[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-151975-en":3,"doc-seo-151975-105":30,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":4,"is_deleted":4,"is_public":20,"is_downloadable":20,"audit_status":20,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":14,"update_tm":28,"read_time":29},151975,13056712833777,"Paura","https://ap-avatar.wpscdn.com/davatar_29158cc5080c5b710cf443261637dec0",8,"Research & Report","Disclosure Effectiveness for Small & Mid-Caps - June 2019 - Proxy Statement Improvement Guide","Guidance on improving proxy statement disclosure effectiveness for small and mid-cap companies ahead of annual meetings, addressing regulatory and investor-dynamics shifts that make engagement harder and that do not guarantee investor attention. Covers key proxy voting themes such as say-on-pay, board voting mechanics, and ESG-related scrutiny, and highlights practical drafting tactics including shorter wording, skimmable structure, clear information flow, a layered proxy summary, and writing for multiple audiences. Includes recommended summary sections for investors and governance improvements.","Disclosure Effectiveness for Small & Mid-Caps  \nAaron Briggs | June 28, 2019  \nWhy this matters  \nAnnual meetings harder due to regulatory developments & shifting investor dynamics  \nNo guarantee investors will meet with you  \nNo guarantee investors will spend a lot of time trying to understand your proxy story  \nSay on pay  \nNo broker discretionary voting for directors  \nMajority voting for directors  \nPassives increasingly“active” on ESG issues  \nShifting ISS/GL goalposts  \n~70% of large asset managers engage with \u003C25% of their portfolio co’s each year –Stanford Rock Center “Deconstructing Proxies”  \nState Street Example as of Q4 ‘16  \nBased on 10/24/16 WSJ article: “Meet the New Power Brokers”  \n9 governance analysts 9k portfolio companies  \nAs a small/mid-cap the odds may be against you  \n2  \n30  \napprox. \\# of hours spent on each company annually  \napprox. \\# of minutes spent on each co. during proxy season  \n1 Short  \nAre you using more words than you need?  \n􀂾 More words = more time = investors more likely to stop reading  \n􀂾 Take fresh look at each sentence & be ruthless … Berkshire ‘18 proxy = 24 pgs  \n2 Skimmable  \nCan the reader get the “gist”from a 5-minute scan of your proxy?  \n􀂾 Bold, active headings break up text & preview section/paragraph  \n􀂾 E.g.,“Why the board believes its leadership structure is appropriate”  \n3  \nDoes the flow of information make sense?  \nLogical 􀂾 Highlight most important info up front (hint: not 5 pages of meeting Q&A)  \n􀂾 Group related info together (e.g., AC report + auditor fees + auditor proposal)  \n4 Layered  \nSix words: do you have a proxy summary?  \n􀂾 If answer is no, stop reading this & draft one immediately (see next page)  \n􀂾 Single biggest boost you can give your proxy … doesn’t have to be fancy  \n5  \nAudiencefocused  \nWho are you writing for? Likely lots of folks…  \nRetail (can a 10-yr old understand it?), ISS/GL (does it check all the boxes?), employees/media (does it provide appropriate context?), SEC (is it balanced?), Institutional shareholders (figure out what they want to know & provide it)  \nNone of these improvements require a lot of resources…  \n1 Disclaimer Essentially: “you should read the rest of the proxy too before voting”  \n2  \nAGM logistics  \nDate + time + location + record date + how to vote + voting items (including board recommendations & cross-references)  \n3 Performance Busupdinaetess highlights + recent performance across key metrics + strategy  \n4  \nBoard  \nNominee info (e.g., name, age, tenure, job, committees) + overall composition (e.g., experienced, independent, tenure mix, diverse)  \n5 Governance Investor-friendly governance practices + recent enhancements  \n6  Compensation Key decisions + program changes + “summary” summary comp table   \n7 Other  \nWhat’s not covered above that’s critical to your story (e.g., auditor info, investor outreach, succession planning, turnaround)?  \nIf investors read only the summary, what should be in it?  \nAaron Briggs  \nOf Counsel at Gibson, Dunn & Crutcher  \n555 Mission Street, Suite 3000, San Francisco, CA 94105 Tel: +1 415.393.8297 | Cell: +1 213.393.9314 [abriggs@gibsondunn.com](abriggs@gibsondunn.com)  \nQuestions?","cbCaiasu1eOQOgqN","https://ap.wps.com/l/cbCaiasu1eOQOgqN","pdf",693281,1,5,"English","en",105,"# Why this matters\n# Say on pay and governance voting themes\n# Use fewer words - make it skimmable\n# Information flow and layered summary\n# Audience-focused disclosure\n## Retail, ISS/GL, employees/media, SEC, institutional shareholders\n# Recommended summary sections\n## Disclaimer and AGM logistics\n## Performance, board, governance, compensation\n## Other critical story elements","[{\"question\":\"Why is disclosure effectiveness more challenging for small and mid-caps in 2019?\",\"answer\":\"Annual meetings are harder due to regulatory developments and shifting investor dynamics, and there is no guarantee investors will meet or spend significant time understanding a proxy story.\"},{\"question\":\"What proxy topics does the guidance emphasize beyond standard disclosures?\",\"answer\":\"It highlights say-on-pay and related governance mechanics for directors, the lack of broker discretionary voting for directors, majority voting, passives becoming more active on ESG issues, and shifting ISS/GL expectations.\"},{\"question\":\"What practical writing techniques are recommended to improve investor engagement?\",\"answer\":\"Use fewer words, make the proxy skimmable with bold, active headings, ensure information flow is logical by placing the most important information up front, group related items together, and provide a layered proxy summary.\"}]","Disclosure Effectiveness for Small & Mid-Caps - 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