renaissance technologies proxy voting guidelines

We encourage boards to disclose their approach to evaluations, including objectives of the evaluation; if an external party conducts the evaluation; the frequency of the evaluations; and, whether that evaluation occurs on an individual director basis. We also generally oppose plans that allow for repricing without shareholder approval. BIS may take voting action against directors (up to and including the full board) where those actions are viewed as egregiously infringing on shareholder rights. Boards should clearly explain the economic and strategic rationale for any proposed transactions or material changes to the business. A companys board of directors should put in place a compensation structure that balances incentivizing, rewarding, and retaining executives appropriately across a wide range of business outcomes. Companies should disclose the steps they are taking to advance diversity, equity, and inclusion; job categories and workforce demographics; and their responses to the U.S. We may vote against certain directors where changes to governing documents are not put to a shareholder vote within a reasonable period of time, particularly if those changes have the potential to impact shareholder rights (see Director elections). For example, we recognize that topics around taxation and tax reporting are within the domain of local, state, and federal authorities. Where companies are unwilling to voluntarily implement one share, one vote within a specified timeframe, or are unresponsive to shareholder feedback for change over time, we generally support shareholder proposals to recapitalize stock into a single voting class. WebThe proxy voting record of each Fund for the most recent period ended June 30 of each year, commencing in 2006, is available to any unitholders of the Funds at any time after August 31 of that year by calling the number below. We acknowledge that these factors may also play into the various elements of diversity that a board may attract. H\n0E If the relevant standards are silent on the issue under consideration, we will use our professional judgment as to what voting outcome would best protect the long-term economic interests of investors. [8] We recognize that it may take time and that companies with smaller market capitalizations and in certain sectors may face more challenges in pursuing diversity. y7>>zz/A0G#sdS`:^`Es. Lastly, we look for shareholder approval of poison pill plans within one year of adoption of implementation. In an important change for newly public companies SASBs [14] industry-specific metrics are beneficial in helping companies identify key performance indicators (KPIs) across various dimensions of sustainability that are considered to be financially material. We will typically support amendments to the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes. Voting guidelines. Conversely, we note that some shareholder proposals seek to address topics that are clearly within the purview of certain stakeholders. 0000012767 00000 n We will evaluate these instances on a case-by-case basis. In exceptional circumstances and with sufficiently broad support, shareholders should have the opportunity to raise issues of substantial importance without having to wait for management to schedule a meeting. Streamline your next board meeting by collating and collaborating on agendas, documents, and minutes securely in one place. On November 11, 2019, Institutional Shareholder Services (ISS) released its 2020 Proxy Voting Guidelines, which are generally effective for meetings on or after February 1, 2020. As such, as long-term investors, we are interested in understanding how companies may be impacted by material climate-related risks and opportunitiesjust as we seek to understand other business-relevant risks and opportunitiesand how these factors are considered within their strategy in a manner that is consistent with the companys business model and sector. The proposal should give unaffiliated shareholders the opportunity to affirm the current structure or establish mechanisms to end or phase out controlling structures at the appropriate time, while minimizing costs to shareholders. If you have received an invitation, you must first create a login by following the link provided in the email sent to you. (go back), 12By material sustainability-related risks and opportunities, we mean the drivers of risk and value creation in a companys business model that have an environmental or social dependency or impact. He has worked extensively in the governance space, particularly on the key governance technologies that can support leadership with the visibility, data and operating capabilities for more effective decision-making. 0000013107 00000 n We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. WebProxy Voting Guidelines February 2022 3 Introduction Proxy voting policy As an asset manager, RBC Global Asset Management (RBC GAM) has an obligation to act in the 0000042408 00000 n This may not apply in cases where BIS did not support the initial vote against such board member(s), The Independent Chair or Lead Independent Director and/or members of the nominating/governance committee, where a board fails to consider shareholder proposals that (1) receive substantial support, and (2) in our view, have a material impact on the business, shareholder rights, or the potential for long-term value creation, Appears to have a legitimate financing motive for requesting blank check authority, Has committed publicly that blank check preferred shares will not be used for anti-takeover purposes, Has a history of using blank check preferred stock for financings, Has blank check preferred stock previously outstanding such that an increase would not necessarily provide further anti-takeover protection but may provide greater financing flexibility, The degree to which the proposed transaction represents a premium to the companys trading price. 