On April 8, Institutional Shareholder Services (“ISS”) published additional guidance on application of its benchmark voting policies amid the COVID-19 pandemic. ISS had previously issued its 2020 benchmark policies update to be applied for shareholder meetings on or after February 1, 2020. Noting the societal and economic uncertainty wrought by COVID-19 since its prior update, ISS provides further guidance focused on four key areas:
- Annual General Meeting (“AGM”) Issues;
- Poison Pills, Shareholder Rights and Boards/Directors;
- Compensation Issues; and
- Capital Structure and Payouts.