ISS STOXX Announces Results of Annual Global Benchmark Policy Survey

ROCKVILLE, Md. (October 7, 2026) - ISS STOXX Governance, a leading global provider of independent and objective shareholder meeting research and unit of ISS STOXX GmbH, today released the results of its annual global Benchmark policy survey. ISS STOXX Governance received a total of 253 responses, of which 141 were from institutional investors and investor-affiliated organizations, and 112 from companies, corporate-affiliated organizations, and other non-investor respondents.

This year's survey covered a range of governance-related issues at the global, regional, and national levels, including director independence, shareholder rights, shareholder meeting formats, executive compensation, and management of nature-related risks.

Key findings from the survey include:

• On director independence in the U.S., 64 percent of investor respondents said long director tenure should be considered a factor in assessing a director's independence, while 74 percent of non-investor respondents said tenure, regardless of length, should not be a factor and that a board's determination of independence is generally sufficient.
• Views also diverged when respondents were asked about shareholder meeting preferences in Continental Europe. Only 11 percent of investor respondents said that virtual-only annual general meetings are generally acceptable in all circumstances (and provided shareholders can exercise rights substantially equivalent to those available at an in-person meeting), and almost half (49.6 percent) of investor respondents identified hybrid annual general meetings (AGMs), offering both physical and virtual participation, as the preferred format. Conversely, 76 percent of non-investor respondents said virtual-only AGMs are generally acceptable in all circumstances, provided shareholders can exercise rights substantially equivalent to those available at an in-person meeting.
• On semiannual financial reporting potentially being permitted in the future for U.S. and Canadian companies, investor and non-investor respondents expressed notably different views. Approximately half (50 percent) of investor respondents said a move to semiannual financial reporting would be a negative change and that less frequent reporting may heighten volatility and tilt the playing field away from public investors and toward, for example, those with access to non-public information or sophisticated data analysis capabilities, and a further 13 percent said semiannual reporting makes sense for many smaller, pre-revenue or start-up companies, but not for larger, more mature companies. By contrast, 54 percent of non-investor respondents said semiannual reporting would not be a concern and that boards should be trusted to balance the relevant considerations and make the right decision for the company, with a further 19 percent saying it would be a positive change.
• In addition, the survey sought views on board responsiveness to executive pay concerns in the U.S. in light of a May 2026 Securities and Exchange Commission proposal that, among other changes, would significantly expand the number of U.S. companies exempt from existing say-on-pay voting requirements. Fifty percent of investor respondents said that where pay concerns and a say-on-pay vote is not on the ballot, they would support in the first year opposing the election of the chair of the compensation committee, and a further 41 percent of investor respondents supported opposing all incumbent compensation committee members. Among non-investor respondents, 54 percent of non-investor respondents said opposition of compensation committee members would not be appropriate under such circumstances.
• The survey also sought views globally on evolving expectations around nature-related risk disclosures. When asked whether companies with significant exposure to nature-related risks should disclose information using a recognized framework, 68 percent of investor respondents said yes, while half of non-investor respondents said such disclosure should be left to the discretion of individual companies.

Download a copy of this year's global benchmark policy survey results report here.

ISS STOXX Governance will over the coming weeks release key draft Benchmark policy updates and open a public comment period for all interested market participants on certain proposed changes to its Benchmark voting policies for next year. The open comment period is designed to elicit objective and specific feedback from investors, companies, and other market participants on implementing the proposed policy updates. Final Benchmark policy updates are expected to be announced in late November or early December and take effect for shareholder meetings occurring on or after Feb. 1, 2027.

About ISS STOXX Governance
ISS STOXX Governance is a leading global provider of independent and objective shareholder meeting research, providing multiple voting policy choices as well as end-to-end workflow solutions. ISS STOXX Governance leverages its extensive global footprint, deep experience, high-quality data and analysis, unified client support, and technology infrastructure to continuously evolve and extend its innovative suite of solutions to meet clients' evolving portfolio, fiduciary, and stewardship requirements.

About ISS STOXX
ISS STOXX provides actionable insights through its comprehensive product offerings, proven expertise, and high-quality data that capital market participants around the world can use to inform their decision-making. Across indices, investment stewardship, corporate governance, sustainability, and fund intelligence, institutional investors and companies rely on us to help them manage investments, strengthen their governance practices, and bring new products to market. ISS STOXX, which is owned by Deutsche Börse Group, employs approximately 4,000 professionals operating across 34 locations in 20 countries. ISS STOXX's clients include many of the world's leading institutional investors and corporate issuers who turn to ISS STOXX for its objective and varied offerings.