ADP Comments on Letter From Pershing Square and Previous Meeting With ADP Board - Seite 2

ADP Has a Proven Track Record of Success.
"ADP shares have outperformed the S&P 500 and generated total shareholder returns in excess of 200% over Carlos Rodriguez's six-year tenure as CEO. Over the same period, ADP has achieved compound annual revenue growth of 7% and increased margins in core operations by 580 basis points. ADP has also returned $11.3 billion to shareholders over the past five fiscal years and has increased the annual dividend for 42 consecutive years."

ADP's Corporate Strategy is Focused on Transformation.
"Over the past six years, ADP's Board and management team have been highly focused on investing in and transforming the business to position it for continued success within the competitive global HCM environment. Today, ADP's annual investments in technology, R&D and innovation total more than $800 million. That capital is being allocated to organic product innovation, recruiting of technical talent, and the rapid adoption of cloud, mobile and big data strategies. These investments are translating into improved client experiences with 83% of ADP clients now using its cloud-based strategic platforms."

"Most importantly, ADP has been pursuing this change at an aggressive yet responsible pace. We are committed to driving results and serving our 700,000 worldwide clients, and we will not compromise our reputation or the needs of the one in six American workers we pay. We are confident that this approach to change is the right path forward."

ADP's Board and Corporate Governance Are Best-in-Class and Support our Corporate Strategy.
"ADP has long been a leader in best-in-class corporate governance that enhances responsiveness to shareholders. The Board is elected annually, all directors are independent other than CEO Carlos Rodriguez, and we are committed to deliberate Board refreshment and balancing both new and seasoned perspectives. Since 2014, four new directors have joined ADP's 10-person Board, and the average tenure of independent directors as of the 2017 Annual Meeting will be 6.8 years, well below the S&P 500 average of 8.3 years."

"To formally link our commitment to technology with corporate governance, ADP's Corporate Development and Technology Advisory Committee (CDTAC) was established in 2014 and is comprised of five of our independent directors with significant technology and transaction experience. CDTAC oversees corporate strategy on technology and innovation, has spearheaded key strategic initiatives such as the spin-off of CDK Global, evaluates global product and technology strategy, and holds management accountable for organic innovation objectives."