On October 21, 2013, Institutional Shareholder Services Inc. (“ISS”) published its key draft policy changes for the 2014 proxy season (the “Draft Policies”). There are only two proposed updates for the US, neither of which represents sweeping reforms. The first modifies the existing pay for performance quantitative screen and the second clarifies ISS’s policy on board responsiveness to majority supported shareholder proposals. The comment period on the Draft Policies closes on November 4, 2013. ISS’s final 2014 US and international policy updates are expected to be released during the week of November 18, 2013, and the final 2014 Global Policy Summary and Concise Guidelines are expected to be released in December. The 2014 policies will generally be effective for shareholder meetings of publicly traded companies held on or after February 1, 2014.
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