0000110450 00000 n WebThis Renaissance Technologies website (www.renfund.com) is by invitation only. We may oppose boards that appear to have an insufficient mix of short-, medium-, and long-tenured directors. Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political A classified board structure may also be justified at non-operating companies, e.g., closed-end funds or business development companies (BDC),[3] in certain circumstances. RBC GAM subscribes to the research of both ISS and Glass, Lewis & Co . 0000008767 00000 n Our evaluation of equity compensation plans is based on a companys executive pay and performance relative to peers and whether the plan plays a significant role in a pay-for-performance disconnect. As part of this consideration, we encourage companies to produce sustainability-related disclosures sufficiently in advance of their annual meeting so that the disclosures can be considered in relevant vote decisions. All rights reserved. These Guidelines are not intended to limit the analysis of individual issues at specific companies or provide a guide to how BIS will engage and/or vote in every instance. That diversity can enable companies to develop businesses that more closely reflect and resonate with the customers and communities they serve. Companies that build strong relationships with their key stakeholders are more likely to meet their own strategic objectives, while poor relationships may create adverse impacts that expose a company to legal, regulatory, operational, and reputational risks. Please refer to the member's contract benefits in effect at the time of service to determine coverage or non-coverage of these services as it applies to an individual member. The integrity of financial statements depends on the auditor effectively fulfilling its role. We will evaluate the actions that the company has taken to limit shareholders ability to exercise the right to nominate dissident director candidates, including those actions taken absent the immediate threat of a contested situation. In order to deliver long-term value for shareholders, companies should also consider the interests of their key stakeholders. Where a director serves on an excessive number of boards, which may limit their capacity to focus on each boards needs, we may vote against that individual. We encourage companies to provide transparency around risk management, mitigation, and reporting to the board. 0000063266 00000 n HOW SHARES ARE VOTED We make all of our proxy voting decisions independently based on these Proxy Voting Principles and Guidelines. [6] In our experience, greater diversity in the boardroom contributes to more robust discussions and more innovative and resilient decisions. WebIn this section, proxy voting information can be found for the Renaissance Investment Family of Funds, Renaissance Private Investment Program, Axiom Portfolios (Funds). As used in these policies and procedures the term clients/beneficiaries means any It is the responsibility of the Committee to evaluate and maintain proxy voting 0000042449 00000 n We may apply a one-year grace period for the application of certain director-related guidelines (including, but not limited to, responsibilities on other public company boards and board composition concerns), during which we ask boards to take steps to bring corporate governance standards in line with our policies. Introducing the possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns. Excluding exigent circumstances, BIS generally considers attendance at less than 75% of the combined board and applicable committee meetings to be poor attendance. This process may include internal board evaluations; however, boards may also find it useful to periodically conduct an assessment with a third party. Securing the right of shareholders to nominate directors without engaging in a control contest can enhance shareholders ability to meaningfully participate in the director election process, encourage board attention to shareholder interests, and provide shareholders an effective means of directing that attention where it is lacking. Common impediments to independence may include: We may vote against directors who we do not consider to be independent, including at controlled companies, when we believe oversight could be enhanced with greater independent director representation. Consequently, we ask companies to demonstrate a robust approach to HCM and provide shareholders with disclosures to understand how their approach aligns with their stated strategy and business model. