Glass, Lewis & Co.

Glass Lewis is excited to introduce Workspace Data Sharing— a new capability within the Engagement Management Platform (EMP) that enables organizations to share engagement data across internal and external workspaces.    As stewardship operating models continue to evolve, investors are looking for more efficient and scalable ways to share stewardship insights across teams and stakeholders.    Workspace Data Sharing helps improve transparency, streamline operational efficiency, and reporting practices by enabling workspace-to-workspace sharing of engagement data.    It supports a range of use cases across asset managers, asset owners, multi-team investment organizations and collaborative initiatives.  Key benefits include: 🔸Improved stewardship transparency  🔸Technology-enabled engagement data sharing  🔸Streamlined reporting workflows  🔸Governance-friendly workspace structures    👉Learn more Workspace Data Sharing and how it can help streamline stewardship collaboration for your organization: https://hubs.ly/Q04r6rVy0

𝗛𝗼𝘄 𝗱𝗶𝗱 𝘁𝗵𝗲 𝗦𝗘𝗖’𝘀 𝗻𝗲𝘄 𝗮𝗽𝗽𝗿𝗼𝗮𝗰𝗵 𝘁𝗼 𝗻𝗼-𝗮𝗰𝘁𝗶𝗼𝗻 𝗿𝗲𝗾𝘂𝗲𝘀𝘁𝘀 𝗶𝗺𝗽𝗮𝗰𝘁 𝘁𝗵𝗲 𝘀𝗵𝗮𝗿𝗲𝗵𝗼𝗹𝗱𝗲𝗿 𝗽𝗿𝗼𝗽𝗼𝘀𝗮𝗹 𝗹𝗮𝗻𝗱𝘀𝗰𝗮𝗽𝗲 𝘁𝗵𝗶𝘀 𝗽𝗿𝗼𝘅𝘆 𝘀𝗲𝗮𝘀𝗼𝗻? 🛟 Amid a multi-year decline in shareholder proposal volumes, the SEC’s decision to step away from the no-action process appears to have buoyed the number of proposals going to a vote this year. 🎯 Issuers have been increasingly sophisticated in targeting proposal exclusions, with individual activist proponents much more likely to get pushback than institutional investors. 🪞The mix of different topical categories covered by shareholder proposals targeted for exclusion largely mirrored that of proposals that went to a vote. 📉 A major dropoff in compensation proposals, along with continued declines in E&S, contributed to growing focus on governance topics. 📈 So-called "anti-ESG" proponents were active across the board, submitting more environmental and social proposals while also contributing to a wave of requests for the separation of chair and CEO roles. 🔗 Read the article “Tracking Shareholder Proposals and Company Exclusions: Post-Season Observations” for more key takeaways and data on how companies and investors have navigated the SEC’s new approach to shareholder proposal exclusions. https://hubs.ly/Q04q_JpR0

𝗦𝘁𝗲𝘄𝗮𝗿𝗱𝘀𝗵𝗶𝗽 𝗮𝗻𝗱 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗽𝗿𝗼𝗰𝗲𝘀𝘀𝗲𝘀 𝗮𝗿𝗲 𝗶𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴𝗹𝘆 𝗲𝘅𝗽𝗲𝗰𝘁𝗲𝗱 𝘁𝗼 𝗶𝗻𝗳𝗼𝗿𝗺 𝗼𝗻𝗲 𝗮𝗻𝗼𝘁𝗵𝗲𝗿. Responses to the 2026 Glass Lewis Investment Stewardship Survey confirmed that strengthening the feedback loop between stewardship insights and investment decision-making is a top priority for improvement among institutional investors.  Asset managers placed particular emphasis on tighter integration across functions, highlighting the importance of ensuring that engagement findings can contribute to broader investment analysis. 𝗢𝘁𝗵𝗲𝗿 𝗲𝘅𝗮𝗺𝗽𝗹𝗲𝘀 𝗼𝗳 𝗸𝗲𝘆 𝘁𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀 𝗶𝗻𝗰𝗹𝘂𝗱𝗲: • Regional patterns show European investors emphasizing sustainability topics more strongly, while North American investors place greater weight on traditional governance issues. • Hybrid approaches to stewardship dominate, balancing broad baseline expectations with targeted company-specific engagement. • Engagement prioritization reflects a multi-factor approach, covering for example policy, materiality, and ownership levels. • Prioritized areas to improve stewardship include improving the link to investment decisions, better prioritization and research, credible escalation strategies, and more effective outcomes reporting. 🔗 Read “The Current Strategic Landscape for Investment Stewardship,” by Rickard Nilsson, Director of Stewardship, Europe: https://hubs.ly/Q04qG6Vr0 #InvestmentStewardship #InvestmentResearch #ResponsibleInvestment #ActiveOwnership #InstitutionalInvestors 

Not all climate data is investment-relevant. For institutional investors, the challenge lies in identifying which signals can meaningfully inform investment and stewardship decisions across diversified portfolios. Such signals typically share a few core characteristics: 📈 They link to financial outcomes, helping investors assess impacts on earnings, costs, and long-term value creation. ⏳ They are forward-looking, providing insight into how transition dynamics may evolve, not just how companies have performed historically. ⚖️ They capture both risk and opportunity, reflecting not only downside exposure, but also potential upside from the transition. 🌍 They are scalable across portfolios, allowing for consistent comparison across peers, industries, and large holdings bases. As investors increase the integration of climate considerations into investment processes, the focus is shifting toward signals that can bridge macro-level climate scenarios with company-level financial performance. Read the full article, "The Climate Intelligence Landscape: Current Limitations and the Road to Improved Financial Signals" by Emil Moldovan, Head of Climate Science, and Diederik Timmer, President, Europe. 🔗 https://hubs.ly/Q04qG3LZ0 #ClimateIntelligence #InstitutionalInvesting #ClimateRisk #InvestmentStrategy #Stewardship #GlassLewis

