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Governance Data, Analytics, and News from Institutional Shareholder Services

April 4, 2019


Meetings to Watch

Upcoming ISS Speaking Events

Interesting Meeting Calendar

News Roundup

ISS Updates & Links

Editor's Note: In today's issue, we feature excerpts from our recent publications "2019 U.S. Environmental and Social Issues Proxy Season Preview" and "2019 Canada Proxy Season Preview." The the report on U.S. environmental and social issues can be found here, while the report on the Canadian market can be found here. Access to the reports requires login to Governance Analytics. First log into Governance Analytics, and then click on Governance Exchange to enable the links. 

2019 US Environmental and Social Issues Proxy Season Preview

Key Takeaways

  • Proposals on political activities increase: The number of proposals related to disclosure of corporate political contributions and lobbying activities is high in 2019, outnumbering all other proposal categories. Political tensions at the national level and the runup to the 2020 Presidential election may be fueling a greater interest in this issue.
  • Climate change remains a top concern: In almost all climate-related proposals this year, the proponents are emphasizing the importance of reducing carbon footprints and transitioning business plans to be compliant with the Paris Agreement goal of keeping global warming to well below 2 degrees Celsius.
  • Human rights issues proposals continue to surge: Concerns over human rights risks in company supply chains and the topic of immigration detentions are driving the increase in proposals.
  • Shareholders remain concerned about pharmaceutical risks: Several proposals were filed again this year seeking governance measures related to opioids and managing risks related to high drug prices.

The 2019 proxy season is shaping up to be a slightly more modest one than 2018 in terms of the number of environmental and social (E&S) shareholder resolutions being filed. To date, ISS is tracking 404 resolutions that were filed, compared to 454 submitted this time last year (481 at year end). However, resolutions filed on certain topics such as political activities, human rights, and gender pay equity have already increased over 2018.

Proposals related to political contributions have climbed to the top spot in terms of numbers of resolutions filed. Proponents have filed 97 such proposals so far this year, as they ramp up their requests for more disclosure by companies on both direct and indirect political spending and related oversight. In a reversal of recent trends, more proposals related to political contributions have been filed than lobbying disclosure proposals this year.

While the number of proposals purely on the subject of climate change filed this year (62) has dropped compared to the number of proposals filed at this time last year (88), these proposals still make up the majority of environment-related shareholder proposals filed. Climate change is also a motivating factor in many proposals on other headline topics, such as requests for sustainability and political spending reports. Proponents are most often seeking disclosure on companies’ actions to reduce their greenhouse gas (GHG) emissions and the setting of GHG emissions reduction goals. In addition, several proposals ask for disclosure on climate change risk management and how companies plan to align their business models with the Paris Agreement.

Some environmental proposals aim to address concerns related to plastic pollution. Several proposals urge companies to take more action on sustainable packaging, and others request information on actions taken to decrease the volume of plastic pellets released to the environment.

Human rights proposals continue their rise as shareholders remain concerned about human rights risks in companies' operations and supply chains, including human trafficking, forced labor, child exploitation, and the use of prison labor. The topic of immigration has also made its way into shareholder proposals, as some proponents raise concerns related to immigrant detentions and the use of facial recognition technology.

The issue of gender pay equity remains a hot topic as some proposals, similar to 2018, continue to seek more transparency on the median gender pay gap, primarily at financial services and tech sector companies. Some new proposals also challenge several companies regarding their use of non-disclosure agreements, mandatory arbitration, and non-compete agreements in their workforces.

Proposals by Category

-- Enver Fitch and Kathy Belyeu, ISS US Research

To read the full report "2019 U.S. Environmental and Social Issues Proxy Season Preview," click here (requires login to Governance Analytics).

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2019 Canada Proxy Season Preview

Shareholder Proposals

For 2019, the Mouvement d'éducation et de défense des actionnaires (MEDAC) has put forward five shareholder proposals at the seven largest publicly listed financial institutions in Canada. Four of the five proposals appear to have been filed at all seven financial institutions.

