Issuer Data Report (IDR)

The Issuer Date Report (IDR) program gives issuers an opportunity to review a data-only version of Glass Lewis’ report – for free – prior to publication of the Proxy Paper to Glass Lewis clients.

REGISTER FOR THE IDR

Enhanced Transparency, Greater Accuracy

Launched in 2015, the IDR program was piloted in the United States and expanded the following year to companies in Europe and Canada. Japan was added to the market coverage in 2018 and we’ve expanded the program further in 2019 to include Israel, Singapore, India and South Africa. Our goal is to expand enrolment in more markets each year.

The IDR program enables companies to review the key data points used by Glass Lewis in its analysis prior to publication of the final Proxy Paper for institutional investor clients. While the IDR does not contain Glass Lewis’ analysis or voting recommendations, the data points included are critical inputs for Glass Lewis’ analysis. Issuers registered for the IDR can confirm their company data is accurately reflected per disclosure made publicly available to shareholders.

Registration Required

Companies must register to participate in this program. Companies are eligible to participate where their primary listing is in one of the markets in our IDR coverage list, and provided they meet the disclosure deadline of 30 days in advance of the AGM.

Companies which have not previously participated can complete a one-time registration form via the link on this page (see banner above).

Registrations will auto-renew annually unless a company representative notifies our engagement team of the company’s wish to withdraw from the program.

Disclosure Deadline

Glass Lewis solely guarantees IDRs for companies which disclose their meeting documents at least 30 days in advance of their meeting date.

Where companies do not publicly disclose their meeting materials by the disclosure deadline, Glass Lewis’ research team reserves the right to defer the company’s participation to the following years’ program.

A Simple Process

Companies which meet the disclosure deadline will receive an email at least three to four weeks prior to their shareholder meeting with their data report and instructions for providing feedback.

From that point, issuers have 48-hours to review the data and provide suggested updates, pointing to any public documentation which supports noted corrections. The 48-hour deadline is strictly administered to ensure Glass Lewis’ research team sufficiently meets their publishing deadline. Where no feedback has been received within the 48-hour period, our research team reserves the right to proceed accordingly with its publishing deadlines.

Returned feedback is reviewed by Glass Lewis’ research analysts who in turn make relevant updates and then provide high-level feedback regarding amendments made.

Accessing Glass Lewis’ Final Proxy Paper

 Once the research team submits their response to feedback, they will complete and publish the final Proxy Paper with voting recommendations and analysis. If you are interested in the final report, this is available for purchase.

Frequently Asked Questions

Glass Lewis is dedicated to developing high quality, accurate corporate governance research based on publicly available information. Our reliance on publicly available information ensures our reports reflect the most current and accurate data available to shareholders about each public company. In addition to this, we recognize that constructive engagement with issuers enhances the quality of our research. Glass Lewis’ IDR program facilitates greater transparency with the companies we write about and improves the accuracy in our reports; it is a vital component of our ongoing issuer engagement initiative.

Glass Lewis intends to roll out IDRs globally; however, to ensure the success of the program and our ability to properly respond to issuer questions and feedback, the expansion will be gradual.

No; IDRs are free of charge for participating issuers.

The IDR service is currently available for the following markets:

  • U.S. companies listed on the NASDAQ and NYSE exchanges
  • Canadian companies listed on the TSX or TSXV exchanges
  • European companies listed on a main market segment of a primary stock exchange
  • Israeli companies listed on the Tel Aviv stock exchange
  • Japanese companies listed on the Tokyo Stock exchange
  • Indian companies listed on the Bombay Stock exchange
  • Singaporean companies listed on the Singapore exchange
  • South African companies listed on the JSE exchange
  • Malaysian companies listed on the Bursa Malaysia

Yes; companies must complete a one-time registration to participate. IDRs will only be guaranteed for companies that have released all proxy materials at least 30 days before the shareholder meeting date.

No; IDRs are solely available for annual general meetings, not for special or extraordinary meetings including proxy contests, mergers or meetings with particularly contentious issues.

IDRs contain key data points central to Glass Lewis’ corporate governance and remuneration analysis, such as information about a company’s board of directors, including board composition, governing documents, independent public auditor, compensation practices, summary compensation data and equity plans. The IDR does not contain Glass Lewis’ analysis or voting recommendations, which are solely available by purchase.
Issuers receive their IDR in PDF format. All comments should be made electronically within the PDF using the highlight/comment function in a PDF viewer. IDRs with corrections should be saved and returned to Glass Lewis via our dedicated inbox IDR@glasslewis.com. Full instructions are included when the IDR is sent for review.
Potential errors should be noted in the IDR, with the inclusion of citations to correct information, including page number and paragraph, from their meeting disclosures or weblinks to other publicly available information which may verify the correction. Glass Lewis only uses publicly available information in its research and policy prohibits the use of any non-public information in our Proxy Papers.
Glass Lewis analysts review comments submitted by companies and determine whether the company has identified a factual inaccuracy or relevant omission. High-level feedback is returned to the issuer, in response to their comments/corrections. Errors which are confirmed by publicly available information, are corrected in advance of publication. We encourage companies to review our publicly available Policy Guidelines which are used to develop our analysis.
The IDR is intended to provide issuers with a comprehensive snapshot of Glass Lewis’ corporate governance analysis. Our research team is prohibited from holding meetings during the solicitation period or during the busy proxy season; however, Engagement meetings with Glass Lewis may be scheduled outside of these periods. For more information, please see our Engagement Policy page.
The final Proxy Paper is available for purchase, after publication to Glass Lewis clients.