Just Capital Foundation Inc

What it reported doing in 2025

Our insight is independent, comprehensive, and grounded in evidence. It helps leaders move beyond backward-looking assessments toward forward-looking decisions that balance performance, risk, and responsibility. In doing so, just capital partners with leaders to strengthen their businesses while recognizing the expectations and needs of the american public and the stakeholders their companies serve.just capital polls americans each year to understand what they expect from business and how those expectations are evolving. We translate those signals into metrics that map to real business decisions, then track and analyze the largest publicly traded u.s. Companies against them. Since 2015, we've surveyed nearly 200,000 americans on their priorities for capitalism and just business behavior building one of the most comprehensive longitudinal datasets on public expectations of corporate responsibility in the united states.in 2025 we tracked, analyzed, and ranked 933 companies across 5 stakeholder groups, 17 issues, and 85 data points. Our annual rankings celebrating the best of american business showcased the companies at the forefront of stakeholder-driven leadership, tracking how corporate leaders delivered value to all their stakeholders. In 2025, we continued our partnership with cnbc which includes the exclusive rights to publish the just 100 list of companies leading our rankings, as well as ongoing profiles and segments that elevate performance analysis and leadership lessons.in addition to rankings and performance analysis, throughout 2025 just capital built out data-driven insights, programmatic initiatives, partnerships, and products to directly equip and support corporations in advancing responsible business practices. Our flagship product is just intelligence, a decision-grade analytics platform that helps leaders translate signals from the american public into actionable insights that drive stakeholder performance and business performance. The platform utilizes our polling and data to allow companies to compare their performance across all data points to their competitors and beyond, revealing best-in-class policies, steps to improve performance, and even scenario analysis features to help businesses see the potential stakeholder outcomes of decisions they make. In 2025, just intelligence underwent a successful beta period with 250+ corporate users. We conducted interviews with more than 45 business leaders on the user experience, value proposition, and industry relevance. Five fortune 500 companies are vanguard users of the paid product, helping to shape the platform's evolution ahead of broader market rollout and adoption.in fall 2025, just capital launched its inaugural research from surveys of corporate leaders, investors, and the american public on responsible ai deployment. Media coverage included a broadcast segment on cnbc's "squawk box and digital coverage in the New York times' dealbook, semafor ceo brief, reuters sustainable finance, yahoo! Finance live, and cnbc. The organization will conduct quarterly pulse surveys through 2026 and beyond, providing ongoing insights for corporate leaders, investors, and policy makers as perspectives continue to evolve. Ai-focused insights will feed into just intelligence in 2026. Just capital has been proud to incubate the corporate impact lab since its inception in 2022. In late 2025 the corporate impact lab began the process to become an independent organization. The corporate impact lab began operating as an independent, fiscally sponsored project of just capital in early 2026. Just capital also helps direct capital toward companies with strong stakeholder performance through our live indices and investment products, convening investors for timely conversations, and demonstrating how stakeholder-driven decisions link to long-term market performance. In the coming year, just capital's research, polling, analysis, and programs will work to equip leaders with the decision-

Financial Efficiency

• Mission deployment rate: 78.9%; rating input score 79
• Program expense ratio: 75.7%; rating input score 76
• Fundraising efficiency: $8.53 raised per $1 spent on fundraising; rating input score 28; 28th percentile among comparable filings

Transparency & Controls

• Consistency checks: 94.1%; rating input score 94; 23rd percentile among comparable filings
• Pay-setting controls: 2 of 6 controls in place; rating input score 33
  • Compensation committee: Missing
  • Independent consultant: Missing
  • Other Form 990s reviewed: Missing
  • Written employment contract: Pass
  • Compensation survey or study: Missing
  • Board or committee approval: Pass
• Foreign activity oversight: Limited
• Grant itemization coverage: 88.9%; rating input score 89; 27th percentile among comparable filings
• Major donor itemization: Yes; rating input score 100
• Related-party transparency: Limited

Accountability

• Independent voting board: 95.5%; rating input score 95; 25th percentile among comparable filings
• Governance controls: 7 of 9 controls in place; rating input score 78
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Pass
  • Document-retention policy: Fail
  • CEO compensation review process: Pass
  • Other executive compensation review process: Fail
  • Form 990 shared with the board: Pass
  • Board meeting minutes documented: Pass
  • Audit committee oversight: Pass
  • Independent financial-statement audit: Pass

Sustainability

• Operating margin: -4.2%; rating input score 11; 11th percentile among comparable filings
• Total-asset coverage ratio: 0.36; rating input score 8; 8th percentile among comparable filings
• Liabilities to assets ratio: 0.48; rating input score 27; 27th percentile among comparable filings
• Officer compensation ratio: 29.2%; rating input score 2; 2nd percentile among comparable filings

Growth

• Program expense growth: 9.6% per year; rating input score 100; 65th percentile among comparable filings
• Revenue growth: 9.9% per year; rating input score 100; 73rd percentile among comparable filings
• Asset growth: 17.9% per year; rating input score 100; 87th percentile among comparable filings