The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Thu, 15 Oct 2026 14:30:13 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.13 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png Glass Lewis Details Proposal to Fundamentally Shift Proxy Voting Guidelines: Implications for Say on Pay – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 Glass Lewis Details Proposal to Fundamentally Shift Proxy Voting Guidelines: Implications for Say on Pay https://corpgov.law.harvard.edu/2026/10/15/glass-lewis-details-proposal-to-fundamentally-shift-proxy-voting-guidelines-implications-for-say-on-pay/?utm_source=rss&utm_medium=rss&utm_campaign=glass-lewis-details-proposal-to-fundamentally-shift-proxy-voting-guidelines-implications-for-say-on-pay https://corpgov.law.harvard.edu/2026/10/15/glass-lewis-details-proposal-to-fundamentally-shift-proxy-voting-guidelines-implications-for-say-on-pay/#respond Thu, 15 Oct 2026 11:32:13 +0000 https://corpgov.law.harvard.edu/?p=184325?d=20261015103013EDT Posted by Soren Meischeid, Linda Pappas, and Jon Weinstein, Pay Governance LLC, on Thursday, October 15, 2026
Editor's Note:

Soren Meischeid is a Consultant, Linda Pappas is a Partner, and Jon Weinstein is a Managing Partner at Pay Governance LLC. This post is based on their Pay Governance memorandum.

KEY TAKEAWAYS

  • Prepare for multiple voting lenses. Glass Lewis is proposing to replace its singular benchmark policy with four perspectives beginning in the 2028 U.S. proxy season.
  • Expect the fundamentals to endure. Each perspective retains core standards for pay reasonableness, pay-for-performance alignment, disclosure, non-employee director pay, responsiveness, and other key governance items.
  • Anticipate divergent outcomes. Relative TSR, pay levels, sustainability metrics, and stakeholder outcomes may lead to different Say on Pay recommendations on the same program.
  • Be investor-informed, not framework-driven. Understand which perspectives align with key shareholders, then tailor engagement and disclosure.

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