Going Overboard?
Welcome to this week's News Brief.
State Street Global Advisors wants boards to disclose the process by which they review directors' time commitments. It's part of a trend among some investors that are looking beyond just the number of other board seats a director holds when judging whether they are up to the job. Instead, the asset manager wants boards to describe how they assess members' capacity to serve.
"Rather than having a rudimentary and a blunt tool, we'd rather focus on nominating committees, where the accountability lies, and what else should be a requirement for disclosure," an SSGA exec told Agenda.
But overboarding policies aren't going anywhere. Proxy advisor Glass Lewis is now including whether boards have a numerical limit for board service in evaluation reports.
Split Decisions
ISS and Glass Lewis gave different voting recommendations in nearly three quarters of the proxy contests that have gone to a vote since 2021, according to new research from Lazard. Shareholders were more likely to align with Glass Lewis in a split situation.
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