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ARTICLE · 30 NOVEMBER 2012

2013 Updates To Canadian Proxy Advisory Guidelines

Institutional Shareholder Services (ISS) and Glass Lewis, & Co. (Glass Lewis) have both recently released updates to their proxy voting recommendation guidelines for the 2013 proxy season. Glass Lewis released its updates on November 15, 2012 and ISS released its updates on November 16, 2012.

CanadaCorporate/Commercial Law

Institutional Shareholder Services (ISS) and Glass Lewis, & Co. (Glass Lewis) have both recently released updates to their proxy voting recommendation guidelines for the 2013 proxy season. Glass Lewis released its updates on November 15, 2012 and ISS released its updates on November 16, 2012. The items updated include those pertaining to corporate governance standards, executive compensation and shareholder rights. The main highlight in the ISS update is the new pay-for-performance methodology which now has two tiers of analysis: first is a quantitative evaluation of three factors designed to provide a relative and absolute analysis on pay for performance; second, is a qualitative evaluation where the quantitative analysis indicates that there is a potential pay-for-performance misalignment.

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