The Advisors' Blog

This blog features wisdom from respected compensation consultants and lawyers

December 9, 2024

Peer Groups for ’25 Proxy Season: Glass Lewis Deadline This Thursday

Meredith recently shared info about ISS’s peer group review & submission window, which has now passed. Glass Lewis has also opened its peer group submission window for companies with meetings from March 2025 to September 2025, and it runs through this Thursday, December 12th. Glass Lewis uses company-selected peers as part of its say-on-pay analysis.

On its website, the proxy advisor walks through how and why to submit your peer group – as well as info about its methodology. Here are reasons you might want to submit an update:

– You recently disclosed an updated peer group on your website, Form 8-K, or elsewhere in the public domain, but it’s not in your latest Form DEF 14A or Management Information Circular.

– Your most recent proxy statement includes two peer groups (e.g., one for fiscal 2023 and another for fiscal 2024). Confirm your preferred peer group for Glass Lewis’ peer group selection process by submitting it.

– You publicly disclosed your fiscal 2023 peer group with changes for fiscal 2024, but without listing the full fiscal 2024 group. Submit an update to confirm the fiscal 2024 peer group.

There’s no need to submit an update if there’s been no change in the group you disclosed for your most recent annual meeting. Glass Lewis will use that same group in its analysis for 2025 if you don’t send any update.

If you’re looking for a resource that covers peer group info for both ISS & Glass Lewis, check out this Compensia alert, and you can also visit our “Proxy Advisors” Practice Area.

Liz Dunshee