Read the July issue of our newsletter, featuring a multi-faceted approach to exploring artificial intelligence in governance and stewardship through: 📄 A white paper on trusted data and human-centric AI 🚫 An update on the implications of companies withdrawing their frontier model access 🗣️ An explanation on two approaches to integrating AI in proxy voting We also feature stewardship survey findings on outsourcing and oversight, and expert interviews on Japan’s governance trends and climate intelligence. Click below to read the issue.   #corporategovernance #corpgov #investmentstewardship

🏢 Similar to a building, what holds an AI system up is often what you don’t see. Beneath a building’s facade are the crucial elements that maintain the structure’s integrity. And that also holds for AI in governance, proxy voting and stewardship workflows. Under the surface are the data, methodology, and subject-matter expertise that shape a system from the outset.  Our new explainer illustrates this difference between designing AI around a finished product and engineering it from the ground up, based on: - 23 years of governance expertise  - Data and methodology designed for the intended use  - Expert oversight embedded from design onward  - Continuous review and refinement after launch 🔗 Read the explainer to learn more about Glass Lewis’ approach to artificial intelligence in governance, stewardship and proxy voting. We borrow the language of construction – foundations, blueprints, load paths – to show how a system like this is actually put together. https://hubs.ly/Q04qndM70 #artificialintelligence #ai #proxyvoting #corpgov #stewardship  

The SEC is proposing to streamline the reporting and compliance burden on public companies. Potential impacts include amending the existing framework introduced by the Dodd-Frank Act to reduce compensation disclosure requirements and exempt many companies from the need to hold a say-on-pay vote.  Glass Lewis has submitted a comment letter sharing its perspective on the proposed rule. Key takeaways include: - The current executive compensation framework has, on balance, been a net positive for U.S. companies and investors, and any reform should build on rather than unwind those gains.  - Effective compensation disclosure can be comprehensive without being complex. Applicability across companies permits relative comparison, and provides multi-year consistency such that changes in compensation value can be tracked over time.  - The proposed changes would limit shareholders’ ability to evaluate the relationship between performance and pay and, at many of the companies they invest in, their ability to cast a vote on a dedicated say-on-pay proposal.  - In cases where shareholders have compensation-related concerns, removing their ability to cast a dedicated say-on-pay vote has the potential to increase the number of escalation votes against director (re)elections.  - Under the current framework, no single compensation table is sufficient on its own; the tables operate in tandem, and removing any of them in its entirety degrades the overall quality of information available to shareholders.  🔗 Read the full comment letter: https://hubs.ly/Q04pXb650 #corporategovernance #regulatorycompliance #sayonpay

Building an executive pay peer group is rarely straightforward. Companies often balance multiple considerations, including business comparability, company size, market capitalization, revenue, and competition for executive talent. Different priorities can lead to different peer groups and different benchmarking outcomes.   The latest installment of our Stewardship in Action series examines how engagement around executive pay benchmarking highlights the complexities of peer group composition and the importance of continued shareholder dialogue.  Read the full article "Stewardship in Action: Engagement Snapshots on Executive Pay Incentives and Peer Groups," by Cindy Blaney, Manager, Stewardship, here: https://hubs.ly/Q04pWcpp0 #ExecutiveCompensation #CorporateGovernance #InvestmentStewardship #ResponsibleInvesting 

With stewardship priorities evolving across APAC, how can organizations move engagement from good practice to meaningful market impact? The AMPLIFÍE Forum on Investor Engagement by the Asia School of Business and GDInstitute will bring together investors, companies, and market intermediaries for a high-impact exchange on this theme. Philip Foo CFA, CA, Co-Head, Global Research & Senior Vice President, Research Transformation at Glass Lewis, will lead the session “Asia on the Radar: Voting Trends & Hot Button Issues.” 🗓️ 30 July 2026 | 9:00 AM–1:15 PM SST 📍 @Asia School of Business, Kuala Lumpur & Online Register to attend the event here: https://hubs.ly/Q04pD8QF0 #GlassLewis #AMPLIFIE #InvestorEngagement #CorporateGovernance #APAC #ASB #GDInstitute

Over the past three years, variable incentive opportunities for S&P/ASX 100 CEOs have gone up. However, the rise has not been evenly distributed, with top-end packages pulling further ahead while the broader market remained largely stable. 📈 This pattern is specific to large-cap companies. The broader S&P/ASX 300 showed neither the same top-end skew nor the same upward trend.  🛃 Benchmarking is driving this trend, and in particular the practice of including international companies in the peer comparison group. 🌍 In some — but not all — cases, there’s a clear strategic basic for International comparators: e.g., executives are based outside Australia, or the bulk of revenue or operations is in non-domestic markets. ⚠️ While high-opportunity packages are intended to align executive interests with shareholders, in practice, the downside risk is typically more contained than the structure implies.