2015 Proxy Season Memo Series: Independent Chair Proposals
During the 2015 proxy season, 64 independent chair proposals were submitted to Russell 3000 companies, 62 of which reached a shareholder vote. While ISS’s recent change in voting policy with regard to independent chair proposals appears to have resulted in an increase in ISS recommendations in favor of these proposals, only 3.2% of independent chair proposals passed this year, as compared to 5% and 8% in 2014 and 2013, respectively.