Key takeaways

• ISS and Glass Lewis last week released updates to their proxy voting policies.
• Notably, both proxy advisory firms have adopted updates that reflect increased scrutiny of unilateral bylaw amendments that they deem to negatively impact shareholders rights, board leadership structure and compensation-related proposals.
• To prepare for the 2015 proxy season, companies should consider whether the policy updates will impact proxy advisory voting recommendations on key issues, including shareholder proposals, equity plans and corporate governance issues.