"Key Proxy Statement Disclosure Trends - Beyond Compliance" from Argyle and King & Spalding highlights good proxy disclosure across a broad range of topic areas. Each disclosure topic is presented with a number of 2020 proxy statement excerpts that illustrate current trends and investor expectations (accompanied by a link to the full proxy), and King & Spalding's associated disclosure tips for the 2021 proxy season.
Coverage areas include:
- Business Highlights
- Corporate Culture
- Corporate Purpose and Values
- COVID-19
- DE&I
- Human Capital Management
- Proxy Voting Summaries
- Sustainability & Corporate Responsibility
The firms' "Key Proxy Statement Disclosure Trends - Executive Compensation" similarly provides examples of effective executive compensation disclosure based on 2020 proxy statements that can inform companies' disclosure for the upcoming proxy season. Coverage areas include:
- CD&A Executive Summary
- Compensation Philosophy & Program Objectives
- Pay-for-Performance Alignment
- Strategic Objectives
- Commitment to Long-Term Value
- Individual Performance Scorecards (CEO/NEO)
- Peer Groups
- Retirements & Benefits Disclosure
- Director Compensation
Although not addressed on a stand-alone basis, trends in the use of graphics, colors, and other visual design elements to convey information in a way that promotes readability are apparent throughout both publications.
See also Argyle's "Key Trends in Annual Reports" showcasing annual report disclosure trends (e.g., corporate purpose, ESG, COVID-19) based on the 2020 reporting season; these recent reports: "Proxy Disclosure Benchmarking: Board Race/Ethnicity & More" and "Proxy Disclosure: Samples Galore!"; "Audit Committees: Proxy Disclosure Benchmarking"; "ESG Proxy Disclosure Examples"; and numerous additional resources on our Proxy Statement page. This post first appeared in the weekly Society Alert!