TheCorporateCounsel.net

Last October, Glass Lewis announced plans to change the firm’s approach to delivering advisory services, contemplating a move away from singularly-focused research and vote recommendations based on a global voting policy toward providing multiple perspectives that reflect the viewpoints of clients. At the time of the October 2025 announcement, Glass Lewis had not yet worked out what this new approach would look like, advising that it would outline the changes in future communications.

Yesterday, Glass Lewis sent a message to clients outlining a proposed new approach for a multi-perspective framework, as well as describing a comment period on the proposed new approach. The framework contemplates four distinct perspectives, which are described as follows:

1. Business Fundamentals – Takes a flexible view of governance standards when boards and management teams have demonstrated a strong record of generating shareholder returns

2. Foundational Governance – Treats core governance standards as essential to safeguard long-term shareholder value

3. Global Stewardship – Pairs core governance standards with rigorous oversight of financially material sustainability risks to protect long-term shareholder value

4. Sustainability Focused – Pairs core governance standards with rigorous oversight of sustainability risks that are or could become financially material over extended time horizons and across portfolios. Recognizes that asset owners have a fiduciary interest in the stability and integrity of the markets in which they invest

The message indicates that clients will receive a consultation paper and survey questionnaire as well as a comparison paper on the four perspectives. Clients will have the opportunity to participate in a comment period beginning next month. It is contemplated that the new research perspectives will be live in September 2027.

Glass Lewis notes that it will continue to provide its Benchmark Voting Policy Guidelines for the 2027 proxy season. The firm notes that it will make limited changes to these guidelines, only integrating significant regulatory and corporate governance developments from 2026. Glass Lewis anticipates publishing these guidelines for major markets in early October 2026.

– Dave Lynn