On November 6, 2014, Glass Lewis & Co. released its 2015 Proxy Paper Guidelines for the United States showing the key draft policy changes for the 2015 proxy season. There are updates in the following areas:

- Governance Committee Performance;

- Board Responsiveness to Majority-Approved Shareholder Proposals;

- Vote Recommendations Following an IPO;

- “Material” Transactions with Directors;

- Management Say-on-Pay Proposals; and

- Proposals to Adopt or Amend Employee Stock Purchase Plans