The updated ISS guidelines are effective for meetings on or after February 1, 2018. On November 16, 2017, Institutional Shareholder Services (ISS) published its 2018 Americas Proxy Voting Guidelines Updates. The following is a high-level summary of the updates relating to US public companies. Disclosure of Shareholder Engagement. In considering whether to recommend against compensation committee members of companies whose say-on-pay proposals received less than 70% of votes cast, ISS will consider several factors regarding shareholder engagement efforts, including the timing and frequency of engagements with shareholders, whether independent directors participated, and the company's proxy disclosure of specific concerns voiced by dissenting shareholders that led to the say-on-pay opposition. Board Diversity. In terms of considering board composition under its "Fundamental Principles," ISS's policies now provide that boards should be sufficiently diverse to ensure consideration of a wide range of perspectives.