Editing Lockheed Martin (section)

== Corporate governance ==

=== Board of directors ===
The board of directors consists of 14 members. As of 2020, members include:<ref>{{Cite web |title = Board of Directors · Lockheed Martin |url= https://www.lockheedmartin.com/us/who-we-are/corporate-governance/board.html |website= lockheedmartin.com |access-date= September 17, 2020}}</ref>
* [[Daniel Akerson]] (since 2014)
* [[David Burritt]] (since 2008)
* Bruce Carlson (since 2015)
* [[Joseph F. Dunford]] (since 2020)
* James Ellis (since 2004)
* Thomas Falk (since 2010)
* [[Ilene S. Gordon]] (since 2016)
* Vicki A. Hollub (since 2018)
* [[Jeh Johnson]] (since 2018)
* [[Debra L. Reed|Debra L. Reed-Klages]] (since 2019)
* [[James D. Taiclet]] (since 2018)

=== Chief executive officer ===
* [[Daniel Michael Tellep|Daniel Tellep]] (1995–1996)
* [[Norman R. Augustine|Norman Augustine]] (1996–1997)
* [[Vance D. Coffman|Vance Coffman]] (1997–2004)
* [[Robert J. Stevens]] (2004–2012)
* [[Marillyn Hewson]] (2013–2020)
* [[James D. Taiclet]] (2020–present)

=== Chairman of the board ===
* [[Robert J. Stevens]] (2005–2013)
* [[Marillyn Hewson]] (2014–2021)
* [[James D. Taiclet]] (2021-present)<ref>[https://news.lockheedmartin.com/2021-01-29-Lockheed-Martin-Board-Elects-James-D-Taiclet-as-Chairman-Marillyn-A-Hewson-to-Serve-as-Strategic-Advisor-and-Gregory-M-Ulmer-as-Executive-Vice-President-of-Aeronautics "Lockheed Martin Board Elects James D. Taiclet As Chairman..."]. Lockheed Martin, January 29, 2021.</ref>

=== Ownership ===
As of December 2023, Lockheed Martin shares are mainly held by institutional investors ([[State Street Corporation]], [[Vanguard group]], [[BlackRock]], [[Capital Group Companies]], and others).<ref>{{cite web |url=http://www.nasdaq.com/symbol/lmt/ownership-summary |title=Lockheed Martin Corporation (LMT) Ownership Summary |date= March 31, 2020 |website=NASDAQ.com |access-date= May 27, 2020}}</ref>
{| class="wikitable" style="text-align:center;"
|+Largest shareholders in December 2023
!Shareholder
!Country
!Shares
!Percentage
!Value in thousands USD
|-
| style="text-align:left;" |[[State Street Corporation]]
|{{USA|#}}
| style="text-align:right;" |37,049,916
|15.33%
| style="text-align:right;" |$16,113,379
|-
| style="text-align:left;" |[[The Vanguard Group]]
|{{USA|#}}
| style="text-align:right;" |22,099,137
|9.15%
| style="text-align:right;" |$9,611,136
|-
| style="text-align:left;" |[[BlackRock]] Inc.
|{{USA|#}}
| style="text-align:right;" |18,158,813
|7.51%
| style="text-align:right;" |$7,897,449
|-
| style="text-align:left;" |[[Charles Schwab Corporation]]
|{{USA|#}}
| style="text-align:right;" |5,637,923
|2.33%
| style="text-align:right;" |$2,451,989
|-
| style="text-align:left;" |[[Morgan Stanley]]
|{{USA|#}}
| style="text-align:right;" |5,206,242
|2.15%
| style="text-align:right;" |$2,264,247
|-
| style="text-align:left;" |[[Capital Group Companies|Capital World Investors]]
|{{USA|#}}
| style="text-align:right;" |5,031,450
|2.08%
| style="text-align:right;" |$2,188,228
|-
| style="text-align:left;" |[[Geode Capital Management]], LLC
|{{USA|#}}
| style="text-align:right;" |4,559,183
|1.89%
| style="text-align:right;" |$1,982,834
|-
| style="text-align:left;" |[[Fidelity Investments|FMR, LLC]]
|{{USA|#}}
| style="text-align:right;" |4,351,452
|1.80%
| style="text-align:right;" |$1,892,490
|-
| style="text-align:left;" |[[Bank of America]]
|{{USA|#}}
| style="text-align:right;" |3,209,854
|1.33%
| style="text-align:right;" |$1,395,998
|-
| style="text-align:left;" |[[Wellington Management Company]]
|{{USA|#}}
| style="text-align:right;" |2,807,469
|1.16%
| style="text-align:right;" |$1,220,996
|-
|'''Total'''
|
|'''179,583,655'''
|'''100%'''
| style="text-align:right;" |
|}

