|
—
|
|
|
12.57
|
|
03/20/23
|
|
|
37,000
|
|
—
|
|
|
16.06
|
|
03/19/24
|
|
|
30,000
|
|
—
|
|
|
15.26
|
|
03/19/25
|
|
|
50,000
|
|
—
|
|
|
18.14
|
|
03/23/26
|
|
|
55,000
|
|
—
|
|
|
19.98
|
|
03/22/27
|
|
|
|
|
|
|
|
|
|
|
Craig R. Smiddy
|
|
10,150
|
|
4,350
|
|
|
16.06
|
|
03/19/24
|
|
|
5,625
|
|
6,875
|
|
|
15.26
|
|
03/19/25
|
|
|
6,250
|
|
18,750
|
|
|
18.14
|
|
03/23/26
|
|
|
3,000
|
|
27,000
|
|
|
19.98
|
|
03/22/27
|
|
|
|
|
|
|
|
|
|
|
Rande K. Yeager
|
|
9,000
|
|
—
|
|
|
12.57
|
|
03/20/23
|
|
|
40,000
|
|
—
|
|
|
18.14
|
|
03/23/26
|
|
|
52,500
|
|
—
|
|
|
19.98
|
|
3/22/2027
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
|
|
|
|
Weighted - Average
|
|
|
|
|
||||||||
Ranges of
Exercise Prices
|
|
Year(s) of Grant
|
|
Number Outstanding
|
|
Remaining Contractual Life
|
|
Exercise Price
|
|
Number Exercisable
|
|
Weighted Average Exercise Price
|
||||
$7.73
|
to
|
$12.95
|
|
2008
|
|
122,150
|
|
0.25
|
|
$ 12.82
|
|
122,150
|
|
$
|
12.82
|
|
$10.48
|
|
|
|
2009
|
|
162,980
|
|
1.25
|
|
10.48
|
|
162,980
|
|
10.48
|
|
|
$12.08
|
|
|
|
2010
|
|
242,030
|
|
2.25
|
|
12.08
|
|
242,030
|
|
12.08
|
|
|
$12.33
|
|
|
|
2011
|
|
527,346
|
|
3.25
|
|
12.33
|
|
527,346
|
|
12.33
|
|
|
$10.80
|
|
|
|
2012
|
|
488,558
|
|
4.25
|
|
10.80
|
|
488,558
|
|
10.80
|
|
|
$12.57
|
|
|
|
2013
|
|
666,063
|
|
5.25
|
|
12.57
|
|
666,063
|
|
12.57
|
|
|
$16.06
|
|
|
|
2014
|
|
904,726
|
|
6.25
|
|
16.06
|
|
675,749
|
|
16.06
|
|
|
$15.26
|
|
|
|
2015
|
|
882,139
|
|
7.25
|
|
15.26
|
|
466,171
|
|
15.26
|
|
|
$18.14
|
|
|
|
2016
|
|
1,189,027
|
|
8.25
|
|
18.14
|
|
480,378
|
|
18.14
|
|
|
$19.98
|
|
|
|
2017
|
|
1,380,000
|
|
9.25
|
|
19.98
|
|
396,834
|
|
19.98
|
|
|
Total
|
|
|
|
|
|
6,565,019
|
|
|
|
$15.76
|
|
4,228,259
|
|
$14.42
|
|
CEO of the Company
|
6 times
|
President of the Company
|
4 times
|
Certain other senior officers of the Company and its subsidiaries
|
1.5 times
|
Pension Benefits
|
||||||
Name
|
Plan Name
|
Number of Years Credited Service
|
Present Value of Accumulated
Benefit
(1)
|
Payments
During Last Fiscal Year
|
||
Aldo C. Zucaro
|
Company Plan
|
36.4
|
|
$1,867,722
|
|
$247,168
|
|
Excess Benefit Plan
|
36.4
|
|
6,876,349
|
|
—
|
Karl W. Mueller
|
Company Plan
|
8.3
|
|
369,070
|
|
—
|
R. Scott Rager
|
None
|
—
|
|
—
|
|
—
|
Craig R. Smiddy
|
None
|
—
|
|
—
|
|
—
|
Rande K. Yeager
|
Company Plan
|
26.6
|
|
1,361,552
|
|
—
|
ITEM 3
|
||||
VOTE ON EXECUTIVE COMPENSATION
|
ITEM 4
|
||||
SHAREHOLDER PROPOSAL by PAX World Management LLC
|
•
|
Formalize climate change oversight by creating a new board committee or assigning responsibility to an existing committee;
|
•
|
Recruit candidates with expertise in climate change onto the board, and include this in the board qualifications matrix;
|
•
|
Provide for informed oversight by the entire board through training and stakeholder engagement opportunities when appropriate;
|
•
|
Integrate consideration of climate change into board deliberations on corporate strategy and risk assessment;
|
•
|
Integrate climate change consideration into board deliberations on executive compensation;
|
•
|
Regularly evaluate and report on the role of the board in overseeing climate change related risk and opportunities.
