How will this affect disclosure in the Proxy?
In a recent post from Equilar, they stated that:
“the percentage of S&P 500 companies that disclosed direct engagement with shareholders about doubled from 16.2% to 32.3% over the last five years. Transparency among all stakeholders has become integral to these interactions, with institutional investors and proxy advisors publishing detailed voting guidelines and clear open-door engagement policies.”
The question is no longer, “do we include our outreach efforts in our next proxy?”, it is “what and how: what we heard and how will we disclose the information?”. The CII Corporate Governance Advisory Council has published a study on shareholder engagement, including some examples from 2015 proxy statements.