Corporate Governance Outlook 2020

Corporate Governance Outlook 2020, an Equilar publication, analyzed the proxy statements and shareholder voting results for Equilar 500 companies from 2015 to 2019. The Equilar 500 tracks the 500 largest, by reported revenue, U.S.-headquartered companies trading on one of the major U.S. stock exchanges (NYSE, Nasdaq or NYSE MKT), adjusted to approximate the industry sector mix of similar large-cap indices.

The report identifies trends in compensation and corporate governance disclosure practices including those that pertain to shareholder engagement policies, Say on Pay, board evaluation, ESG, and more. Donnelly Financial Solutions (DFIN) and Hogan Lovells offered independent commentary to provide additional context and insight on companies’ approach to governance issues and shareholder engagement.

About the Report

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Key Findings

• The total number of shareholder proposals at Equilar 500 companies fell by 18.6% over the five-year period. Compensation-related proposals saw the greatest change, decreasing in prevalence by 57.1% since 2015.
• 86.0% of Equilar 100 proxies mentioned or disclosed their shareholder engagement policies in 2019, an increase from 69.4% in 2015.
• 513 Equilar 500 directors are nearing retirement age, as of 2019. Meanwhile, 93.7% of all mandatory retirement ages were between 72 and 75.
• Since 2015, the number of Equilar 100 companies that disclosed their policies on ESG matters has increased significantly each year, reaching 31.0% in 2019.