|
OLD REPUBLIC’S STATEMENT IN OPPOSITION TO
|
||||
THE PAX SHAREHOLDER PROPOSAL
|
ITEM 5
|
||||
SHAREHOLDER PROPOSAL by the
|
||||
CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM (“CalPERS”)
|
a)
|
have beneficially owned 3% or more of Company’s outstanding common stock continuously for at least three years before submitting the nomination;
|
b)
|
give Company, within the time period identified in its bylaws, written notice of the information required by the bylaws and any Securities and Exchange Commission rules about (i) the nominee, including consent to being named in the proxy materials and to serving as director if elected; and (ii) Nominator, including proof it owns the required shares (the “Disclosure”); and
|
c)
|
certify that (i) it will assume liability stemming from any legal or regulatory violation arising out of Nominator’s communications with Company shareholders, including the Disclosure and the Statement; (ii) it will comply with all applicable laws and regulations if it uses soliciting material other than Company’s proxy materials; and (iii) to the best of its knowledge, the required shares were acquired in the ordinary course of business and not to change or influence control at Company.
|
•
|
Would “benefit both the markets and corporate boardrooms, with little cost or disruption.”
|
•
|
Has the potential to raise overall US market capitalization by up to $140.3 billion if adopted market-wide.
1
|
|
|
|
|
|
OLD REPUBLIC’S STATEMENT IN OPPOSITION TO
|
||||
THE CalPERS SHAREHOLDER PROPOSAL
|
•
|
Shareholders the ability to call special meetings and take action by written consent outside the context of an annual meeting of shareholders.
|
•
|
That in the event that any director receives a significant withhold vote in an election, the Governance and Nominating Committee have stated that they would investigate the reason or reasons for such a withhold vote and following its investigation, the Committee would make such recommendations to the full Board as are appropriate in light of the facts and circumstances that they discover.
|
•
|
Shareholders have the ability to recommend director candidates to Old Republic’s Governance and Nominating Committee. Such nominees would be evaluated and considered using the same criteria as are used for all candidates and would be reviewed with the same consideration made for the Company’s needs as all other candidates.
|
•
|
A strong independent leadership structure, including a Lead Independent Director who is appointed from among the independent directors.
|
|
Old Republic International Corporation (a)
|
|
S&P 500 (b)
|
|
Relative Results
|
||||||||
Year
|
Ending
Book Value
|
|