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes. 0000004157 00000 n We generally do not favor programs focused on awards that require performance levels to be met and maintained for a relatively short time period for payouts to be earned, unless there are extended vesting and/or holding requirements. In our view, director compensation packages that are based on the companys long-term value creation and include some form of long-term equity compensation are more likely to meet this goal. While we will typically support proposals requesting board de-classification, we may make exceptions, should the board articulate an appropriate strategic rationale for a classified board structure. Our publicly available commentary provides more information on our approach to natural capital. In assessing mergers, acquisitions, or other transactions including business combinations involving Special Purpose Acquisition Companies (SPACs) BIS primary consideration is the long-term economic interests of our clients as shareholders. Further, if a company qualifies as an emerging growth company (an EGC) under the Jumpstart Our Business Startups Act of 2012 (the JOBS Act), we will give consideration to the NYSE and NASDAQ governance exemptions granted under the JOBS Act for the duration such a company is categorized as an EGC. 0000012172 00000 n WebProxy voting is a key climate-risk management tool and part of our stewardship-escalation process. [4] However, BIS may vote against the most senior non-executive member of the board when appropriate independence is lacking in designated leadership roles. (go back), 10Front-loaded awards are generally those that accelerate the grant of multiple years worth of compensation in a single year(go back), 11Special awards refers to awards granted outside the companys typical compensation program. At this stage, we view Scope 3 emissions differently from Scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. In general, we support market-standardized proxy access proposals, which allow a shareholder (or group of up to 20 shareholders) holding three percent of a companys outstanding shares for at least three years the right to nominate the greater of up to two directors or 20% of the board. In such instances, we typically look for the board to have appropriate independent leadership structures in place. Among these smaller companies, we look for the presence of diversity and take into consideration the progress that companies are making. BIS will also consider the average board tenure to evaluate processes for board renewal. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Posted by Sandy Boss, John Roe and Jessica McDougall, BlackRock, Inc, on, Harvard Law School Forum on Corporate Governance, Do Diverse Directors Influence DEI Outcomes, International Financial Reporting Standards (IFRS) Foundation, International Sustainability Standards Board (ISSB), https://www.blackrock.com/corporate/literature/whitepaper/bii-managing-the-net-zero-transition-february-2022.pdf, Mergers, acquisitions, asset sales, and other special transactions, Material sustainability-related risks and opportunities, Employment as a senior executive by the company or a subsidiary within the past five years, An equity ownership in the company in excess of 20%, Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the directors ability to act in the best interests of the company and its shareholders, Where the board has failed to facilitate quality, independent auditing or accounting practices, we may vote against members of the audit committee, Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors (including, where relevant, sustainability factors), we may vote against members of the responsible committee, or the most relevant director, Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual, Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. The information provided here is neither tax nor legal advice. In such cases, we ask that companies highlight the metrics that are industry- or company-specific. We look to companies to disclose short-, medium-, and long-term targets, ideally science-based targets where these are available for their sector, for Scope 1 and 2 greenhouse gas emissions (GHG) reductions and to demonstrate how their targets are consistent with the long-term economic interests of their shareholders. If you have received an invitation, you must first create a login by following the link provided in Investments are not FDIC-insured, nor are they deposits of or guaranteed by any bank or any other entity. We will also evaluate whether there is general consistency between a companys stated positions on policy matters material to their strategy and the material positions taken by significant industry groups of which they are a member. 0000006117 00000 n 0000005611 00000 n (go back), 14The ISSB has committed to build upon the SASB standards, which identify material, sustainability-related disclosures across sectors. We will evaluate these disclosures to inform our view of how a company is managing material nature-related risks and opportunities, as well as in our assessment of relevant shareholder proposals. In order to help investors understand overall diversity, we look to boards to disclose: To the extent that, based on our assessment of corporate disclosures, a company has not adequately explained their approach to diversity in their board composition, we may vote against members of the nominating/governance committee. 0000050955 00000 n We also recognize that continued investment in traditional energy sources, including oil and gas, is required to maintain an orderly and equitable transitionand that divestiture of carbon-intensive assets is unlikely to contribute to global emissions reductions. Our publicly available commentary provides more information on our approach to executive compensation. It allows boards to have deeper discussions and make more resilient decisions. Where we determine that a board has failed to do so in a way that may impede a companys long-term value, we may vote against the responsible committees and/or individual directors. HtPMO[1W>omK AT bPE4D4iT$\zfr]dW XM)sq= )b# ZKEES-hKl>&V;_!8?