KEY TAKEAWAYS

• Broad opposition to disclosure reductions. Across our survey of institutional investors, 81% opposed the reductions in disclosures proposed or contemplated.
• No size threshold for more limited disclosures. While the SEC proposal reduces disclosure for companies with public float below $2 billion, 79% of investors indicated that reduced disclosure is not appropriate for a company of any size.
• Strong support for tabular disclosure. Investors strongly oppose the elimination of quantitative tables from disclosure requirements.
• Narrative disclosure remains relevant. Over two-thirds of investors surveyed support retention of the Compensation Discussion & Analysis (CD&A).
• Current disclosure length and complexity are not viewed as a significant concern by many investors. Investors have learned to extract the information they need and oppose changes that would eliminate information important to their voting decisions.

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