Cash Dividends Paid (c)
|
|
Percentage Change in Book Value
|
|
Dividend Yield
|
|
Total Book Return (d)
|
|
Total Annual Return
|
|
ORI vs. S&P 500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1968
|
$ 0.28
|
|
$ 0.007
(c)
|
|
15.2%
|
|
2.8%
|
|
18.0%
|
|
11.0%
|
|
7.0%
|
1969
|
0.31
|
|
0.011
(c)
|
|
9.4%
|
|
3.8%
|
|
13.2%
|
|
-8.4%
|
|
21.6%
|
1970
|
0.36
|
|
0.012
(c)
|
|
15.5%
|
|
4.0%
|
|
19.5%
|
|
4.0%
|
|
15.5%
|
1971
|
0.47
|
|
0.014
(c)
|
|
31.3%
|
|
3.9%
|
|
35.2%
|
|
14.3%
|
|
20.9%
|
1972
|
0.48
|
|
0.016
(c)
|
|
2.3%
|
|
3.4%
|
|
5.7%
|
|
19.0%
|
|
-13.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1973
|
0.47
|
|
0.019
(c)
|
|
-2.2%
|
|
3.9%
|
|
1.7%
|
|
-14.7%
|
|
16.4%
|
1974
|
0.38
|
|
0.020
(c)
|
|
-19.3%
|
|
4.2%
|
|
-15.1%
|
|
-26.5%
|
|
11.4%
|
1975
|
0.29
|
|
0.020
(c)
|
|
-23.9%
|
|
5.3%
|
|
-18.6%
|
|
37.2%
|
|
-55.8%
|
1976
|
0.56
|
|
0.011
(c)
|
|
94.4%
|
|
3.9%
|
|
98.3%
|
|
23.8%
|
|
74.5%
|
1977
|
0.79
|
|
0.022
(c)
|
|
41.9%
|
|
3.9%
|
|
45.8%
|
|
-7.2%
|
|
53.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1978
|
0.98
|
|
0.033
(c)
|
|
22.8%
|
|
4.2%
|
|
27.0%
|
|
6.6%
|
|
20.4%
|
1979
|
1.08
|
|
0.052
(c)
|
|
10.9%
|
|
5.3%
|
|
16.2%
|
|
18.4%
|
|
-2.2%
|
1980
|
1.22
|
|
0.054
(c)
|
|
12.8%
|
|
5.0%
|
|
17.8%
|
|
32.5%
|
|
-14.7%
|
1981
|
1.39
|
|
0.054
(c)
|
|
14.0%
|
|
4.4%
|
|
18.4%
|
|
-4.9%
|
|
23.3%
|
1982
|
1.65
|
|
0.056
(c)
|
|
18.4%
|
|
4.0%
|
|
22.4%
|
|
21.6%
|
|
0.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1983
|
1.89
|
|
0.058
(c)
|
|
14.6%
|
|
3.6%
|
|
18.2%
|
|
22.6%
|
|
-4.4%
|
1984
|
2.21
|
|
0.059
(c)
|
|
16.9%
|
|
3.3%
|
|
20.2%
|
|
6.3%
|
|
13.9%
|
1985
|
2.30
|
|
0.062
(c)
|
|
4.3%
|
|
2.9%
|
|
7.2%
|
|
31.7%
|
|
-24.5%
|
1986
|
2.53
|
|
0.065
(c)
|
|
9.7%
|
|
2.7%
|
|
12.6%
|
|
18.7%
|
|
-6.1%
|
1987
|
2.95
|
|
0.068
(c)
|
|
16.7%
|
|
2.7%
|
|
19.4%
|
|
5.3%
|
|
14.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1988
|
3.15
|
|
0.071
(c)
|
|
6.9%
|
|
2.3%
|
|
9.2%
|
|
16.6%
|
|
-7.4%
|
1989
|
3.54
|
|
0.076
(c)
|
|
12.4%
|
|
2.4%
|
|
14.8%
|
|
31.7%
|
|
-16.9%
|
1990
|
3.92
|
|
0.081
(c)
|
|
10.7%
|
|
2.2%
|
|
13.1%
|
|
-3.1%
|
|
16.2%
|
1991
|
4.46
|
|
0.086
(c)
|
|
13.7%
|
|
2.2%
|
|
15.9%
|
|
30.5%
|
|
-14.6%
|
1992
|
5.07
|
|
0.093
(c)
|
|
13.8%
|
|
2.1%
|
|
15.9%
|
|
7.6%
|
|
8.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1993
|
5.75
|
|
0.102
(c)
|
|
13.4%
|
|
1.9%
|
|
15.3%
|
|
10.1%
|
|
5.2%
|
1994
|
6.11
|
|
0.111
(c)
|
|
6.3%
|
|
2.0%
|
|
8.3%
|
|
1.3%
|
|
7.0%
|
1995
|
7.24
|
|
0.121
(c)
|
|
18.5%
|
|
2.0%
|
|
20.5%
|
|
37.6%
|
|
-17.1%
|
1996
|
7.77
|
|
0.148
(c)
|
|
7.3%
|
|
2.0%
|
|
9.3%
|
|
23.0%
|
|
-13.7%
|
1997
|
8.31
|
|
0.178
(c)
|