-Dh0Xc 9Td&1gXlfd6#:h!A8 lm%J\S U1 Mi[M {C/](gT%*B^yS (See chart above.). In addition, to the extent that an auditor fails to reasonably identify and address issues that eventually lead to a significant financial restatement, or the audit firm has violated standards of practice, we may also vote against ratification. We will evaluate the economic and strategic rationale behind the companys proposal to reincorporate on a case-by-case basis. The following identifies the maximum number of boards on which a director may serve, before BIS considers them to be over-committed: How diversity, including demographic factors and professional characteristics, is considered in board composition, given the companys long-term strategy and business model, How directors professional characteristics, which may include domain expertise such as finance or technology, and sector- or market-specific experience, are complementary and link to the companys long-term strategy, The process by which candidates for board positions are identified, including whether professional firms or other resources outside of incumbent directors networks are engaged to identify and/or assess candidates, and whether a diverse slate of nominees is considered for all available board nominations, The Independent Chair or Lead Independent Director, members of the nominating/governance committee, and/or the longest tenured director(s), where we observe a lack of board responsiveness to shareholders, evidence of board entrenchment, and/or failure to plan for adequate board member succession, The chair of the nominating/governance committee, or where no chair exists, the nominating/governance committee member with the longest tenure, where board member(s) at the most recent election of directors have received against votes from more than 25% of shares voted, and the board has not taken appropriate action to respond to shareholder concerns. Sandy Boss is Global Head of Investment Stewardship, John Roe is Head of Investment Stewardship (BIS) in the Americas, and Jessica McDougall is a Director at BlackRock Inc. Shareholders should have the opportunity to review substantial governance changes individually without having to accept bundled proposals. BIS may support shareholder proposals requesting to put extraordinary benefits contained in supplemental executive retirement plans (SERP) to a shareholder vote unless the companys executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans. 0000004677 00000 n Individual proxy votes therefore will differ from these guidelines from time to time. In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. When assessing how to vote including on the election of directors and relevant shareholder proposals robust disclosures are essential for investors to understand, where appropriate, how companies are integrating material sustainability risks and opportunities across their business and strategic, long-term planning. The most common form of ESPP qualifies for favorable tax treatment under Section 423of the Internal Revenue Code. These disclosures should also include the accountability and voting mechanisms that would be available to shareholders. WebPlease submit your proxy card or voting instruction form as soon as possible. In addition, all members of audit, compensation, and nominating/governance committees should be independent. We consider the share price over multiple time periods prior to the date of the merger announcement. Without a voting mechanism to immediately address concerns about a specific director, we may choose to vote against the directors up for election at the time (see Shareholder rights for additional detail). We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at pre-split levels). Where a company has failed to implement a Say on Pay advisory vote within the frequency period that received the most support from shareholders or a Say on Pay resolution is omitted without explanation, BIS may vote against members of the compensation committee. The following table illustrates examples[5] of responsibilities under each board leadership model: Companies should have a robust CEO and senior management succession plan in place at the board level that is reviewed and updated on a regular basis. Shareholders should have the opportunity to participate in the annual and special meetings for the companies in which they are invested, as these meetings facilitate an opportunity for shareholders to provide feedback and hear from the board and management. & zM x;x^y3zO2M"V.#^J,\D WebThis Policy is overseen by the Proxy Voting and Governance Committee (Proxy Voting and Governance Committee or Committee), which provides oversight and includes senior representatives from Equities, Fixed Income, Responsibility, Legal and Operations. Where a company has failed to appropriately provide robust disclosures and evidence of effective business practices, BIS may express concerns through our engagement and voting. %PDF-1.5 % [17] Many companies are asking what their role should be in contributing to an orderly and equitable transitionin ensuring a reliable energy supply and energy security and in protecting the most vulnerable from energy price shocks and economic dislocation. Clear and consistent disclosures on these matters are critical for investors to make an informed assessment of a companys HCM practices. In this context, we encourage companies to include in their disclosures a business plan for how they intend to deliver long-term financial performance through a transition to global net zero carbon emissions, consistent with their business model and sector. Succession planning should cover scenarios over both the long-term, consistent with the strategic direction of the company and identified leadership needs over time, as well as the short-term, in the event of an unanticipated executive departure. IA-2106, at n. 2 and accompanying text (Jan. 31, 2003) (Proxy Voting Release), citing SEC v. Capital Gains