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ARTICLE · 27 NOVEMBER 2023

ISS Governance Announces Proposed Benchmark Policy Changes For 2024

Stikeman Elliott LLP
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On November 21, 2023, Institutional Shareholder Services ("ISS") Governance announced proposed changes to its benchmark voting policy for 2024 (the "Proposed Changes").

CanadaCorporate/Commercial Law
Stikeman Elliott LLP
Stikeman Elliott LLP
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On November 21, 2023, Institutional Shareholder Services ("ISS") Governance announced proposed changes to its benchmark voting policy for 2024 (the "Proposed Changes"). To ensure that a broad range of perspectives is considered, ISS is soliciting stakeholder feedback until November 30, 2023.

The Proposed Changes

ISS indicates that fewer changes are proposed for the 2024 proxy season than have been proposed in the last few years. Of the four Proposed Changes, only one applies to Canada.

As we discussed in a previous post, in 2022, a new board diversity policy was approved for Canadian S&P/TSX Composite Index constituents, applicable to shareholder meetings on or after February 1, 2024. As part of the Proposed Changes, ISS intends to remove the transition language that provided a one-year grace period and to reframe the language that provided an exception where a company makes a public commitment to appoint at least one racially and/or ethnically diverse member

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