AUGUST 3 • 2015 ONLINE EDITION
LEADERSHIP
America’s 50 Most Trustworthy
Financial Companies
E
arlier this year, Forbes
released the 2015 list of
The 100 Most Trustwor-
thy Companies In America,
culled from data provided
by MSCI ESG Research. The list in-
cluded publicly-traded North American
companies of all sizes and industries,
with the exception of finance compa-
nies, specifically banks and insurance
companies.
In recent years, measures taken in the
wake of the financial crisis led a high
number of financial institutions to rank
among the most trustworthy companies
in America, according to the criteria
used to build the list. The dominance of
this particular industry, coupled with
the unique regulatory environment in
which it functions led to the creation of
a separate list of the Most Trustworthy
Financial Companies.
To develop this list for Forbes, MSCI
ESG Research reviews the accounting
and governance behaviors of more than
700 publicly-traded North American
companies with market caps of $250
million or greater, for the year ending
March 2015. In assessing each com-
pany, factors including high-risk events,
revenue and expense recognition
methods, SEC actions, and bankruptcy
risk are all considered as indicators of a
company’s credibility.
These factors are used to develop
BY KATHRYN DILL, FORBES STAFF
“Aggressive Accounting and Governance
Risk” (AGR) numbers, the final compos-
ite by which organizations are scored.
Companies appear on the list divided
into categories by market cap size, along
with their current AGR and average AGR
over the past four quarters.
It is important to note that compa-
nies that do not make the list are not
deemed untrustworthy by default.
Those that appear here are simply the
50 with the highest score for the past
four fiscal quarters.
In fact, Ric Marshall, executive
director of MSCI ESG Research notes
that “beyond the 50 there are a lot of
companies that do meet similar stan-
dards. By and large there have been a lot
of positive changes in this industry as a
whole,” particularly, he said, among in-
surance companies, REITs, and smaller
banks.
In first place among large cap
companies is insurance and reinsur-
ance provider PartnerRe Ltd., with an
average AGR of 97 out of a possible
100 over the past four quarters. Insur-
ance companies also top the mid and
small cap rankings. Erie Indemnity
Company, with an average AGR of 96
over the past four quarters, comes in
first among mid caps while State Auto
Financial Corporation leads small caps
with an AGR of 98.
Marshall notes the “dearth” of banks
making the grade among large cap com-
panies—just one, PNC Financial Services,
Inc., makes the list.
“The AGR results for those large
cap banks are consistently poor,” said
Marshall. “It’s a real concern that we’re
not seeing a positive impact from the
regulations that have been passed on the
largest banks.”
“The phrase that comes to mind is not
‘too big to fail,’ it’s ‘too big to manage,’”
he said, noting that the sheer size of
major banks, coupled with the lack of ac-
tive shareholder engagement means that
board actions often reflect the interests
of management as much or more so than
those of shareholders.
Still, Marshall notes improvements in
recent years in some of the very situa-
tions on which AGR is focused, citing
greater board diversity, decrease empha-
sis on combined CEO/Chairman roles,
and increased board communication
with shareholders.
“The intent of the AGR ratings is
to highlight concerns regarding the
integrity of the financial reporting,” said
Marshall, “it’s not to say ‘there’s this spe-
cial problem at the company’ or to judge
the results themselves on their financial
metrics. The companies that make the
cut are ones where there’s a very high
level of integrity in the financial report-
ing, whether the results are good or bad.
These pass a very rigorous test.” F
FORBES

America’s 50 Most Trustworthy Financial Companies

Large Cap: $5B and up

AGR Q1 AVG AGR

COMPANY NAME TICKER MARKET CAP INDUSTRY 2015 LAST 4 Qs

PARTNERRE LTD. PRE LARGE INSURANCE 96 97

UDR, INC. UDR LARGE REIT – RESIDENTIAL / COMMERCIAL 96 96

CINCINNATI FINANCIAL CORPORATION CINF LARGE INSURANCE 94 93

LAZARD LTD. LAZ LARGE INVESTMENT SERVICES 81 89

AXIS CAPITAL HOLDINGS LIMITED AXS LARGE INSURANCE 91 87

T. ROWE PRICE GROUP INC. TROW LARGE INVESTMENT SERVICES 84 86

PNC FINANCIAL SERVICES GROUP INC. PNC LARGE BANKS 74 80

POWER FINANCIAL CORP. PWF LARGE INSURANCE 69 79

INVESCO LTD. IVZ LARGE INVESTMENT SERVICES 75 78

BRIXMOR PROPERTY GROUP INC. BRX LARGE REIT – RESIDENTIAL / COMMERCIAL 83 76

Small Cap: $250M to $1B Mid Cap: $1B to $5B Large Cap: $5B and up

* Companies are grouped according to market cap size and sorted according to their average AGR for the past four quarters.

(#87042) Excerpted and adapted with permission of Forbes Media LLC. Copyright 2015. To subscribe, please visit Forbes.com or call (800) 888-9896.
For more information about reprints from Forbes, visit PARS International Corp. at www.forbesreprints.com.

The table above has been excerpted from the Forbes Aug. 3, 2015 article, “America’s 50 Most Trustworthy Financial
Companies,” and only lists firms in the large cap market space where Invesco Ltd. is categorized.

About Invesco Ltd.

Invesco Ltd. is a leading independent global investment management firm, dedicated to helping investors world-
wide achieve their financial objectives. By delivering the combined power of our distinctive investment management
capabilities, Invesco provides a wide range of investment strategies and vehicles to our clients around the world.
Operating in more than 20 countries, the firm is listed on the New York Stock Exchange under the symbol IVZ.
Additional information is available at www.invesco.com.

Invesco Advisers, Inc. is an investment adviser; it provides investment advisory services to individual and institution-
al clients and does not sell securities. Invesco Distributors, Inc. is the US distributor for Invesco Ltd.’s retail products.
Both entities are indirect, wholly owned subsidiaries of Invesco Ltd.

invesco.com/us FORBES50-AD-1-E 8/15 US9661