Special Reports

Every year Glass Lewis produces special reports on a range of environmental, social and corporate governance issues.

Clients can download all reports without charge from Viewpoint or GlassLewis.net, or send an email request to Client Services.  If you are not already a Glass Lewis client, you can submit a purchase request by clicking the appropriate button below.

2018 Proxy Season Review: U.S. Proxy Stats

Glass Lewis’ proxy stats season review dives deep into the data to illustrate trends in shareholder voting, board composition, Glass Lewis recommendations, and other areas.

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2018 Proxy Season Review: U.S. Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: Japan Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: Shareholder Proposals

This review focuses specifically on shareholder proposals brought at U.S. companies during the 2018 season, with an eye toward notable meeting results, relevant data, and general developments in ESG practice.

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2018 Proxy Season Review: United Kingdom Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: Continental Europe Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: Nordic Key Themes & Proxy Stats

Glass Lewis’ proxy season review for the Nordic markets provides regional updates on voting and regulation, along with charts and graphs illustrating key datapoints from the 2018 proxy season.

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2018 Proxy Season Review: Korea Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: DACH Region Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: Canada Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2018 Proxy Season Review: Brazil Case Studies

Glass Lewis’ proxy season review case studies provide perspectives on the recent proxy seasons in each region, with a focus on insights relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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Mind the Minder: A Review of the Swiss Pay Landscape

Swiss issuers and investors are still navigating “VegüV” –the landmark 2013 legislation that put all executive pay to a binding shareholder vote. This report examines how companies are choosing to structure their pay proposals, reviews vote results to see how investors are exercising their enhanced franchise, and takes a deeper dive into several notable examples of investor opposition. In addition, we look at how the new regime is impacting the quantum and structure of executive pay, and check in on how non-executive director compensation has been affected.

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Meeting Notes Japan: Surveys and Conversations

This report begins with the transcript from a deep dive interview we conducted with Mr. Isao Teshirogi, President of Shionogi & Co. Ltd. The discussion covered a range of topics, including the challenges of due diligence, integrating acquisitions, and maintaining company culture. The second part of our report provides a summary of a market-wide survey whereby we invited more than 800 companies within the TOPIX 1000 to share their thoughts on recent governance changes, the advisor system, and other hot topics.

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Disclosure of Board Skills & Experience: Emerging Best Practice

One of the key focal points for shareholders when analysing the corporate governance of their investee companies is the composition of the board. In this paper, we consider why information on board skills is important to investors and how best practice is evolving across different jurisdictions (North America, Europe, and Australia), outline ways in which companies can address board skills disclosure as well as Glass Lewis’ approach, and recommend ways in which shareholders can usefully utilise this information.

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2018 Meeting Notes: Subject to Adjustment

Glass Lewis’ compensation team has engaged with more than 300 North American companies since last proxy season, with the goal of increasing our understanding of the challenges that companies face when designing incentive awards. Our conversations during the 2017 engagement season focused on factors companies consider when setting performance targets for their short- and long-term incentive programs. Our report provides a summary of these conversations as companies outlined their processes of ensuring relevance and rigor of performance targets while guarding against excessive risk-taking by executives.

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2017 Proxy Season Review: United Kingdom Vote Analysis (Remuneration Proposals)

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy season in each region. This report focuses on remuneration voting in the United Kingdom for FTSE100 and FTE250 companies, including a comparative study of 2014 vs 2017 policies following the completion of the first three-year cycle of triennial binding votes on executive remuneration.

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2017 Proxy Season Review: France Vote Analysis (Compensation Proposals)

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy season in each region. This report focuses on remuneration voting in France in the first season after the introduction of binding votes, with discussion of structural, disclosure and voting trends, pay quantum, and Glass Lewis’ vote recommendations.

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2017 Proxy Season Review: North America Vote Analysis (Director Elections)

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy season in each region. This report focuses on voting trends on director elections in the United States and Canada, including discussion of failed directors, and Glass Lewis’ vote recommendations.

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Shareholder Activism in Italy

Highly-concentrated ownership has historically served to insulate major shareholders in Italian companies from minority actions, but the growing participation of foreign institutional investors is challenging the old structure. This special report examines the state of investor activism in the Italian market, including regulatory framework, the tools available to institutional shareholders and activists, and defences deployed by Italian companies.

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2017 Proxy Season Review: Japan

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2017 Proxy Season Review: East Asia ex-Japan

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2017 Proxy Season Review: Southeast Asia

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2017 Proxy Season Review: North America Case Studies

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2017 Proxy Season Review: U.S. Shareholder Proposals

This review focuses specifically on shareholder proposals brought at U.S. companies during the 2017 season, with an eye toward notable meeting results, relevant data, and general developments in ESG practice.

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2017 Proxy Season Review: United Kingdom

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2017 Proxy Season Review: Europe

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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2017 Proxy Season Review: Brazil

Glass Lewis’ proxy season reviews provide perspectives on the recent proxy seasons in each region, with a focus on insights and case studies relating to board elections, executive pay, ESG practices, shareholder activism, stewardship and engagement, and other notable trends.

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Engagement in the United Kingdom and Ireland

In the past year Glass Lewis conducted more than 200 meetings with companies listed on the LSE and Irish Stock Exchange. This paper provides context on the practice of engagement in the UK market, and reflects our observations in discussing the topics of the board of directors, executive remuneration, and the new audit regulatory regime with a wide range of UK and Irish companies. This paper also includes an addendum addressing some of the most frequent questions that we received from companies during our meetings, as well as an overview of changes we made to the application of our UK policy based on the feedback we received from issuers, investors and other stakeholders.

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Engagement Practices and Gender Diversity in Corporate Japan

This report chronicles the observations and insights resulting from Glass Lewis’ engagement with Japanese corporate issuers during the past 9 months. In particular, it highlights noteworthy topics we discussed beyond typical governance practices; namely shareholder engagement and the promotion of female participation in the workforce. Our findings are based on a subset of the approximately 80 Japanese company engagements we conducted during that period, focusing on 28 issuers across four industries: Construction; Banking; Retail; and Information Technology.

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(English)
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(日本語)

“In-Depth”: Linking Compensation to Sustainability

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report reviews the growing link between executive compensation and sustainability.

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“In-Depth”: Proxy Access

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report reviews the history and growth of proxy access within the United States market.

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“In-Depth”: Sustainability Reporting

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report provides information about current trends and empirical evidence concerning sustainability reporting.

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“In-Depth”: Corporate Political Spending

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report provides context and background on regulations and trends in corporate political spending in the U.S. market.

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“In-Depth”: Climate Change

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report provides a review of global climate change regulations and attendant risks to companies.

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“In-Depth”: Independent Board Chair

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report reviews academic and investor views on the merits of an independent board chair.

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“In-Depth”: Natural Gas Extraction

Glass Lewis’ “In-Depth” reports are a series of issue-specific primers intended to provide general background and context regarding the prevailing views of investors, academics, and regulators. This report provides context and background for the growth of natural gas extraction, and examines trends and regulations concerning fracking and other methods and byproducts of natural gas extraction.

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