Last week, Institutional Shareholder Services released updates to its Canadian benchmark corporate governance policy effective for meetings on or after February 1, 2014.

Among other things, the updated policy addresses the failure by boards to adequately respond to majority withhold votes for directors or majority supported shareholder proposals, adjusts the pay for performance evaluation methodology, generally recommends withhold votes for directors who are overboarded or have a poor record of board or committee meeting attendance, recommends generally voting against enhanced quorum bylaws for contested director elections, and removes the exception under which ISS would approve a stock option repricing or option exchange proposal.

Policy updates for the United StatesEurope and Asia-Pacific were also released. Check back in the coming weeks for further analysis on the Canadian policy updates.