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Equilar Delves Into CD&A Design of the S&P 100

RR Donnelley Contributes Commentary on Disclosure Strategy and Effectiveness

Redwood City, CA (March 24, 2014)—Equilar, the leader in executive compensation benchmarking and governance research, today announced the release of its latest report, Innovations in CD&A Design: A Proxy Disclosure Analysis. Written in partnership with RR Donnelley & Sons Company, this publication provides an in-depth analysis of the strategies used by S&P 100 companies to improve CD&A disclosures.

“CD&As have become lengthier each year and mentions of important concepts have steadily increased in frequency, among these are Realizable Pay, Realized Pay, and pay for performance,” said Aaron Boyd, Equilar’s Director of Governance Research. “Some of this stems from changes in the regulatory environment. There has also been a shift toward enhancing the readability of CD&As with more companies writing proxy summaries in formats that make the content easily digestible for readers.”

Equilar found that supplemental methods of calculating compensation are becoming more common with more than one-third of companies referencing Realized Pay in 2013. Also, pay for performance references increased in the wake of Say on Pay. Pay for performance was cited in the proxies of 81 companies, compared to 59 in 2009.

"We acknowledge the value Equilar provides to the market by regularly conducting topical analyses such as this CD&A study, and we appreciate the opportunity to share our perspective on this important topic,” said Ronald Schneider, RR Donnelley’s Director of Corporate Governance Services. “As the country's leading financial communications firm, assisting over 1,900 U.S. companies with various aspects of the design, production, filing and dissemination of their proxies, we have a front-row seat both observing and assisting clients with ongoing innovation in proxy communications generally, and the CD&A in particular. This past summer, RR Donnelley surveyed a broad range of institutional investors about how they use proxy statements, with the majority of respondents indicating the CD&A is their first destination within the proxy. Supported by Equilar's CD&A study, we anticipate that many companies will continue to innovate in this area as they continually seek the most effective means to tell a clear and compelling compensation story.”

About Equilar

Headquartered in Redwood City, Calif., Equilar is the leading provider of executive compensation data and governance tools for corporations, nonprofits, consulting firms, institutional investors, and the media. As the trusted data and executive solutions provider to 70% of the Fortune 500, Equilar helps companies accurately benchmark and track executive and board compensation, pay for performance results, and compensation practices. In addition, Equilar offers a leading business and event networking solution focused on serving executives and board members. Equilar’s research is cited regularly by Bloomberg, The New York Times, The Wall Street Journal, and other leading media outlets.

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