  • Include ESG criteria in executive compensation. This proposal was most recently voted on at the food retailer Metro Inc. in January 2019, receiving support by 7 percent of votes cast.
  • Publish a brief annual report on the bank's effort towards a low carbon economy. This proposal was also submitted to Laurentian Bank in 2018 but was later withdrawn.
  • Create a New Technology Committee to anticipate issues arising from new technology such as fintech. A similar proposal was voted on at the Toronto-Dominion Bank's 2017 annual general meeting and received support by 1 percent of votes cast.
  • Disclose the equity ratio the compensation committee used in setting compensation. This proposal or similar has been filed at various financial companies over the years. In 2018, this proposal was filed at Manulife Financial and received support by 4 percent of votes cast. The proposal was also submitted at Laurentian Bank in 2018 but was later withdrawn.

This year, the Bank of Nova Scotia also received a shareholder proposal asking it to amend its human rights policy with respect to FPIC – referencing its project financing activities and specifically the Dakota Access Pipeline.

And TransCanada Pipelines Ltd. received a proposal submitted by the Pension Plan of the United Church of Canada requesting a report to shareholders describing the company's policies, practices, and performance indicators related to respecting internationally recognized standards for indigenous peoples' rights in existing and proposed wholly-owned projects, joint ventures, investments and acquisitions.

Regulatory Update

On Sept. 18, 2018, the Office of the Superintendent of Financial Institutions (OSFI) published the final version of its updated Corporate Governance Guideline (CG Guideline). The CG Guideline sets out OSFI's current expectations for corporate governance of federally regulated financial institutions (FRFIs).

The objective of the updated CG Guideline is to present boards with a more focused and effective approach to governance by:

  1. providing boards of FRFIs greater discretion on how they meet the principles of the CG Guideline, taking into account the FRFI's size, nature of operations, and risk profile;
  2. providing a clearer delineation between board and senior management responsibilities;
  3. removing some of the more prescriptive elements of the previous CG Guideline; and
  4. consolidating OSFI's expectations relating to board responsibilities into the updated CG Guideline.

The updated CG Guideline reflects a number of recent developments in corporate governance. For example, the updated CG Guideline states that boards should be diverse, and it contains numerous references to the importance of culture. The Updated CG Guideline also reflects an increasing emphasis on the importance of the role and responsibilities of the board, and the significant duties accompanying them.

The Guideline is less prescriptive and takes a more principles-based and outcomes-based approach by focusing more on what the board should achieve rather than how the board meets the objectives. While this approach allows for greater flexibility, the responsibility for determining how to achieve the numerous corporate governance expectations set out in the updated CG Guideline has been placed squarely on the board of directors.

-- Rishima Kathuria, Debra Sisti, John Vizikas, Anna Wong, and Chintan Zala, ISS Canada Research

To read the full report "2019 Canada Proxy Season Preview," click here (requires login to Governance Analytics).

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Meeting to Watch: ING Group (NL)

At ING Groep NV’s April 23 annual general meeting, controversies surrounding the bank’s involvement in money laundering scandals will be in focus for some shareholders. In September 2018, the banking giant settled with the Dutch public prosecutor for EUR 775 million over the failure of controls to monitor and prevent financial crime. The penalty is the highest ever imposed by the Dutch government and ranks among the top five paid by European banks since 2012 for failing anti-money laundering controls. Dutch officials accused ING of being culpable in money laundering on several occasions during the period from 2010 to 2016. The settlement was accompanied by a report citing specific examples, such as the case of telecommunications company VimpelCom, which paid bribes to the daughter of the former president of Uzbekistan in 2007 and 2011. The bribes were paid through a VimpelCom subsidiary that held a bank account with ING. ING received many indications that the subsidiary was linked to fraudulent activity, according to the prosecutor, but the bank’s monitoring system failed to generate an alert flagging the problematic transactions.

According to the report, ING’s client due diligence did not perform adequate client onboarding checks and correct client risk classifications, while periodical due diligence was disregarded. Moreover, the prosecutor highlighted the bank’s underinvestment in human capital to implement an adequate compliance mechanism. The Netherlands Public Prosecution Service concluded that, as a result of the aforementioned shortcomings, ING showed structural lack of compliance with the country’s Anti-Money Laundering and Counter Terrorism Financing Act.

