ISS And Glass Lewis Update 2023 Proxy Voting Guidelines

Glass, Lewis & Co (Glass Lewis) and Institutional Shareholder Services (ISS) have both released updates to their Canadian proxy voting guidelines for the 2023 proxy season. The Glass Lewis updates apply to shareholder meetings of publicly traded Canadian companies held on or after January 1, 2023, while the ISS updates apply generally to meetings occurring on or after February 1, 2023.

Recommendations from proxy advisory firms such as ISS and Glass Lewis can have a significant impact on the outcome of business conducted at shareholder meetings—especially if institutional investors comprise a significant portion of the company's shareholder base. Canadian public companies should review the updates with their legal counsel to determine the impact on disclosure and governance practices, and take steps to mitigate any potential adverse voting recommendations from ISS or Glass Lewis.