RiskMetrics Group is pleased to announce the availability of its annual Postseason Report as well as a series of unique industry sector reports.
Some key takeaways from the Postseason Report include:
-Board declassification proposals received the greatest backing this year, averaging 67 percent support at 76 firms, up from 64 percent in 2007.
-Proposals calling for an independent board chair saw average support climb by more than five percentage points to nearly 30 percent of votes cast "for" and "against."
-While the global credit crisis resulted in fewer transactions this year, hedge funds and other activists continue to target underperforming companies, leading to another record year for U.S. proxy contests.
-While most directors were elected with broad support, investors have become increasingly willing to withhold support from board members in uncontested elections, even in the absence of a high-profile "vote no" campaign. In fact, directors at 82 S&P 500 companies received more than ten percent opposition this year, up from 64 firms in 2007 and 57 in 2006.
RiskMetrics Group makes available a broad package of postseason resource materials to assist both institutional investors and corporate issuers as they prepare for the upcoming season. To hear more on the trends from proxy season 2008 as well as what's ahead for 2009, RiskMetrics Group will host a governance webcast on Thursday, October 16 at 2 p.m. EDT. To register for this webcast, please visit here, where you can also download a copy of our 2008 Postseason Report and industry sector reports.