Institutional Shareholder Services (ISS) has opened its annual peer submission window until December 6, 2019. This applies to companies with annual meetings between February 1 and September 15, 2020, or through January 31, 2020, for European companies.
The peer submission process allows public companies to submit their current or updated peer groups to ISS (used for 2019 pay decisions), prior to their disclosure in the proxy statement. The intent is that ISS will take into account the company’s own peer selection in developing ISS’ influential pay-for-performance peer group.
When companies submit their own peer group it does not guarantee they will be included in ISS’ peer group. However, submission of proxy peers can lead to at least some of the peers being included in the final ISS peer group. This can be especially important if a company has had a significant change in market cap (or assets, for financial firms) in the past year or significantly changed their peer group.
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