As of this year, the Swiss "comply-or-explain"
rules with respect to gender representation on boards of directors
of large, listed companies apply. We explain the implications for
companies in scope of the newly applicable regulation.
The largest proxy advisors have updated their proxy
voting guidelines for the AGM season 2026. In this briefing, we
highlight the most important developments, both with respect to
overall trends as well as specific governance and reporting
topics.
In a nutshell, Swiss listed companies should take active
steps to intensify their dialogue with shareholders to better
understand their positions on relevant topics.
INTRODUCTION
As Swiss listed companies approach the 2026 AGM season, the
world's largest proxy advisors ISS and Glass Lewis as well as
their Swiss equivalent Ethos have each published their updated
voting guidelines reflecting evolving governance expectations. Most
notably, the recent developments in the United States – on