After the announcement of the settlement, ING was also named in connection with “Troika Laundromat,” a large Russian-based money laundering scheme first disclosed by the Organized Crime and Corruption Reporting Project. In March 2019, ING Italy was barred by the National Bank of Italy from engaging in transactions with new customers. This measure comes after an on-site inspection conducted between Oct. 1, 2018, and Jan. 18, 2019, revealed shortcomings in compliance with anti-money laundering legislation.

-- Robbert Gerritsen, ISS European Research

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Meetings to Watch

Log into Governance Analytics and click on Special Situations Research to enable these links:

Bristol Myers Squibb Acquisition of Celgene | Analysis | Upcoming Meeting on April 12, 2019


Independent Chair Shareholder Proposals V2 | Note | Published on March 18, 2019


Panalpina Leveling the Playing Field | Analysis | Upcoming Meeting on April 5, 2019


Contentious Pipeline - February 2019 | Pipeline | Published on March 08, 2019


DIA Playing the Loser's Game | Note | Published on March 4, 2019


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Upcoming ISS Speaking Events

These are upcoming events where ISS staff will be speaking or in attendance. ISS does not necessarily endorse any of these groups.

April 11, Washington DC
CFA Society Washington, DC: ESG Asset Owners Summit: The Rise & Status of Sustainable Investing
(Ariane de Vienne, ISS ESG)

April 11, Cologne
Schmalenbach Society for Business Economics: Measuring CSR and the Impact of CSR Reporting
(Hendrik Leue, ISS ESG)

April 16, New York
13D Monitor 2019 Active-Passive Investor Summit
(Cristiano Guerra, ISS Special Situations Research)

April 25, Tokyo
Japan Corporate Governance Network Seminar
(Takeyuki Ishida, ISS Research)

May 1, New York
Barclays M&A Conference
(Cristiano Guerra, Special Situations Research)

May 8, Los Angeles
Financial Executives Alliance Luncheon on ESG Investing
(Ariane de Vienne, ISS ESG)

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Interesting Meeting Calendar

This supplemental list highlights upcoming meetings with notable ballot items; these may include companies with interesting or novel shareholder proposals, proxy contests, non-standard management proposals, and more. Appearance on this list does not denote any particular ISS vote recommendation.

