ISS Accepting Peer Group Updates Starting November 20, 2013

ISS Accepting Peer Group Updates Starting November 20, 2013

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ISS Corporate Services sent out an email on November 18, 2013 that indicated that ISS will be accepting updates to Russell 3000 companies’ self-selected peer groups from November 20, 2013 at 9 am Eastern through 5 pm Eastern on December 9th. (Copy of email text appears below)

If your company revised its peer group since last year’s proxy and used this revised peer group for compensation decisions that were made for the year that will be required to be disclosed in your next proxy (2014 proxy covering 2013 for calendar year companies) for shareholder meetings between February 1, 2014 and September 15, 2014, you should consider participating so that ISS has your correct self-selected peer group when it develops its own peer groups for assessing your company (ISS peer group is used for its pay for performance analysis done as part of its say on pay vote recommendation).

Link to submit changes:
(Active during the dates and times detailed above)

ISS Corporate Service November 18, 2013 email

We wanted to make you aware that ISS will be accepting updates to companies’ self-selected compensation benchmarking peers starting this Wednesday, November 20, at 9:00 AM EST.

The peer submission window will remain open until 5:00 PM EST on December 9.  All companies in the Russell 3000 index with annual meetings set to occur between February 1, 2014, and September 15, 2014, are invited to participate.

ISS uses a company’s self-selected executive compensation benchmarking peers as a key input into the ISS peer group selection process.  To maximize the potential overlap between a company’s proxy-defined peers and the ISS-selected peers, your clients should use this process to ensure that ISS has an up-to-date list of what their proxy-defined peer companies will be.  For more details about the ISS peer group selection process, please refer to ISS’ U.S. 2013 Peer Group Methodology Frequently Asked Questions.

ISS requires the issuer itself to submit the peer group updates; outside advisors may not submit on a client’s behalf. [Companies] should consider submitting any peer group changes by visiting no later than December 9.  These peer group submissions should be for the most recent fiscal year ended prior to the 2014 annual meeting.  If an issuer did not make any changes to its compensation benchmarking peer set, or disclosed the relevant peers in a previous proxy statement, that peer set will automatically be factored into the ISS peer selection process; no further action is needed.

If [companies] do submit an updated peer list, it must be accompanied by letter submission on the company’s letterhead, in a PDF version, containing the full list of peers that were submitted online.  The issuers will receive specific instructions on how to complete this email verification at the end of their web-based peer submission.  Without this verification, the updated peer list will not be incorporated into the ISS peer selection process. 

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