More than 20% of companies in the S&P 500 have now adopted proxy access. We expect that proxy access will become a majority practice among S&P 500 companies in the next 2 to 3 years.
As a follow-up to our previous Sidley Updates on proxy access, this update presents the full year of 2015 data and reflects recent developments related to proxy access, including:
- The New York City Comptroller’s announcement that the New York City Pension Funds have expanded the “Boardroom Accountability Project” by submitting proxy access proposals at 72 companies for the 2016 proxy season;
- ISS and Glass Lewis proxy voting policy updates and guidance related to proxy access;
- Amendments made to proxy access bylaws by early adopters in light of shareholder outreach and developments in market practice; and
- No-action requests submitted to the SEC seeking exclusion of proxy access proposals, primarily on “substantial implementation” grounds under Rule 14a-8(i)(10).
We have also updated the Appendix which highlights, on a company-by-company basis, various terms of proxy access provisions adopted by 118 companies in 2015, including the terms adopted by 56 companies since we published our last update on November 4, 2015.
Click here to view this update.
If you have any questions regarding this Sidley Update, please contact the Sidley lawyer with whom you usually work, or
|Holly J. Gregory
+1 212 839 5853
|John P. Kelsh
+1 312 853 7097
+1 212 839 8541
|Claire H. Holland
+1 312 853 7099
Corporate Governance and Executive Compensation Practice
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