Corporate Governance

2017 Corporate Governance & Execution Compensation Survey

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Shearman & Sterling Shareholder Engagement | 5 1 section 2 sections 3 sections 4 sections 21 28 16 9 Corporate Governance Section Proxy Statement Summary CD&A Proxy Statement Cover Letter LOCATION OF DETAILED SHAREHOLDER ENGAGEMENT DISCLOSURES IN PROXY STATEMENTS THE NUMBER OF PROXY STATEMENT SECTIONS IN WHICH SHAREHOLDER ENGAGEMENT DISCLOSURES WERE MADE FAST FACTS The average length of the detailed disclosures by the 74 companies that made shareholder engagement disclosures in their 2017 proxy statements was 439 WORDS. These disclosures ranged from 40 TO 1,796 WORDS. 51 41 20 49 Note: Many companies made disclosures in more than one location. 21 13 10 5 5 20 1 to 199 words 200 to 399 words 400 to 599 words 600 to 799 words 800 to 999 words 1,000 or more words LENGTH OF PROXY STATEMENT SHAREHOLDER ENGAGEMENT DISCLOSURES

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