On December 19, 2011, Institutional Shareholder Services (ISS) published its 2012 US Proxy Voting Summary Guidelines (which were further updated on January 31, 2012). This release follows the November 2011 publication of its 2012 Corporate Governance Policy Updates and reflects updated guidance on say-on-pay advisory votes, pay for performance and other compensation issues (see Legal Update, Institutional Shareholder Services Releases 2012 Updates to its Proxy Voting Guidelines). The proxy voting guidelines are effective for meetings on or after February 1, 2012.

ISS also published 2012 summary proxy voting guidelines for Europe, Canada and other countries. For more information, see the ISS website.