Glass Lewis Publishes Updated Benchmark Policy Guidelines

Glass Lewis has published its 2024 Benchmark Policy Guidelines for the UK and Ireland, which outline its views on current market practices in both jurisdictions and its voting recommendations for the 2024 AGM season.

2024 Benchmark Policy Guidelines for the UK

The UK Guidelines apply to companies listed in the UK and are supplemented by the Irish Guidelines, as outlined below. Notable changes and clarifications in the UK Guidelines relate to director attendance, interlocking directorships, director accountability for climate-related issues and cyber risk oversight.

Director Attendance

Glass Lewis has clarified that exceptions may apply to a director who has failed to attend at least 75% of board meetings, or an aggregate of 75% of board and applicable committee meetings. While the recommendation is usually to vote against the re-appointment of such a director, Glass Lewis has clarified that exceptions apply to directors who are serving their first year