Since 2006, Glass Lewis’ Pay-for-Performance Model and its A-F grading system (the “P4P Methodology”), have been assessing the alignment of executive compensation with company performance to determine our quantitative assessment of Say on Pay proposals and recommendations.

CGLytics is Glass Lewis’ exclusive global partner for the P4P Methodology from January 1, 2020.

As expected, whilst we have engaged heavily with the market on these upcoming changes, we think it’s important to ensure we publicly answer the most common questions concerning changes to Glass Lewis’ pay-for-performance model, research and partnerships going forward.

Why did Glass Lewis change partners?

As announced in June 2019, Glass Lewis believes that a single, global provider for compensation data and analytics tools provides the best outcome for our research and our clients around the world. Whilst we greatly respect all our partners, the reality of a fragmented system of regional providers with different data sets and data methodologies was in conflict with the needs of a global business that has clients with global investments and stewardship needs.

Glass Lewis firmly believes that CGLytics has the most comprehensive global data set and analytics tools to help us serve the capital markets across the 100+ markets we cover.

What changes take place from January 1, 2020?

CGLytics will be the exclusive global partner of Glass Lewis for compensation data that informs Glass Lewis research and the only distributor of our compensation tools, including Glass Lewis’ P4P Methodology and Equity Compensation Model and Glass Lewis’ new, proprietary peer group methodology for 2020.

CGLytics will be the only organization authorized to distribute and provide access to Glass Lewis models and their underlying proprietary methodologies.

Distribution of Glass Lewis’ research and recommendations in North America will no longer be available via Equilar and will be exclusively available via Glass Lewis only. Request Glass Lewis research here.

Who owns Glass Lewis’ P4P Methodology?

The P4P Methodology is owned exclusively by Glass Lewis.



Will there be changes to Glass Lewis’ Pay-for-Performance Model from January 1, 2020?

Yes. Glass Lewis is introducing a new proprietary peer group methodology that will drive the scores of the model going forward and the quantitative input for our recommendations on Say on Pay proposals.

Will Glass Lewis’ new peers be different to those used in 2019?

Yes. Peers in 2020 will be significantly different to peers used under the old 2019 methodology.

The new methodology to create Glass Lewis’ peers has an eight-fold increase in the number of independent tests applied to a company’s self-disclosed peers, resulting in a reduction in the overlap between a company’s self-disclosed peers and the peers that Glass Lewis uses to assess pay-for-performance and award grades under the P4P Methodology.

You can learn more about our new methodology here.

Will these new peers change Glass Lewis’ recommendations on Say on Pay proposals?

For individual companies, yes. The changes to the Glass Lewis peer methodology will change individual outcomes, which will influence our recommendations in positive or negative directions for some companies.

At a market-wide level, there will be no material change to the distribution of grades awarded or the number of against recommendations as a result of the new peer methodology because our Pay-for-Performance Model distributes grades evenly. Glass Lewis expects to support the same level of Say on Pay proposals it has in recent years.

Are there any other material changes to Glass Lewis’ Pay-for-Performance Model?

No. The rest of the model continues to operate as it has. Changes in score outcomes will be driven by the changes in the peer methodology, which is difficult to simulate or replicate to ensure its integrity.

Will there be any future changes to Glass Lewis’ Pay-for-Performance model?

There will be no other changes for the 2020 proxy season. We will continue to assess the rigor and independence of our models going forward, as we do with all our policies, with continued research and extensive engagement with our clients and the public companies that they own.



How can you access and test Glass Lewis’ 2020 Pay-for-Performance Model and Glass Lewis’ Peers? 

CGLytics is the only authorized distributor of Glass Lewis’ compensation models and peers from January 1, 2020. You can request a CGLytics demo here.

How can you submit your peer group and provide feedback on compensation data?

You can submit your updated peer groups to Glass Lewis here until January 31, 2020. Glass Lewis peer groups can be retrieved at any time during the year from CGLytics.  You may also review CGLytics compensation data prior to the proxy season.

If you believe there is an error or omission in the executive compensation data from CGLytics that Glass Lewis uses in its reports, please contact us immediately.

How can you better understand the changes being made to Glass Lewis’ peer methodology?

A comprehensive summary of the changes and the rationale for making them is available here.



How can companies and investors engage with Glass Lewis about these changes?

Companies can request a meeting here, with a same day response.

Investors can contact Glass Lewis at

How can companies ensure the accuracy of Glass Lewis reports?

Glass Lewis provides all companies with free access to the data-only version of our reports, prior to publishing our reports.

Since 2015, companies have been able get access to these free reports. This Issuer Data Report (IDR) is available to all companies in the United States, Canada and 22 other markets, with rollouts in other markets to follow. Sign up for the free IDR here.

How can companies access Glass Lewis’ published research and recommendations?

Glass Lewis is the exclusive distributor of its published research. Anyone can obtain Glass Lewis’ published research directly from Glass Lewis, including companies who will no longer have access via Equilar in 2020. Request a report here.

How can companies express disagreement with Glass Lewis research opinions?

Glass Lewis delivers companies’ criticisms directly to its investor clients.

Since March 2019, companies have used our client and voting platforms to put their unfiltered opinions on our research directly in front of our clients with $35 trillion in AUM. The Report Feedback Service (RFS) is available to all companies in the United States, Canada and Australia, with rollouts in other markets to follow. Register for the RFS here.