Corporate governance – Glass Lewis 2026 Policy Guidelines

Glass Lewis has published its 2026 UK Benchmark Policy Guidelines, which set out the proxy adviser’s views on current market practice and its voting recommendations for AGMs in 2026.

Key changes in the guidelines for 2026 include that Glass Lewis will:

• Committee size – typically recommend shareholders vote against, rather than abstain from voting on, the re-election of the audit and/or remuneration committee chair where the relevant committee is too small (the UK Corporate Governance Code includes provisions relating to minimum committee composition, being three independent non‑executive directors for each of the audit and remuneration committees);
• Gender diversity – typically recommend voting against the re-election of the nomination committee chair where the board does not comprise at least 40% women, absent any mitigating circumstances – the deadline for meeting the FTSE Women Leaders Review target that 40% of FTSE 350 board and leadership positions be held by women is the end of 2025 (read more on our blog here); and
• Performance-related pay – base its voting recommendations on a holistic assessment of the company’s remuneration structure, disclosure and practices, alongside the scores arising from its new proprietary pay-for-performance model (which includes score ranges, individual tests in a balanced scorecard, and information on the selection of peers).

The guidelines also clarify Glass Lewis’s policies in some areas, including attendance at key committees, remuneration committee independence and vesting/holding periods for long-term incentives.

The revised guidelines apply from January 2026.