Academic Ranking of World Universities (ARWU), also known as Shanghai Ranking, is an annual publication of university rankings by Shanghai Ranking Consultancy based in China. The league table was originally compiled and issued by Shanghai Jiaotong University in 2003, the first global ranking with multifarious indicators, after which a board of international advisories was established to provide suggestions. The publication currently includes world's overall and subject league tables, alongside independent regional Greater China Ranking and Macedonian HEIs Ranking. ARWU is regarded as one of the three most influential and widely observed university measures, alongside QS World University Rankings and Times Higher Education World University Rankings. It is praised for its objective methodology but draws some condemnation for narrowly focussing on raw research power, undermining humanities and quality of instruction.