ISS and Glass Lewis Proxy Voting Policy Updates for the 2025 Proxy Season

Proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis & Co. (Glass Lewis) have updated their proxy voting policies for shareholder meetings held on or after February 1, 2025 (ISS) or January 1, 2025 (Glass Lewis). This Sidley Update summarizes the most noteworthy changes in ISS and Glass Lewis policies that apply to U.S. companies and provides some practical considerations.

Key policy updates relate to:

• board oversight of artificial intelligence 
• board responsiveness to significantly supported (>30%) shareholder proposals
• poison pills
• SPAC extension proposals
• natural capital-related shareholder proposals
• management proposals relating to reincorporation
• compensation-related matters

Appendix A summarizes the various circumstances in which ISS or Glass Lewis may recommend votes against directors in an uncontested election.

Please click here to read the Sidley Update without the appendix.

Please click here to read the Sidley Update with the appendix.