=== Criticism ===
Lockheed Martin is listed as the largest U.S. government contractor and ranks first for the number of incidents, and fifth for the size of settlements on the 'contractor misconduct' database maintained by the [[Project on Government Oversight]], a Washington, D.C.–based watchdog group. Since 1995, the company has agreed to pay $676.8&nbsp;million to settle 88 instances of misconduct.<ref>{{cite web |url=http://www.contractormisconduct.org/ |title=Federal Contractor Misconduct Database |publisher=[[Project on Government Oversight]] |access-date=January 15, 2014 |archive-date=May 8, 2011 |archive-url=https://web.archive.org/web/20110508031346/http://www.contractormisconduct.org/ |url-status=dead }}</ref>

In 2013, Lt. Gen. [[Christopher Bogdan]] criticized the company's F-35 fighter program. The general said: "I want them both to start behaving like they want to be around for 40 years&nbsp;... I want them to take on some of the risk of this program. I want them to invest in cost reductions. I want them to do the things that will build a better relationship. I'm not getting all that love yet."<ref>{{cite news |url=https://www.nytimes.com/2013/02/28/business/lockheed-criticized-by-f-35-jet-program-chief.html?gwh=A3B475A95F1953E78A6BB177A73AEB78 |work=The New York Times |first=Christopher |last=Drew |title=Lockheed Criticized by F-35 Jet Program Chief |date=February 27, 2013}}</ref> The criticism came in the wake of previous criticism from former [[United States Secretary of Defense|Defense Secretary]] [[Robert Gates]] regarding the same program.<ref>{{cite news|url=http://www.mcclatchydc.com/2010/02/03/83590/lockheed-martin-downplays-gates.html|title=Lockheed Martin downplays Gates' criticism of F-35 program|author=Bob Cox|work=The Fort Worth Star-Telegram|date=February 3, 2010|access-date=September 13, 2013|archive-url=https://web.archive.org/web/20130514040520/http://www.mcclatchydc.com/2010/02/03/83590/lockheed-martin-downplays-gates.html|archive-date=May 14, 2013|url-status=dead}}</ref>

=== Lobbying ===
According to the magazine ''[[Politico]]'', Lockheed Martin has "a political network that is already the envy of its competitors", and its contracts enjoy wide bipartisan support in the U.S. Congress thanks to it having "perfected the strategy of spreading jobs on weapons programs in key states and congressional districts".<ref>{{cite news|last1=Munsil|first1=Leigh|last2=Wright|first2=Austin|title=Is Lockheed Martin too big to fail? Lockheed has made itself dominant on Capitol Hill – with defense jobs in virtually every state|url=http://www.politico.com/story/2015/08/is-lockheed-martin-too-big-too-fail-121203.html|access-date=August 12, 2015|work=Politico|date=August 12, 2015}}</ref> The company's 2022 lobbying expenditure is $13.6&nbsp;million (2009 total: $13.7&nbsp;million).<ref>{{cite web |title=Lockheed Martin Profile: Summary |url=https://www.opensecrets.org/orgs/lockheed-martin/summary?id=D000000104 |access-date=November 24, 2023 |publisher=[[OpenSecrets]]}}</ref><ref>{{cite web |url=http://soprweb.senate.gov/index.cfm?event=chooseFields |title=Lobbying Disclosure Act Database |publisher=United States Senate |access-date=January 5, 2011 |archive-url=https://web.archive.org/web/20101231011939/http://soprweb.senate.gov/index.cfm?event=chooseFields |archive-date=December 31, 2010 |url-status=dead}}</ref>

Through its [[political action committee]] (PAC), the company provides low levels of financial support to candidates who advocate national defense and relevant business issues.<ref>{{cite web |url=https://www.lockheedmartin.com/investor/corporate_governance/PoliticalDisclosures.html |title=Political Disclosures |publisher=LockheedMartin.com |access-date=January 4, 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110121183547/http://www.lockheedmartin.com/investor/corporate_governance/PoliticalDisclosures.html |archive-date=January 21, 2011}}</ref> It was the largest contributor to the [[House Armed Services Committee]] chairman, [[Republican Party (United States)|Republican]] [[Buck McKeon]] of California with over $50,000 donated in the election cycle as of January 2011. It also was the top donor to Sen. [[Daniel Inouye]] (D-HI), the chair of the [[Senate Appropriations Committee]] before his death in 2012.<ref name=MoJo />

Lockheed Martin Employees Political Action Committee is one of the 50 largest in the country, according to FEC data. With contributions from 3,000 employees, it donates $500,000 a year to about 260 House and Senate candidates.<ref>{{cite web|url=http://www.corpwatch.org/article.php?id=7838|title=CorpWatch: US: Lockheed Martin Lobby Group Audited|access-date=June 29, 2010|archive-date=June 20, 2010|archive-url=https://web.archive.org/web/20100620212826/http://corpwatch.org/article.php?id=7838|url-status=dead}}</ref>{{Needs update|date=November 2023|reason=Has not been updated in 13 years}}