|
7.0%
|
|
2.3%
|
|
9.3%
|
|
33.4%
|
|
-24.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1998
|
9.21
|
|
0.206
(c)
|
|
10.8%
|
|
2.5%
|
|
13.3%
|
|
28.6%
|
|
-15.3%
|
1999
|
9.59
|
|
0.261
(c)
|
|
4.2%
|
|
2.8%
|
|
7.0%
|
|
21.0%
|
|
-14.0%
|
2000
|
11.00
|
|
0.293
(c)
|
|
14.6%
|
|
3.1%
|
|
17.7%
|
|
-9.1%
|
|
26.8%
|
2001
|
12.48
|
|
0.315
(c)
|
|
13.5%
|
|
2.9%
|
|
16.4%
|
|
-11.9%
|
|
28.3%
|
2002
|
13.96
|
|
0.336
(c)
|
|
11.8%
|
|
2.7%
|
|
14.5%
|
|
-22.1%
|
|
36.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003
|
15.65
|
|
0.890 (c)
|
|
12.1%
|
|
6.4% (c)
|
|
18.6%
|
|
28.7%
|
|
-10.1%
|
2004
|
16.94
|
|
0.402
(c)
|
|
8.2%
|
|
2.6%
|
|
10.8%
|
|
10.9%
|
|
-0.1%
|
2005
|
17.53
|
|
1.312 (c)
|
|
3.5%
|
|
7.7% (c)
|
|
11.2%
|
|
4.9%
|
|
6.3%
|
2006
|
18.91
|
|
0.590
(c)
|
|
7.9%
|
|
3.4%
|
|
11.3%
|
|
15.8%
|
|
-4.5%
|
2007
|
19.71
|
|
0.630
(c)
|
|
4.2%
|
|
3.3%
|
|
7.5%
|
|
5.5%
|
|
2.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
15.91
|
|
0.670
(c)
|
|
-19.3%
|
|
3.4%
|
|
-15.9%
|
|
-37.0%
|
|
21.1%
|
2009
|
16.49
|
|
0.680
(c)
|
|
3.6%
|
|
4.3%
|
|
7.9%
|
|
26.5%
|
|
-18.6%
|
2010
|
16.16
|
|
0.690
(c)
|
|
-2.0%
|
|
4.2%
|
|
2.2%
|
|
15.1%
|
|
-12.9%
|
2011
|
14.76
|
|
0.700
(c)
|
|
-8.7%
|
|
4.3%
|
|
-4.4%
|
|
2.1%
|
|
-6.5%
|
2012
|
14.03
|
|
0.710
(c)
|
|
-4.9%
|
|
4.8%
|
|
-0.1%
|
|
16.0%
|
|
-16.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
14.64
|
|
0.720
(c)
|
|
4.3%
|
|
5.1%
|
|
9.4%
|
|
32.4%
|
|
-23.0%
|
2014
|
15.15
|
|
0.730
(c)
|
|
3.5%
|
|
5.0%
|
|
8.5%
|
|
13.7%
|
|
-5.2%
|
2015
|
14.98
|
|
0.740
(c)
|
|
-0.9%
|
|
4.9%
|
|
4.0%
|
|
1.4%
|
|
2.6%
|
2016
|
17.16
|
|
0.750
(c)
|
|
14.5%
|
|
5.0%
|
|
19.5%
|
|
11.9%
|
|
7.6%
|
2017
|
$ 17.72
|
|
$ 1.760 (c)
|
|
3.3%
|
|
10.3% (c)
|
|
13.6%
|
|
21.8%
|
|
-8.2%
|
Annual Average - 1968 to 2017 (50 years)
|
10.0%
|
|
3.7%
|
|
13.7%
|
|
11.5%
|
|
2.2%
|
||||
|
|
|
|
|
|
|
|
|
|
(a)
|
Old Republic’s per share statistics have been retroactively restated for stock dividends and splits. The data applicable to the Company are reported on a post-tax basis relative to book value, and on a pretax basis with respect to the dividend yield.
|
(b)
|
Data for the Standard & Poor’s 500 Index (“S&P 500“) are calculated on a pretax basis.
|
(c)
|
In December, 2003 and 2005, special year-end cash dividends of $.534 and $.800 per common share were declared and paid. In December 2017, a special year-end cash dividend of $1.000 per common share was declared and paid in January 2018.
|
(d)
|
Total book return represents the sum of each year’s dividend yield as a percentage of beginning book value per share, plus the percentage change in each year’s book value per share.
