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La gouvernance en chiffres | EY

9 août 2016

Voici un document appréciable et remarquable qui illustre les principales données sur la gouvernance des sociétés américaines en les présentant sous forme chiffrée. Cet article est paru dans Harvard Law School forum par Ann Yerger, directrice générale du « Center for Board Matters » d’Ernst & Young.

L’auteur a compilé les données de plus de 3 000 sociétés publiques aux États-Unis, en les présentant selon les 5 indices les plus importants : S&P 500, S&P MidCap 400, S&P SmallCap 600, S&P 1500 et Russell 3000.

On se pose souvent des questions sur le profil de la gouvernance, notamment sur la composition des CA ; l’étude répond bien à ces interrogations et est facile à comprendre.

La présentation sous forme de tableaux et d’infographies est très explicite.

Bonne lecture !

Corp-Gov

Board Composition

Board composition* S&P 500 S&P MidCap 400  S&P SmallCap 600  S&P 1500 Russell 3000
Age 62 years 63 years 62 years 62 years 61 years
Gender diversity 2 (21%) 2 (16%) 1 (14%) 2 (17%) 1 (14%)
Independence 85% 82% 81% 83% 79%
Tenure 9 years 9 years 9 years 9 years 8 years
* Numbers based on all directorships in each index; gender diversity data represents average number of women directors on a board (and the percentage this represents)

Board Meetings and Size

Board meetings and size S&P 500 S&P MidCap 400  S&P SmallCap 600  S&P 1500 Russell 3000
Board meetings 8 7 8 8 8
Board size 10.8 9.3 8.3 9.4 8.8

Board Leadership Structure

Board leadership structure* S&P 500 S&P MidCap 400  S&P SmallCap 600  S&P 1500 Russell 3000
Separate chair/CEO 47% 57% 61% 55% 56%
Independent chair 28% 37% 42% 36% 36%
Independent lead director 54% 51% 41% 48% 40%
* Percentage based on portion of index; data through 31 Dec 2015

Board Elections

Board elections* S&P 500 S&P MidCap 400  S&P SmallCap 600  S&P 1500 Russell 3000
Annual elections 91% 62% 55% 69% 60%
Majority voting in director elections 88% 60% 38% 62% 44%
* Percentage based on portion of index; data through 31 Dec 2015

Board and Executive Compensation

Board and executive compensation S&P 500 S&P MidCap 400  S&P SmallCap 600  S&P 1500 Russell 3000
Independent directors $291,987 $310,238 $171,120 $248,625 $226,053
CEO 3-yr average pay $12.4 million $6.2 million $3.3 million $7.1 million $5.6 million
NEO 3-yr average pay $4.7 million $2.2 million $1.2 million $2.6 million $2.1 million
Average pay ratio: CEO / NEO 2.6 times 2.8 times 2.8 times 2.7 times 2.7 times
* Numbers based on all directorships and executive positions in each index

Russell 3000 Opposition in Votes in Director Elections

Russell 3000: Opposition votes in director elections Full year 2015 Year to date 2016
Total elections 17,808 15,529
Average opposition votes received (support) 4.0% (96.0%) 4.1% (95.9%)
Russell 3000: Opposition votes received by board nominees Full year 2015 Year to date 2016
Directors with less than 80% support (% of nominees) 4.0% 4.0%
Number of directors 709 615
Directors with less than 50% support (% of nominees) 0.3% 0.3%
Number of directors 56 46

Say-on-Pay Proposals

Russell 3000: Say-on-Pay proposals voted Full year 2015 Year to date 2016
Total proposals voted 2,194 1,850
Proposals with less than 70% support (% of proposals) 8.0% 6.7%
Number of proposals 175 124
Proposals with less than 50% support (% of proposals) 2.6% 1.5%
Number of proposals 56 27
Say-on-Pay proposals vote support Full year 2015 Year to date 2016
S&P 500 92.0% 91.5%
S&P 1500 91.6% 91.8%
Russell 3000 91.3% 91.5%

Shareholder Proposals

Shareholder proposal categories Number voted Portion of voted proposals
Environmental/social 199 39%
Board-focused 163 32%
Compensation 56 11%
Anti-takeover/strategic 86 17%
Routine/other 7 1%
All 511 100%

 

Top shareholder proposals by vote support* Average support
Eliminate Classified Board 74.7%
Adopt Majority Vote to Elect Directors 68.5%
Eliminate Supermajority Vote 61.0%
Adopt/Amend Proxy Access 51.8%
Allow Shareholders to Call Special Meeting 41.9%
Allow Shareholders to Act by Written Consent 39.7%
Increase/Report on Board Diversity 35.4%
Address Corporate EEO/Diversity 32.5%
Appoint Independent Board Chair 29.2%
Review/Report on Climate Related Risks 28.6%
* Based on topics where at least 5 shareholder proposals went to a vote

 

Top shareholder proposals by number voted* Number voted
Adopt/Amend Proxy Access 76
Appoint Independent Board Chair 47
Review/Report on Lobbying Activities 40
Review/Report on Political Spending 29
Address Human Rights 23
Adopt Majority Vote to Elect Directors 22
Limit Post-Employment Executive Pay 21
Report on Sustainability 20
Allow Shareholders to Call Special Meeting 18
Review/Report on Climate Related Risks 18
* Based on topics where at least 5 shareholder proposals went to a vote

Trends in Audit Committee Disclosures

The data below was current as of August 2015 and appears in Audit committee reporting to shareholders in 2015.

 

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Shareholder Engagement Trends

The data below was current as of June 2016 and appears in Four takeaways from proxy season 2016 (discussed on the Forum here).

S&P 500 companies disclosing engaging with investors*

ey-sandp-500-companies-disclosing-engaging-with-investors-June-2016

*Percentages for 2016 based on 436 proxy statements for S&P 500 companies available as of June 10, 2016.

__________________________________

*Ann Yerger is an executive director at the EY Center for Board Matters at Ernst & Young LLP.

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