UNITED STATES Proxy Voting Guidelines Benchmark Policy Recommendations TITLE Effective for Meetings on or after February 1, 2021 Published November 19, 2020 ISS GOVERNANCE .COM © 2020 | Institutional Shareholder Services and/or its affiliates UNITED STATES PROXY VOTING GUIDELINES TABLE OF CONTENTS Coverage ................................................................................................................................................................ 7 1. Board of Directors ......................................................................................................................................... 8 Voting on Director Nominees in Uncontested Elections ........................................................................................... 8 Independence ....................................................................................................................................................... 8 ISS Classification of Directors – U.S. ................................................................................................................. 9 Composition ........................................................................................................................................................ 11 Responsiveness ................................................................................................................................................... 12 Accountability ..................................................................................................................................................... 13 Voting on Director Nominees in Contested Elections ............................................................................................. 16 Vote-No Campaigns ............................................................................................................................................ 16 Proxy Contests/Proxy Access .............................................................................................................................. 17 Other Board-Related Proposals ............................................................................................................................... 17 Adopt Anti-Hedging/Pledging/Speculative Investments Policy .......................................................................... 17 Board Refreshment ............................................................................................................................................. 17 Term/Tenure Limits ........................................................................................................................................ 17 Age Limits ....................................................................................................................................................... 17 Board Size ........................................................................................................................................................... 18 Classification/Declassification of the Board ....................................................................................................... 18 CEO Succession Planning .................................................................................................................................... 18 Cumulative Voting .............................................................................................................................................. 18 Director and Officer Indemnification and Liability Protection ............................................................................ 18 Establish/Amend Nominee Qualifications .......................................................................................................... 19 Establish Other Board Committee Proposals...................................................................................................... 19 Filling Vacancies/Removal of Directors .............................................................................................................. 19 Independent Board Chair.................................................................................................................................... 19 Majority of Independent Directors/Establishment of Independent Committees .............................................. 20 Majority Vote Standard for the Election of Directors ......................................................................................... 20 Proxy Access ....................................................................................................................................................... 20 Require More Nominees than Open Seats ......................................................................................................... 20 Shareholder Engagement Policy (Shareholder Advisory Committee) ................................................................ 21 2. Audit-Related .............................................................................................................................................. 22 Auditor Indemnification and Limitation of Liability ............................................................................................ 22 Auditor Ratification ............................................................................................................................................. 22 Shareholder Proposals Limiting Non-Audit Services ........................................................................................... 22 Shareholder Proposals on Audit Firm Rotation .................................................................................................. 22 3. Shareholder Rights & Defenses ................................................................................................................... 24 Advance Notice Requirements for Shareholder Proposals/Nominations .......................................................... 24 Amend Bylaws without Shareholder Consent .................................................................................................... 24 Control Share Acquisition Provisions .................................................................................................................. 24 Control Share Cash-Out Provisions ..................................................................................................................... 24 Disgorgement Provisions .................................................................................................................................... 25 Fair Price Provisions ............................................................................................................................................ 25 Freeze-Out Provisions ......................................................................................................................................... 25 Greenmail ........................................................................................................................................................... 25 Shareholder Litigation Rights .............................................................................................................................. 25 Federal Forum Selection Provisions ............................................................................................................... 25 Exclusive Forum Provisions for State Law Matters ......................................................................................... 26 ISSGOVERNANCE.COM 2 o f 72 UNITED STATES PROXY VOTING GUIDELINES Fee shifting ..................................................................................................................................................... 26 Net Operating Loss (NOL) Protective Amendments ........................................................................................... 26 Poison Pills (Shareholder Rights Plans) ................................................................................................................... 27 Shareholder Proposals to Put Pill to a Vote and/or Adopt a Pill Policy .............................................................. 27 Management Proposals to Ratify a Poison Pill ................................................................................................... 27 Management Proposals to Ratify a Pill to Preserve Net Operating Losses (NOLs) ............................................. 27 Proxy Voting Disclosure, Confidentiality, and Tabulation................................................................................... 28 Ratification Proposals: Management Proposals to Ratify Existing Charter or Bylaw Provisions ........................ 28 Reimbursing Proxy Solicitation Expenses ........................................................................................................... 28 Reincorporation Proposals ................................................................................................................................. 29 Shareholder Ability to Act by Written Consent .................................................................................................. 29 Shareholder Ability to Call Special Meetings ...................................................................................................... 29 Stakeholder Provisions ....................................................................................................................................... 30 State Antitakeover Statutes ...............................................................................................................................