Institutional Shareholder Services (“ISS”), the leading proxy voting advisory firm, recently released its 2020 proxy voting guidelines updates for the U.S. and other jurisdictions (effective for meetings on or after February 1, 2020) following its annual global benchmark policy survey and comment period that ran from July 22, 2019 to October 18, 2019. ISS addressed various topics in its updated guidelines, which included three guideline revisions that are relevant to shareholder activism in the U.S. and are the focus of this client alert.
With three classes of shares – non-voting shares, one-vote shares and super-voting shares - Under Armour is experiencing an unusually wide spread in the market prices of its traded shares and it may not be because of the difference in voting rights.