|
|
Old Republic International Corporation (a)
|
|
S&P 500 (b)
|
|
Relative Results
|
||||||||
Year
|
Ending Market Value
|
|
Cash Dividends Paid (c)
|
|
Percentage Change in Market Value
|
|
Dividend Yield
|
|
Total Market Return (d)
|
|
Total Annual Return
|
|
ORI vs. S&P 500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1968
|
$ 0.47
|
|
$ 0.007
(c)
|
|
39.7%
|
|
2.1%
(c)
|
|
41.8%
|
|
11.0%
|
|
30.8%
|
1969
|
0.34
|
|
0.011
(c)
|
|
-28.4%
|
|
2.3%
(c)
|
|
-26.1%
|
|
-8.4%
|
|
-17.7%
|
1970
|
0.53
|
|
0.012
(c)
|
|
57.1%
|
|
3.7%
(c)
|
|
60.8%
|
|
4.0%
|
|
56.8%
|
1971
|
0.84
|
|
0.014
(c)
|
|
59.6%
|
|
2.6%
(c)
|
|
62.2%
|
|
14.3%
|
|
47.9%
|
1972
|
1.24
|
|
0.016
(c)
|
|
47.5%
|
|
1.9%
(c)
|
|
49.4%
|
|
19.0%
|
|
30.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1973
|
0.45
|
|
0.019
(c)
|
|
-63.5%
|
|
1.5%
(c)
|
|
-62.0%
|
|
-14.7%
|
|
-47.3%
|
1974
|
0.41
|
|
0.020
(c)
|
|
-10.6%
|
|
4.4%
(c)
|
|
-6.2%
|
|
-26.5%
|
|
20.3%
|
1975
|
0.44
|
|
0.020
(c)
|
|
7.9%
|
|
5.0%
(c)
|
|
12.9%
|
|
37.2%
|
|
-24.3%
|
1976
|
0.62
|
|
0.011
(c)
|
|
42.7%
|
|
2.6%
(c)
|
|
45.3%
|
|
23.8%
|
|
21.5%
|
1977
|
0.79
|
|
0.022
(c)
|
|
27.4%
|
|
3.5%
(c)
|
|
30.9%
|
|
-7.2%
|
|
38.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1978
|
0.98
|
|
0.033
(c)
|
|
22.8%
|
|
4.2%
(c)
|
|
27.0%
|
|
6.6%
|
|
20.4%
|
1979
|
1.11
|
|
0.052
(c)
|
|
14.2%
|
|
5.3%
(c)
|
|
19.5%
|
|
18.4%
|
|
1.1%
|
1980
|
0.89
|
|
0.054
(c)
|
|
-20.4%
|
|
4.8%
(c)
|
|
-15.6%
|
|
32.5%
|
|
-48.1%
|
1981
|
1.14
|
|
0.054
(c)
|
|
28.8%
|
|
6.1%
(c)
|
|
34.9%
|
|
-4.9%
|
|
39.8%
|
1982
|
1.46
|
|
0.056
(c)
|
|
27.8%
|
|
4.9%
(c)
|
|
32.7%
|
|
21.6%
|
|
11.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1983
|
2.35
|
|
0.058
(c)
|
|
61.4%
|
|
4.0%
(c)
|
|
65.4%
|
|
22.6%
|
|
42.8%
|
1984
|
2.03
|
|
0.059
(c)
|
|
-13.7%
|
|
2.5%
(c)
|
|
-11.2%
|
|
6.3%
|
|
-17.5%
|
1985
|
3.01
|
|
0.062
(c)
|
|
48.4%
|
|
3.0%
(c)
|
|
51.4%
|
|
31.7%
|
|
19.7%
|
1986
|
2.32
|
|
0.065
(c)
|
|
-23.2%
|
|
2.2%
(c)
|
|
-21.0%
|
|
18.7%
|
|
-39.7%
|
1987
|
1.86
|
|
0.068
(c)
|
|
-19.6%
|
|
2.9%
(c)
|
|
-16.7%
|
|
5.3%
|
|
-22.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1988
|
2.35
|
|
0.071
(c)
|
|
26.0%
|
|
3.8%
(c)
|
|
29.8%
|
|
16.6%
|
|
13.2%
|
1989
|
2.61
|
|
0.076
(c)
|
|
11.0%
|
|
3.2%
(c)
|
|
14.2%
|
|
31.7%
|
|
-17.5%
|
1990
|
2.46
|
|
0.081
(c)
|
|
-5.3%
|
|
3.1%
(c)
|
|
-2.2%
|
|
-3.1%
|
|
0.9%
|
1991
|
4.21
|
|
0.086
(c)
|
|
70.7%
|
|
3.5%
(c)
|
|
74.2%
|
|
30.5%
|
|
43.7%
|
1992
|
5.90
|
|
0.093
(c)
|
|
40.2%
|
|
2.2%
(c)
|
|
42.4%
|
|
