Every year, as part of their annual global policy development process, Institutional Shareholder Services Inc. (ISS) conducts a benchmark policy survey by gathering feedback from institutional investors and market stakeholders on various pertinent ESG topics and on areas of potential ISS policy change for 2023 and beyond.

The survey ran between August 3 and August 31, 2022 and received 417 responses: 205 responses from investors and investor-affiliated organisations, 212 from non-investor respondents. ISS released its results on October 10th and indicated that answers it gathered would be taken into consideration and likely influence the new ISS 2023 voting guidelines. In November, the proxy advisor will release key draft policy updates and open a public comment period for all interested market participants on key proposed changes to its voting policies for next year.

Environmental and Social (E&S) issues have been areas of focus in recent years and seem to remain key topics for the proxy advisors and investors ahead of the 2023 proxy season, with ISS’s questionnaire fully reflecting this trend. This year’s benchmark policy primarily covered the global topic of climate change risk management as well as executive pay increases in the context of inflation and the high cost of living, unequal voting rights and virtual general meetings.

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