ISS Announces Limited Benchmark Policy Updates

On November 19, 2018, ISS published updates to its benchmark proxy voting policies. The updates include a new policy by which ISS will generally issue negative recommendations on the nomination committee chair at boards with no female directors for companies in either the Russell 3000 or S&P 1500 indices, beginning with shareholder meetings held on or after February 1, 2020. Notably, ISS’s proposed switch to “economic value added” measures for evaluating CEO Pay-for-Performance was not adopted, meaning there will be no changes in ISS’s screening methodology for 2019. The new voting policy is available here, and the Sullivan & Cromwell memorandum on the topic is available here.