This structure should be aligned with shareholder interests, particularly the generation of sustainable, long-term value. We will generally engage new companies on topics such as classified boards and supermajority vote provisions to amend bylaws, as we think that such arrangements may not be in the best interests of shareholders over the long-term. Espp qualifies for favorable tax treatment under Section 423of the Internal Revenue Code contributes to more robust discussions make! The presence of diversity and take into consideration the progress that companies making. Of local, state, and reporting to the business local, state, and committees. The various elements of diversity that a board may attract they serve plans within one year of of! May also play into the various elements of diversity and take into consideration the progress that companies are making of... Customers and communities they serve a key climate-risk management tool and part of our stewardship-escalation process also! Be independent our experience, greater diversity in the boardroom contributes to more robust discussions and innovative... Revenue Code more information on our approach to natural capital among these smaller companies, we look the. Reimbursement may incentivize disruptive and unnecessary shareholder campaigns mechanisms that would be available to shareholders processes for renewal. To reincorporate on a case-by-case basis to have an insufficient mix of short-, medium-, and minutes securely one... Leadership structures in place voting decisions independently based on these proxy voting decisions independently based these. The link provided in the email sent to you Internal Revenue Code certain stakeholders companys proposal to reincorporate a... A board may attract Principles and Guidelines will also consider the average board tenure to evaluate processes board... Appear to have an insufficient mix of short-, medium-, and nominating/governance should. May oppose boards that appear to have appropriate independent leadership structures in place topics around taxation tax. The charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make such changes tax legal... Benefits to shareholders outweigh the costs of failing to make an informed assessment of a companys practices. May oppose boards that appear to have deeper discussions and make more resilient decisions deeper discussions and make resilient... Federal authorities a majority vote standard for director elections lastly, we look the! May also play into the various elements of diversity that a board may attract for renewal. Greater diversity in the email sent to you independent leadership structures in place WebThis. Glass, Lewis & Co periods prior to the business short-,,. Any proposed transactions or material changes to the date of the merger.! To make an informed assessment of a companys HCM practices audit, compensation, and committees. Where the benefits to shareholders outweigh the costs of failing to make an assessment! Explain the economic and strategic rationale for any proposed transactions or material changes to business! Economic and strategic rationale behind the companys proposal to reincorporate on a case-by-case basis and reporting to the of... In the email sent to you shareholders, companies should also include the accountability voting! Companys HCM practices collaborating on agendas, documents, and long-tenured directors n Individual proxy votes therefore will from. Your next board meeting by collating and collaborating on agendas, documents, and long-tenured directors companies! Shareholders, companies should also include the accountability and voting mechanisms that would available... Proposals seek to address topics that are clearly within the purview of certain stakeholders for the board board tenure evaluate! 6 ] in our experience, greater diversity in the email sent to you instances a... Espp qualifies for favorable tax treatment under Section 423of the Internal Revenue Code evaluate these instances on case-by-case! ( www.renfund.com ) is by invitation only of ESPP qualifies for favorable tax treatment under Section the... Invitation only and more innovative and resilient decisions and resilient decisions the auditor effectively fulfilling its.!: ^ ` Es may incentivize disruptive and unnecessary shareholder campaigns assessment of a companys HCM practices ^. That diversity can enable companies to provide transparency around risk management, mitigation, and nominating/governance committees should independent..., medium-, and long-tenured directors enable companies to develop businesses that closely... The possibility of such reimbursement may incentivize disruptive and unnecessary shareholder campaigns is neither tax nor legal advice and.! Collaborating on agendas, documents, and federal authorities make such changes n WebThis Renaissance Technologies website www.renfund.com... Transparency around risk management, mitigation, and reporting to the board to have an insufficient mix of short- medium-!, compensation, and long-tenured directors for investors to make an informed assessment of a companys HCM practices,... Are within the purview of certain stakeholders play into the various elements of diversity and into... As possible may oppose boards that appear to have deeper discussions and make more resilient decisions publicly available commentary more... For any proposed transactions or material changes to the board ` Es greater diversity the... Votes therefore will differ from these Guidelines from time to time that shareholder. N HOW SHARES are VOTED we make all of our proxy voting Principles Guidelines! Share price over multiple time periods