Research that Enables More Effective Stewardship
For Northern Trust, stewardship means making decisions today that deliver lasting value for clients.

Glass Lewis supports that mission with independent research, grounded in local expertise and a global perspective. With insights from more than 200 regional specialists, we cut through complexity to help investors make more well-informed decisions.
Why Glass Lewis?
20+
Years of Governance Leadership
200+
Regional Analysts Fluent in 30+ Languages
1500+
Company Engagement Meetings
30,500+
Shareholder Meetings in 100+ Markets
140+
Controversy Alerts
3,000
Issuer Data Reports
270+
Report Feedback Statements
~19
Days for Research Delivery Lead Time
Alignment with Northern Trust’s Principles
The following proxy research reports illustrate how Glass Lewis’ insights can advance Northern Trust’s stewardship program. Each example highlights how nuanced, context-rich analysis helps inform decision-making on governance practices, environmental and social risks, and performance.
Risk Oversight
Volkswagen AG
Analysis of supervisory board accountability, data illustrating lack of director independence, and a summary of ongoing investigations provide insight into the impact of persistent governance concerns.
Download Volkswagen Report
Meta Platforms
At-a-glance board accountability data combined with a detailed examination of director independence helps in assessing governance standards and oversight structures.
Download Meta Platforms Report
Environmental and Social Risks
Shell plc
Comprehensive overview of the company’s climate targets and reporting provides a contextual, peer-based perspective on the necessity of a shareholder resolution calling for additional disclosures.
Download Shell Report
Dollar General
With growth tempered by labor and safety controversies, and multiple E&S proposals on the ballot, our in-depth analysis summarized at-a-glance helps investors quickly identify which issues do (and don’t) warrant direct action.
Download Dollar General Report
Board Composition and Performance
Premium Brands Corporation
A unique restriction on shareholders’ ability to vote on shareholder proposals presents a dilemma for investors and raises concerns about Board and Nominating/Governance Committee effectiveness.
Download Premium Brands Report
Samsung Electronics
Assess how conflicts of interest and ongoing liabilities impact governance and corporate performance with extensive background on related party transactions historical scandals.
Download Samsung Electronics ReportExecutive Compensation
Amazon
The company’s unique and much debated incentive structure shows reasonable alignment between pay and performance in our proprietary model and our case-by-case analysis.
Download Amazon Report

Dassault Systèmes
Thorough but digestible summary of the executive compensation program, and analysis that goes beyond pay proposals, connecting the dots to pay governance oversight and board responsiveness.
Download Dassault Systèmes ReportComing Soon!
Glass Lewis’ new pay-for-performance methodology will be integrated into our corporate governance research beginning in 2026.
The framework offers a holistic, multifactor score (0–100) and an associated concern level for each covered company, ranging from negligible to severe.
The framework offers a holistic, multifactor score (0–100) and an associated concern level for each covered company, ranging from negligible to severe.

Key updates to the methodology include:
Multi-Test Scorecard
Six distinct tests for North America and five for Europe and the UK, designed to evaluate pay alignment from multiple angles.
Five-Year Measurement Horizon
Extends the lookback period from three to five years to better capture long-term performance.
Peer Expansion
Expands existing peer selection methodology to additional markets and introduces market cap bands and benchmarks, resulting in better global alignment in peer approaches.
Multi-Test Scorecard
Six distinct tests for North America and five for Europe and the UK, designed to evaluate pay alignment from multiple angles.
Contested Situations
When stakes are high, our independent, nuanced research insights offer investors a distinct perspective — as seen in complex situations at Phillips 66 and Harley-Davidson.
Harley-Davidson (Vote No)
Recommendations against management’s slate reflect entrenched governance issues and the need for fresh perspectives.
Download Harley-Davidson Report
Phillips 66 (Contested)
Support for independent nominees with relevant expertise highlights how board change can strengthen accountability.
Download Phillips 66 Report
Collaborating with Northern Trust for Long-Term Value Creation
Glass Lewis research is rigorous, contextual, and actionable — built to strengthen stewardship programs and support long-term value creation.
Let’s Continue the Conversation