7.6%
|
|
34.8%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1993
|
5.37
|
|
0.102
(c)
|
|
-9.0%
|
|
1.7%
(c)
|
|
-7.3%
|
|
10.1%
|
|
-17.4%
|
1994
|
5.04
|
|
0.111
(c)
|
|
-6.1%
|
|
2.1%
(c)
|
|
-4.0%
|
|
1.3%
|
|
-5.3%
|
1995
|
8.42
|
|
0.121
(c)
|
|
67.1%
|
|
2.4%
(c)
|
|
69.5%
|
|
37.6%
|
|
31.9%
|
1996
|
9.51
|
|
0.148
(c)
|
|
13.0%
|
|
1.8%
(c)
|
|
14.8%
|
|
23.0%
|
|
-8.2%
|
1997
|
13.22
|
|
0.178
(c)
|
|
39.0%
|
|
1.9%
(c)
|
|
40.9%
|
|
33.4%
|
|
7.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1998
|
12.00
|
|
0.206
(c)
|
|
-9.2%
|
|
1.6%
(c)
|
|
-7.6%
|
|
28.6%
|
|
-36.2%
|
1999
|
7.27
|
|
0.261
(c)
|
|
-39.4%
|
|
2.2%
(c)
|
|
-37.2%
|
|
21.0%
|
|
-58.2%
|
2000
|
17.06
|
|
0.293
(c)
|
|
134.8%
|
|
4.0%
(c)
|
|
138.8%
|
|
-9.1%
|
|
147.9%
|
2001
|
14.93
|
|
0.315
(c)
|
|
-12.5%
|
|
1.8%
(c)
|
|
-10.7%
|
|
-11.9%
|
|
1.2%
|
2002
|
14.93
|
|
0.336
(c)
|
|
--%
|
|
2.2%
(c)
|
|
2.2%
|
|
-22.1%
|
|
24.3%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2003
|
20.29
|
|
0.890 (c)
|
|
35.9%
|
|
5.9% (c)
|
|
41.8%
|
|
28.7%
|
|
13.1%
|
2004
|
20.24
|
|
0.402
(c)
|
|
-0.2%
|
|
2.0%
(c)
|
|
1.8%
|
|
10.9%
|
|
-9.1%
|
2005
|
21.01
|
|
1.312 (c)
|
|
3.8%
|
|
6.5% (c)
|
|
10.3%
|
|
4.9%
|
|
5.4%
|
2006
|
23.28
|
|
0.590
(c)
|
|
10.8%
|
|
2.8%
(c)
|
|
13.6%
|
|
15.8%
|
|
-2.2%
|
2007
|
15.41
|
|
0.630
(c)
|
|
-33.8%
|
|
2.7%
(c)
|
|
-31.1%
|
|
5.5%
|
|
-36.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2008
|
11.92
|
|
0.670
(c)
|
|
-22.6%
|
|
4.3%
(c)
|
|
-18.3%
|
|
-37.0%
|
|
18.7%
|
2009
|
10.04
|
|
0.680
(c)
|
|
-15.8%
|
|
5.7%
(c)
|
|
-10.1%
|
|
26.5%
|
|
-36.6%
|
2010
|
13.63
|
|
0.690
(c)
|
|
35.8%
|
|
6.9%
(c)
|
|
42.7%
|
|
15.1%
|
|
27.6%
|
2011
|
9.27
|
|
0.700
(c)
|
|
-32.0%
|
|
5.1%
(c)
|
|
-26.9%
|
|
2.1%
|
|
-29.0%
|
2012
|
10.65
|
|
0.710
(c)
|
|
14.9%
|
|
7.7%
(c)
|
|
22.6%
|
|
16.0%
|
|
6.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2013
|
17.27
|
|
0.720
(c)
|
|
62.2%
|
|
6.8%
(c)
|
|
69.0%
|
|
32.4%
|
|
36.6%
|
2014
|
14.63
|
|
0.730
(c)
|
|
-15.3%
|
|
4.2%
(c)
|
|
-11.1%
|
|
13.7%
|
|
-24.8%
|
2015
|
18.63
|
|
0.740
(c)
|
|
27.3%
|
|
5.1%
(c)
|
|
32.4%
|
|
1.4%
|
|
31.0%
|
2016
|
19.00
|
|
0.750
(c)
|
|
2.0%
|
|
4.0%
(c)
|
|
6.0%
|
|
11.9%
|
|
-5.9%
|
2017
|
$ 21.38
|
|
$ 1.760 (c)
|
|
7.3%
|
|
9.3% (c)
|
|
16.6%
|
|
21.8%
|
|
-5.2%
|
Annual Average - 1968 to 2017 (50 years)
|
14.1%
|
|
3.7%
(c)
|
|
17.8%
|
|
11.5%
|
|
6.3%
|
||||
|
|
|
|
|
|
|
|
|
|
(b)
|
Data for both the Company and the Standard & Poor’s 500 Index (“S&P 500“) are calculated on a pretax basis.
