National City Is Tops In Governance

May 21, 2004
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GRAND RAPIDS — National City Corp. ranked above all other members of the S&P 500 in recent ratings for excellence in corporate governance.

Maryland-based Institutional Shareholder Services (ISS) Inc., a leading provider of proxy voting and corporate governance services, gave National City a corporate governance score of 100.

No other S&P 500 member received a score of 100, which is the highest possible rating.

According to ISS, many of the world’s largest financial institutions, as well as analysts, portfolio managers, and bankers, use the ratings to perform risk analysis, manage portfolios, conduct due diligence and support buy/sell decisions.

ISS calculates the rating based on eight categories: board of directors; audit; charter and bylaw provisions; anti-takeover provisions; executive and director compensation; progressive practices; ownership; and director education.

“If you hang around National City, or see us enough, we all have a core set of values that is very critical to our success,” said Sean Welsh, regional president of National City Bank of Michigan/Illinois.

“Our employees have a commitment to doing what’s right for the shareholders and to doing what’s right for our clients. That resonates through the corporate governance.”

Welsh said National City takes a conservative approach in its financial reporting because the company believes it has a responsibility to its shareholders.

“People are investing in their 401(k)s and for their kids’ college tuition. It’s a big responsibility, and I know our accounting group and our financial group take that very seriously.”           

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