Institutional Shareholder Services (ISS) has published a policy update document describing the updates to its proxy voting guidelines for the 2024 AGM season.
Only a few changes have been made to the UK proxy voting guidelines:
- Board diversity – ISS has streamlined its policy on board diversity in light of the changes to the Listing Rules on diversity and inclusion (see here for further details);
- Board independence – ISS has clarified that, when assessing whether a director who represents a significant shareholder will be considered independent for the purposes of the UK Corporate Governance Code, a holding of 3% or more will be considered "significant"; and
- Share issuances – The policy has also been updated to reflect the changes made to the IA's Share Capital Management Guidelines in February 2023 (see our blog post for further details).
The full updated policy guidelines will be available from the ISS website in due course. The guidelines are effective for meetings held on or after 1 February 2024.
Key contacts
Disclaimer
The articles published on this website, current at the dates of publication set out above, are for reference purposes only. They do not constitute legal advice and should not be relied upon as such. Specific legal advice about your specific circumstances should always be sought separately before taking any action.