Courtesy of Proxy Analytics, State Street just posted its updated proxy voting guidelines and related resources for the 2024 proxy season.
According to its Summary of Material Changes to its proxy voting guidelines, beginning this season, SSGA may vote against S&P 500 Nom/Gov Committee Chairs at companies that don’t disclose or commit to disclose within a reasonable timeframe a director time commitment policy that meets specified criteria, which include:
- Description of the annual review process undertaken by the nominating committee to evaluate director time commitments
- Numerical limit(s) on public company board seat(s) on which the company’s directors can serve
The policy or disclosure may be disclosed in the corporate governance guidelines or proxy statement or on the company website.
For non-S&P 500 companies that don’t publicly disclose such a policy, with certain exceptions, SSGA may vote against directors as follows:
- NEOs who sit on more than two public company boards
- Non-executive board chairs or lead independent directors who sit on more than three public company boards
- Non-executive directors who sit on more than four public company boards
These additional resources were posted:
Stay tuned for our analysis of any additional noteworthy additions or changes from prior guidelines.
This post first appeared in the weekly Society Alert!