CLEVELAND, January 21, 2014 -- Parker Hannifin Corporation (NYSE: PH), the global leader in motion and control technologies, today announced that its Board of Directors has been ranked in the top ten for overall governance capacity for the third consecutive year in an independent study of America's largest companies conducted by James Drury Partners. "The Weight of America's Boards" is published annually and measures the business acumen and experience of board members across all industries of the largest public companies in the United States as measured by revenue and market capitalization. Parker's Board was awarded top ten rankings in the 2013 edition for Average Director Weight, which evaluates business competence of each director and in the Composite Weight category that assesses a Board of Directors' overall governance capacity. Parker was the highest rated company for both of these categories in its industry sector.
"The talents and expertise of each Director on Parker's Board strengthens our ability to execute our governance process," said Don Washkewicz, Chairman, Chief Executive Officer and President. "This report recognizes the individual and cumulative experience of Parker's Board members, objectively illustrating their business competence and ability to make decisions that drive long-term shareholder value."
The 2013 report increased its scope to include evaluations of 6,248 directors sitting on the boards of 647 of America's largest companies, now including the top 500 companies in market capitalization. Established to offer an objective view of the governance capacity of U.S. corporations, the report recognizes the complex nature of corporate governance in the largest companies and gives extra weight to directors with achievements in high revenue and market capitalization organizations. The developing trend in the analysis is a clear connection between a board's governance capacity and overall investor return or stock performance.
With annual sales of $13 billion in fiscal year 2013, Parker Hannifin is the world's leading diversified manufacturer of motion and control technologies and systems, providing precision-engineered solutions for a wide variety of mobile, industrial and aerospace markets. The company employs approximately 58,000 people in 49 countries around the world. Parker has increased its annual dividends paid to shareholders for 57 consecutive fiscal years, among the top five longest-running dividend-increase records in the S&P 500 index. For more information, visit the company's web site at www.parker.com, or its investor information web site at www.phstock.com.
Aidan Gormley, Director, Corporate Communications
Financial Analysts -
Pamela Huggins, Vice President - Treasurer