Report on Pre-IPO Pay Practices

Download a pdf of this article » For more than a decade, long-term incentive programs have largely converged around a single model: a mix of restricted stock units (RSUs) and performance-based awards (primarily PSUs), with 50% or higher weighting on the PSUs. The convergence on this model was driven more by proxy advisor expectations than business strategy. Two recent developments signal a major shift toward flexibility and innovation: ISS Policy Updates: ISS’s 2026 benchmark equity mix policy now recognizes that

Download a pdf of this article » For companies holding annual meetings February 1, 2026 through September 15, 2026, ISS’s peer group submission window is now open, through 8 PM ET on Friday, November 21st. We anticipate Glass Lewis’s window will also open in the near future. During this period, companies can update their self-constructed compensation peer groups for use in proxy advisors’ upcoming executive pay assessments. Absent a submission, both ISS and Glass Lewis will default to the peer

Download a pdf of this article » Overview In October, Institutional Shareholder Services, Inc. (“ISS”) and Glass Lewis & Co., Inc. (“Glass Lewis”) each announced major changes to their governance research models that mark a decisive shift away from standardized “benchmark” voting recommendations, towards a broad reorientation of the proxy advisor landscape centered on investor-specific customization – a change that is consistent with investors’ diversifying views regarding compensation program design that have led to questioning legacy views regarding the effectiveness

Download a pdf of this article » Glass Lewis & Co. (“Glass Lewis”) recently announced the opening of its 2025 Policy Survey. Glass Lewis conducts its annual policy survey to inform its Benchmark Voting Policy Guidelines and to gather diverse perspectives on evolving governance and compensation practices. The 2025 survey covers a wide range of topics relevant to both proxy voting and broader stewardship efforts. While some questions are tailored to institutional respondents, Glass Lewis welcomes input from all market