Company Ticker Country Meeting Type Date
Straumann Holding AG STMN Switzerland Annual 5-Apr-19
Renault SA RNO France Bondholder 5-Apr-19
Fincantieri SpA FCT Italy Annual 5-Apr-19
PTT Global Chemical Plc PTTGC Thailand Annual 5-Apr-19
Panalpina Welttransport (Holding) AG PWTN Switzerland Special 5-Apr-19
Forbo Holding AG FORN Switzerland Annual 5-Apr-19
Tamedia AG TAMN Switzerland Annual 5-Apr-19
Human Soft Holding Co. KSCC HUMANSOFT Kuwait Annual 7-Apr-19
B Communications Ltd. BCOM Israel Special 7-Apr-19
eHi Car Services Ltd. EHIC Cayman Islands Special 8-Apr-19
Credito Real SA de CV CREAL Mexico Annual 8-Apr-19
SSAB AB SSAB.A Sweden Annual 8-Apr-19
Delta Galil Industries Ltd. DELT Israel Special 8-Apr-19
Bossard Holding AG BOSN Switzerland Annual 8-Apr-19
Akastor ASA AKA Norway Annual 9-Apr-19
IQVIA Holdings, Inc. IQV USA Annual 9-Apr-19
OC Oerlikon Corp. AG OERL Switzerland Annual 9-Apr-19
Banca Mediolanum SpA BMED Italy Annual 9-Apr-19
VZ Holding AG VZN Switzerland Annual 9-Apr-19
The Navigator Co. SA NVG Portugal Annual 9-Apr-19
ANTA Sports Products Ltd. 2020 Cayman Islands Annual 9-Apr-19
Magyar Telekom Telecommunications Plc MTEL Hungary Annual 9-Apr-19
MERLIN Properties SOCIMI SA MRL Spain Annual 9-Apr-19
Industrias Penoles SAB de CV PE&OLES Mexico Annual 9-Apr-19
TV Azteca SAB de CV AZTECACPO Mexico Annual 9-Apr-19
Mesa Air Group, Inc. MESA USA Annual 9-Apr-19
Kudelski SA KUD Switzerland Annual 9-Apr-19
Zhejiang Dahua Technology Co. Ltd. 2236 China Annual 9-Apr-19
Sika AG SIKA Switzerland Annual 9-Apr-19
Husqvarna AB HUSQ.B Sweden Annual 9-Apr-19
Nokian Renkaat Oyj NRE1V Finland Annual 9-Apr-19
Gurit Holding AG GUR Switzerland Annual 9-Apr-19
Aker Solutions ASA AKSO Norway Annual 10-Apr-19
FinecoBank SpA FBK Italy Annual/Special 10-Apr-19
Immobiliare Grande Distribuzione SpA IGD Italy Annual 10-Apr-19
Axactor SE AXA Norway Annual 10-Apr-19
Societatea Nationala Nuclearelectrica SA SNN Romania Special 10-Apr-19
Vinda International Holdings Ltd. 3331 Cayman Islands Annual 10-Apr-19
Sunrise Communications Group AG SRCG Switzerland Annual 10-Apr-19
Mediaset Espana Comunicacion SA TL5 Spain Annual 10-Apr-19
Ultrapar Participacoes SA UGPA3 Brazil Annual 10-Apr-19
Basilea Pharmaceutica AG BSLN Switzerland Annual 10-Apr-19
Heijmans NV HEIJM Netherlands Annual 10-Apr-19
Raia Drogasil SA RADL3 Brazil Annual 10-Apr-19
Tornos Holding AG TOHN Switzerland Annual 10-Apr-19
Henan Shuanghui Investment & Development Co., Ltd. 895 China Annual 10-Apr-19
HUBER+SUHNER AG HUBN Switzerland Annual 10-Apr-19
Electrolux AB ELUX.B Sweden Annual 10-Apr-19
Norwegian Property ASA NPRO Norway Annual 11-Apr-19
Banca Monte dei Paschi di Siena SpA BMPS Italy Annual/Special 11-Apr-19
Alico, Inc. ALCO USA Annual 11-Apr-19
Transportadora de Gas del Sur SA TGSU2 Argentina Annual 11-Apr-19
ORIOR AG ORON Switzerland Annual 11-Apr-19
HIAG Immobilien Holding AG HIAG Switzerland Annual 11-Apr-19
Amer Sports Oyj AMEAS Finland Special 11-Apr-19
UniCredit SpA UCG Italy Annual/Special 11-Apr-19
Aker BP ASA AKERBP Norway Annual 11-Apr-19
Recordati SpA REC Italy Annual 11-Apr-19
Vicat SA VCT France Annual 11-Apr-19
