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Glass Lewis announced updates to its United States Proxy Voting Policy Guidelines late November 2020. The 2021 Proxy Voting Policy Guidelines include a variety of changes from the 2020 version, including new provisions addressing board diversity requirements, board refreshment, environmental and social risk oversight, special purpose acquisition companies (SPACs) and long-term and short-term incentives. In addition, Glass Lewis announced clarifications to several existing policies. These changes and clarifications, which generally apply to shareholder meetings beginning in 2021, are described in greater detail in the following alert.
Board Diversity
Glass Lewis has decided to expand its gender diversity policy by increasing the number of women that must sit on a company’s board of directors. Beginning with shareholder meetings held after January 1, 2022, for boards with more than six members, Glass Lewis will generally