Preparing for Proxy Season 2021

Preparing for Proxy Season 2021, an Equilar publication, examines trends in various components of proxy design across Equilar 100 companies. The report dives into how companies are using their annual proxy to provide a visual narrative for shareholders, particularly in light of the current environment. DFIN has provided independent commentary for added context and color regarding specific proxy statement disclosures, as well as expertise on how to confront disclosures in 2021.

About the Report

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Key Findings

• 76% of companies disclosed a proxy summary in 2019, a near three percentage point decline from 2018
• Since 2015, the percentage of companies including a supplemental graph increased by 8.3%, reaching its study peak of 93% in 2019
• The percentage of companies disclosing a pay for performance graph in the proxy declined each year from 2016 to 2019, settling at 16% in 2019
• The percentage of companies disclosing or mentioning ESG-related policies in the proxy has increased incrementally since the first year of the study, with 56.1% of Equilar 100 companies either mentioning or disclosing these types of policies in 2019