Schweiter Technologies AG SWTQ Switzerland Annual 11-Apr-19
Jeronimo Martins SGPS SA JMT Portugal Annual 11-Apr-19
Telefonica Brasil SA VIVT4 Brazil Annual 11-Apr-19
Concentradora Hipotecaria SAPI de CV FHIPO14 Mexico Annual 11-Apr-19
Concentradora Hipotecaria SAPI de CV FHIPO14 Mexico Annual/Special 11-Apr-19
CCC SA CCC Poland Special 11-Apr-19
Viscofan SA VIS Spain Annual/Special 11-Apr-19
ADO Properties S.A. ADJ Luxembourg Special 11-Apr-19
Bloomberry Resorts Corp. BLOOM Philippines Annual 11-Apr-19
Fairfax India Holdings Corp. FIH.USD Canada Annual 11-Apr-19
EVRY ASA EVRY Norway Annual 11-Apr-19
Holmen AB HOLM.B Sweden Annual 11-Apr-19
Saab AB SAAB.B Sweden Annual 11-Apr-19
Emmi AG EMMN Switzerland Annual 11-Apr-19
Kardex AG KARN Switzerland Annual 11-Apr-19
Attendo AB ATT Sweden Annual 11-Apr-19
Rassini SAB de CV RASSINIA Mexico Annual 11-Apr-19
Natura Cosmeticos SA NATU3 Brazil Annual 12-Apr-19
Natura Cosmeticos SA NATU3 Brazil Special 12-Apr-19
UBI Banca SpA UBI Italy Annual 12-Apr-19
Bristol-Myers Squibb Co. BMY USA Proxy Contest 12-Apr-19
OTP Bank Nyrt OTP Hungary Annual 12-Apr-19
Piaggio & C SpA PIA Italy Annual 12-Apr-19
Magazine Luiza SA MGLU3 Brazil Annual 12-Apr-19
Fiat Chrysler Automobiles NV FCA Netherlands Annual 12-Apr-19
Ratchaburi Electricity Generating Holding Public Co., Ltd. RATCH Thailand Annual 12-Apr-19
Arbonia AG ARBN Switzerland Annual 12-Apr-19
Sichuan Kelun Pharmaceutical Co., Ltd. 2422 China Annual 12-Apr-19
Ferrari NV RACE Netherlands Annual 12-Apr-19
Allreal Holding AG ALLN Switzerland Annual 12-Apr-19
Vietnam Technological & Commercial Joint Stock Bank TCB Vietnam Annual 13-Apr-19
Gafisa SA GFSA3 Brazil Special 15-Apr-19
Prima Industrie SpA PRI Italy Annual 15-Apr-19
Vivendi SA VIV France Annual/Special 15-Apr-19
EcoRodovias Infraestrutura e Logistica SA ECOR3 Brazil Special 16-Apr-19
Atacadao SA CRFB3 Brazil Special 16-Apr-19
Texas Capital Bancshares, Inc. TCBI USA Annual 16-Apr-19
Citigroup Inc. C USA Annual 16-Apr-19
Smiles Fidelidade SA SMLS3 Brazil Annual 16-Apr-19
Iluka Resources Ltd. ILU Australia Annual 16-Apr-19
Davide Campari-Milano SpA CPR Italy Annual 16-Apr-19
DyDo Group Holdings, Inc. 2590 Japan Annual 16-Apr-19
Geox SpA GEO Italy Annual/Special 16-Apr-19
Saras SpA SRS Italy Annual 16-Apr-19
Atacadao SA CRFB3 Brazil Annual 16-Apr-19
Braskem SA BRKM5 Brazil Annual 16-Apr-19
Semapa Sociedade de Investimento e Gestao SGPS SA SEM Portugal Annual 16-Apr-19
Cerved Group SpA CERV Italy Annual/Special 16-Apr-19
Keppel Infrastructure Trust A7RU Singapore Annual 16-Apr-19
Stolt-Nielsen Ltd. SNI Bermuda Annual 16-Apr-19
CAP SA CAP Chile Annual 16-Apr-19
Sanofi SAN France Bondholder 16-Apr-19
PT United Tractors Tbk UNTR Indonesia Annual 16-Apr-19
EcoRodovias Infraestrutura e Logistica SA ECOR3 Brazil Annual 16-Apr-19
Moncler SpA MONC Italy Annual 16-Apr-19
Conzzeta AG CON Switzerland Annual 16-Apr-19
Forus SA FORUS Chile Annual 17-Apr-19
BNP Paribas SA BNP France Bondholder 17-Apr-19
Amplifon SpA AMP Italy Annual 17-Apr-19
Alpargatas SA ALPA4 Brazil Annual 17-Apr-19
Unipar Carbocloro SA UNIP6 Brazil Annual 17-Apr-19