|
(c)
|
In December, 2003 and 2005, special year-end cash dividends of $.534 and $.800 per common share were declared and paid. In December 2017, a special year-end dividend of $1.000 per common share was declared and paid in January 2018.
|
(d)
|
Total market return has been calculated as the sum of the year-to-year increase or decrease in the closing price and the dividend yield for each year as a percentage of the closing price at the end of the preceding year. The total return shown would be higher if an interest factor were also applied to the reinvestment of cash dividends.
|
|
||||||
|
|
Annual Return Percentage
|
||||
|
|
Years Ending
|
||||
Company Name / Index
|
|
Dec13
|
Dec14
|
Dec15
|
Dec16
|
Dec17
|
Old Republic International Corp
|
|
70.34
|
-11.15
|
33.30
|
6.08
|
16.85
|
S&P 500 Index
|
|
32.39
|
13.69
|
1.38
|
11.96
|
21.83
|
New 2017 Peer Group
|
|
39.75
|
13.38
|
8.92
|
12.81
|
11.41
|
Old 2016 Peer Group
|
|
37.22
|
13.98
|
11.12
|
10.18
|
9.60
|
|
|
|
|
|
|
|
|
|
Indexed Returns
|
||||
|
|
Years Ending
|
||||
|
Base Period
|
|
|
|
|
|
Company Name / Index
|
Dec12
|
Dec13
|
Dec14
|
Dec15
|
Dec16
|
Dec17
|
Old Republic International Corp
|
100.00
|
170.34
|
151.35
|
201.75
|
214.02
|
250.08
|
S&P 500 Index
|
100.00
|
132.39
|
150.51
|
152.59
|
170.84
|
208.14
|
New 2017 Peer Group
|
100.00
|
139.75
|
158.45
|
172.59
|
194.69
|
216.91
|
Old 2016 Peer Group
|
100.00
|
137.22
|
156.40
|
173.79
|
191.48
|
209.86
|
New 2017 Peer Group
|
Old 2016 Peer Group
|
American Financial Group, Inc.
|
American Financial Group, Inc.
|
American International Group, Inc.
|
American International Group, Inc.
|
Berkley (W. R.) Corporation
|
|
Chubb Limited
|
Chubb Limited
|
Cincinnati Financial Corporation
|
Cincinnati Financial Corporation
|
CNA Financial Corporation
|
|
Fidelity National Financial, Inc.
|
Fidelity National Financial, Inc.
|
First American Financial Corporation
|
First American Financial Corporation
|
The Hartford Financial Services Group, Inc.
|
|
|
Markel Corporation
|
Stewart Information Services Corporation
|
Stewart Information Services Corporation
|
Travelers Companies, Inc.
|
Travelers Companies, Inc.
|
|
XL Group Plc
|
OTHER INFORMATION
|
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
---|
DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
---|
No information found
No Customers Found
Suppliers
Supplier name | Ticker |
---|---|
Tesla, Inc. | TSLA |
Toyota Motor Corporation | TM |
Canaan Inc. | CAN |
Cigna Corporation | CI |
General Motors Company | GM |
CME Group Inc. | CME |
Intercontinental Exchange, Inc. | ICE |
Price
Yield
Owner | Position | Direct Shares | Indirect Shares |
---|