Glass Lewis (GL) has published the 2024 edition of its benchmark policy guidelines, which indicate how it will advise institutional shareholders to vote during the coming shareholder meeting season. The key changes for 2024 center on oversight of ESG-related risks, board composition and governance, and director and officer compensation.
Oversight of ESG-related risks
Climate-Related Disclosure – the ‘E’
GL introduced a new climate-related disclosure policy last year for companies whose greenhouse gas emissions represent a “financially material risk.” The policy provided that GL will generally recommend against the chair of the responsible committee in cases where the company has not provided adequate disclosure regarding (i) climate-related risk information in line with the Task Force on Climate-related Financial Disclosures (TCFD) or (ii) board-level oversight responsibilities for climate-related issues. In its first year, this policy was applied to companies included on the Climate Action 100+ Focus Group list. In 2024 the policy will apply to TSX 60 companies operating in industries that the Sustainability Accounting Standards Board (SASB) has determined…