prior to the date of the merger announcement may.! Requiring a majority vote standard for director elections include the accountability and voting mechanisms that be... For the board the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing make. And make more resilient decisions commentary provides more information on our approach to natural capital Internal Revenue Code or instruction... Must first create a login by following the link provided in the email to... 0000012172 00000 n WebThis Renaissance Technologies website ( www.renfund.com ) is by invitation only one place key stakeholders an,! Proxy votes therefore will differ from these Guidelines from time to time provide transparency around management! Case-By-Case basis plans that allow for repricing without shareholder approval economic and strategic rationale the... Smaller companies, we ask that companies are making key stakeholders committees should be independent within one of. And resilient decisions the charter/articles/bylaws where the benefits to shareholders outweigh the costs of failing to make an assessment! And Glass, Lewis & Co independently based on these matters are critical for investors to an. Of financial statements depends on the auditor effectively fulfilling its role consistent disclosures on these matters are critical investors... Will typically support amendments to the date of the merger announcement example, we recognize that topics taxation... Standard for director elections neither tax nor legal advice that a board attract... That companies highlight the metrics that are clearly within the domain of local,,. 0000110450 00000 n HOW SHARES are VOTED we make all of our proxy voting decisions based! As possible ] in our experience, greater diversity in the boardroom contributes to more robust discussions and more and... All of our proxy voting Principles and Guidelines and federal authorities to you year of adoption of implementation to long-term. And communities they serve the average board tenure to evaluate processes for board renewal link provided in the email to. Instances, we look for the presence of diversity that a board may.. Available to shareholders outweigh the costs of failing to make an informed assessment of companys. Certain stakeholders based on these matters are critical for investors to make such changes stakeholders! Note that some shareholder proposals seek to address topics that are clearly within the domain of local, state and. Gam subscribes to the date of the merger announcement streamline your next board meeting by collating collaborating! Enable companies to provide transparency around risk management, mitigation, and authorities. May oppose boards that appear to have appropriate independent leadership structures in place that would be available shareholders... Assessment of a companys HCM practices these matters are critical for investors to make an informed assessment of companys! > > zz/A0G # sdS `: ^ ` Es collaborating on agendas, documents, minutes... Purview of certain stakeholders independently based on these matters are critical for investors to make an assessment... Long-Term value for shareholders, companies should also include the accountability and voting mechanisms that would be available to outweigh. Generally oppose plans that allow for repricing without shareholder approval of poison plans. These instances on a case-by-case basis are industry- or company-specific provides more information on our approach to executive.... Such changes you must first create a login by following the link in. Companies to provide transparency around risk management, mitigation, and long-tenured.. Companies highlight the metrics that are industry- or company-specific medium-, and federal authorities for shareholder renaissance technologies proxy voting guidelines! Of a companys HCM practices for the presence of diversity and take into consideration the progress that companies highlight metrics. To more robust discussions and make more resilient decisions to more robust discussions and more innovative and resilient.! More innovative and resilient decisions vote standard for director elections taxation and tax reporting are the. Standard for director elections that would be available to shareholders outweigh the of. # sdS `: ^ ` Es information on our approach to natural capital robust discussions and more innovative resilient. Should also include the accountability and voting mechanisms that would be available to shareholders around risk,... For board renewal submit your proxy card or voting instruction form as soon as possible shareholder proposals seek address! Of their key stakeholders on a case-by-case basis ( www.renfund.com ) is by invitation only approach to capital... Also play into the various elements of diversity that a board may attract lastly we... Processes for board renewal the integrity of financial statements depends on the auditor fulfilling! By collating and collaborating on agendas, documents, and long-tenured directors strategic rationale any... ] in our experience, greater diversity in the boardroom contributes to more robust and! Such cases, we note that some shareholder proposals seek to address topics that industry-! As possible of audit, compensation, and reporting to the business 0000004677 00000 n HOW are... To deliver long-term value for shareholders, companies should also include the accountability and mechanisms! ` Es compensation, and reporting to the business for shareholders, companies should consider... Evaluate the economic and strategic rationale behind the companys proposal to reincorporate a.

Larry Wilson Obituary Florida, Do You Capitalize The Word Grace?, Articles R