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News Roundup

UK asset manager body rejects FRC’s proposed stewardship definition

The definition of stewardship proposed by the UK’s Financial Reporting Council (FRC) conflicts with asset managers’ and asset owners’ fiduciary duty, according to the country’s asset management trade body.

The Investment Association (IA) said the way the FRC defined stewardship in its updated Stewardship Code would “hinder rather than promote the development of an effective market for stewardship”.

The IA suggested that with “careful redrafting” this and a few other shortcomings could be rectified to allow the code to deliver on expectations.

In the draft 2019 stewardship code, stewardship is defined as “the responsible allocation and management of capital across the institutional investment community, to create sustainable value for beneficiaries, the economy and society”.

Investments & Pensions Europe | April 4, 2019

Senate panel calls for more scrutiny of ESG investing

Institutional investors, index fund managers and proxy advisory firms applying ESG principles to investments came under scrutiny Tuesday during a hearing held by the Senate Committee on Banking, Housing and Urban Affairs.

Of particular concern to Committee Chairman Mike Crapo, R-Idaho, was how ESG shareholder proposals impact retail investors. He said that in the 2018 proxy season, ESG proposals were the largest category of shareholder proposals on proxy ballots, with 15% climate related and 14% related to political contributions. "It is important to understand how institutional investors are voting the shares of the money they manage to make sure that retail investors' interests are being reflected in these voting decisions," Mr. Crapo said at the hearing.

Pensions & Investments | April 2, 2019

Activist funds take aim at Asia Inc's complacent boardrooms

SINGAPORE/SEOUL/HONG KONG -- Seth Fischer lives in hope.

For years, the founder and chief investment officer of Oasis Management has been putting pressure on Japanese companies to radically change the way they operate. His goals have been the same as those pioneered decades ago by "activist" investors in the U.S.: to shake up complacent boards, push companies to shed underperforming businesses and to make them more transparent about the way they operate.

Despite a few victories, however, the revolution inside Japan Inc. has never quite taken off. Yet Fischer insists that the change he has sought for so long is now at hand.

"I feel like, finally, we have much more opportunity to have influence over management," Fischer told the Nikkei Asian Review. "The management is much more open, sensitive and available to improve their governance to drive value for everybody. We are getting a lot more responses from management than ever before ... and not just words."

Nikkei Asia Review | April 3, 2019

U.S. regulator rules out Exxon shareholder vote on climate resolution

Exxon Mobil Corp is not required to let its shareholders vote on setting greenhouse gas targets, the U.S. Securities and Exchange Commission said on Tuesday, agreeing with the company’s request to reject the proposal.

Exxon in late January asked the SEC for permission to bar a shareholder submission calling on the company to set emissions targets beginning next year that “aligned with the greenhouse gas reduction goals established by the Paris climate agreement.”

Exxon argued the resolution was misleading, substantially implemented and an attempt to interfere with its management responsibilities.

Reuters | April 2, 2019

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ISS Updates & Links

Links in these sections are available to subscribers through our on-line platform. 

To access these documents, first log into Governance Analytics and then click on Governance Exchange (or Special Situations Research for those noted items) to enable these links:

2019 ISS Publications

2019 Compensation Insights: An Interview with the ISS U.S. Compensation Team (available on ICS website)

Insights into Value Creation: Using EVA to Measure Performance (available on ICS website)

Corporate Governance in Emerging Markets (available on ISS website)

The Long View: The Role of Shareholder Proposals in Shaping US Corporate Governance (2000-2018) (available on ISS website)

The Long View: US Proxy Voting Trends on E&S Issues from 2000 to 2018 (available on ISS website)

The Corporate Governance World in 2019 (available on ISS website)

Top 10 Corporate Governance Topics to Watch in 2019 (available on ISS website)

2018 ISS Publications

California Dreamin': The Impact of the New Board Gender Diversity Law (available on ISS website)

Pay in the Bay: Compensation Practices at San Francisco Bay Area Technology Companies

2018 US Equity Compensation Plans Overview and Trends (available on ICS website)

Independent Board Leadership Matters: Evidence from Governance Practices (available on ISS website)

C-Suite Gender Diversity and Company Performance (available on ISS website)

Director Skills: Diversity of Thought and Experience in the Boardroom (available on ISS website)

2018 European Voting Results Report

Board Refreshment: Finding the Right Balance (available on ICS website)

