Take Two: Usable Disclosure
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The document discusses ways that companies can improve their proxy statement disclosures to tell their story better and reduce length. It recommends using an annual report wrap to address issues upfront, clear formatting and graphics to make points, and cites examples from Weatherford and Chesapeake Energy of revising executive compensation and audit committee sections that resulted in shorter proxy statements and more favorable shareholder votes.
Take Two: Usable Disclosure
- 1. Take Two Broc Romanek Editor, TheCorporateCounsel.net Episode 5: Usable Disclosure
- 2. Why Bother? Tell your story better to earn more votes Tell your story better to others (employees, proxy advisors, etc.) Dramatically reduce length of your proxy statement Pride in what you do
- 3. Telling the Story Annual report wrap to address issues up front Use formatting/graphics to clearly make your points Weatherford: Audit Committee Oversight & Engagement section Chesapeake Energy: Revised CD&A
- 4. The Results Weatherford reduced proxy length from 63 to 48 pages (25% drop) Weatherford reduced comp disclosure length from 33 to 20 pages (40% drop) Weatherfords 13 vote far more favorable than 12 (eg. 40% SOP boost)