On November 19, Institutional Shareholder Services (ISS) published updated policies for determining its proxy voting recommendations for meetings to be held on or after February 1, 2011. ISS’s policy updates for 2011 include the following:

Executive Compensation

ISS has adopted a new policy regarding the frequency of “say on pay” advisory votes. ISS will generally recommend that shareholders vote for annual advisory votes on compensation. In ISS’s view, having say on pay votes every two or three years (as permitted under the recently adopted Dodd-Frank Wall Street Reform and Consumer Protection Act) would make it difficult to create meaningful and coherent communication between issuers and their shareholders with respect to executive compensation.