Women in the C-Suite: The Next Frontier in Gender Diversity (available on ISS website)

A Preliminary Review of the 2018 US Proxy Season (available on ICS website)

Peer Selection and the Wisdom of the Crowd (available on ICS website)

European Shareholder Rights Directive II: An Overview (available on ISS website)

Global Governance: Board Independence Standards and Practices

An Early Look at the U.S. 2018 Proxy Season Trends (available on ISS website)

U.S. Board Study: Board Accountability Practices Review (available on ISS website)

U.S. Board Study: Board Diversity Review (available on ISS website)

An Early Look at the State of U.S. CEO Pay (available on ISS website)

An Overview of U.S. shareholder Proposal Filings (available on ISS website)

2030: An Odyssey to Thirty-Percent Board Diversity (available on ISS website)

Sexual Misconduct Risk: Five Steps for Effective Management (available on ISS website)

Building Company Watchlists for Proxy Season (available on ISS website)

U.S. Tax Reform: Changes to 162(m) and Implications for Investors (available on ISS website)

2019 Season Previews

2019 US Environmental and Social Issues Proxy Season Preview

2019 Canada Proxy Season Preview

2019 United Kingdom Proxy Season Preview

2019 Continental Europe Proxy Season Preview

2018 Season Reviews

2018 Australia and New Zealand Proxy Season Review

2018 United Kingdom Proxy Season Review

2018 Singapore Proxy Season Review

2018 Hong Kong Proxy Season Review

2018 Europe Proxy Season Review

2018 Japan Proxy Season Review

2018 Canada Proxy Season Review

2018 Taiwan Proxy Season Review

2018 US Uncontested Elections and Governance Proposals Proxy Season Review

2018 China Proxy Season Review

2018 France Proxy Season Review

2018 US Environmental and Social Issues Proxy Season Review

2018 US Executive Compensation Proxy Season Review

2018 Latin America Proxy Season Review

2018 South Korea Proxy Season Review

2019 Market IQs

2019 Greece Market IQ

2019 Italy Market IQ

2018 Market IQs

2018 Portugal Market IQ

2018 Israel Market IQ

2018 Singapore Market IQ

2018 Hong Kong Market IQ

2018 China Market IQ

2018 France Market IQ

2018 Japan Market IQ

2018 Netherlands Market IQ

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For questions, comments or suggestions, email contactus@isscorporatesolutions.com.


Drawing on ISS' Data Desk, Governance Insights delivers news and analysis of corporate governance developments, including insights and reporting found in no other media, on a periodic basis. While we exercise due care in compiling this newsletter, we assume no liability with respect to the consequences of relying on this information for investment or other purposes.


Founded in 1985 as Institutional Shareholder Services Inc., ISS is the world’s leading provider of corporate governance and responsible investment (RI) solutions for asset owners, asset managers, hedge funds, and asset service providers. ISS’ solutions include: objective governance research and recommendations; RI data, analytics, advisory and research; end-to-end proxy voting and distribution solutions; turnkey securities class-action claims management (provided by Securities Class Action Services, LLC); and reliable global governance data and modeling tools. Clients rely on ISS' expertise to help them make informed corporate governance and responsible investment decisions. For more information, please visit www.issgovernance.com.

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ICS is a wholly owned subsidiary of Institutional Shareholder Services Inc. (ISS). ICS provides advisory services, analytical tools and publications to companies to enable them to improve shareholder value and reduce risk through the adoption of improved corporate governance practices. The ISS Global Research Department, which is separate from ICS, will not give preferential treatment to, and is under no obligation to support, any proxy proposal of a corporate issuer (whether or not that corporate issuer has purchased products or services from ICS).  Similarly, ISS’ responsible investment research and analytics teams will not provide preferential treatment to, and is under no obligation to provide a favorable rating, assessment and/or any other favorable result to, any corporate issuer (whether or not that corporate issuer has purchased products or services from ICS).  No statement from an employee of ICS should be construed as a guarantee that ISS will (a) recommend that its clients vote in favor of any particular proxy proposal nor (b) provide a favorable rating or other assessment of any corporate issuer.

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