Criteria

Each year the criteria evolve and address more issues as the needs of the investor community grow, but the mission of these awards remains the same: Transparency creates confidence and therefore value for companies and their stakeholders.

The Transparency Awards are organized by Labrador, a regulated communication consultancy firm.

The complete list of transparency criteria

Proxy Statement

01 | The document is available in print PDF format

02 | The document is available in an interactive format on the Investor Relations web page

03 | The print version of the document uses a two-column page layout

04 | The SEC EDGAR version of the document uses a one-column page layout

05 | The top of each page in the print version indicates the relevant section and subsection

06 | Every page footer includes the company name, document title, and year

07 | The document includes a secondary color

08 | The second page of the document is either the table of contents, company overview, or values statement

09 | Voting and general information is presented at the back of the proxy

10 | There is a proxy summary containing compensation and governance highlights

11 | The proxy summary includes a table summarizing the proposals and the board’s recommendation for each one

12 | The CD&A starts with a dedicated table of contents

13 | At a minimum, the CD&A Executive Summary includes a table of the NEOs and provides business highlights

14 | The back cover includes either CSR highlights or a reference to other publications

15 | The proxy summary includes a strategy or company overview

16 | A shareholder engagement graphic appears somewhere in the document

17 | The cover includes the time, date, and place of the annual meeting

18 | The Notice of annual meeting includes voting icons (mail, phone, internet)

19 | The letter from the Chairman or CEO (or combined role) includes company or governance highlights rather than just meeting information

20 | There is a letter from the entire Board of Directors

21 | At least 30% of the Board members are women

22 | Each director biography includes a photo

23 | Within each director biography, at least three items (such as tenure, age, and committee assignment(s)) are called out separately

24 | The company mentions diversity as a priority, even if there isn’t a formal Diversity Policy

25 | The Board has a Sustainability Committee or mentions sustainability as part of the Board’s responsibilities

26 | Committee descriptions include the aggregate meeting attendance rate

27 | The attendance rate disclosed for the entire board is precise rather than the minimum more than 75% requirement

28 | The document includes disclosure directly from the Nominating/Corporate Governance Committee

29 | Key governance changes or the Board’s areas of focus are clearly outlined

30 | The board evaluation section discusses the results and, if warranted, the proposed enhancements

31 | The document discusses the implementation or monitoring of a succession plan

32 | The document discusses director onboarding or continuing education

33 | The document includes a link directly to the code of conduct

34 | The company mentions its whistleblower policy

35 | The company explains its approach to cybersecurity

36 | The letter from the Compensation Committee includes highlights about the compensation program

37 | The document includes a “what we do/what we don’t do” table

38 | The CD&A includes a discussion of each individual NEO’s role and compensation

39 | The company discloses whether it has a clawback provision for executive compensation

40 | The document discusses human capital management, preferably in the shareholder engagement or the ESG/CSR section

41 | The document refers to a sustainability framework or the UN Sustainable Development Goals

42 | At a minimum, the proxy includes a graphic summary of directors’ ages and tenures

43 | The document includes a director skills matrix

44 | The document includes a separate board committee matrix or discloses committee memberships within a board nominee table in the proxy summary

45 | The document includes a graphic showing the board evaluation process

46 | The document has a CSR section containing graphics or key figures that describe ESG highlights (diversity, gender parity, carbon emissions, etc.)

47 | Within the director compensation section, a graphic is included to show cash vs stock payment

48 | A section on business performance highlights (in the CD&A or the proxy summary) incorporates at least two graphics

49 | The CD&A contains at least three graphics depicting compensation of the NEOs

50 | A table or graphic is used to present the target and final results of the short-term incentive plan

51 | A table or graphic is used to present the target and final results of the long-term incentive plan

52 | The document includes a shareholder engagement section

53 | The document includes human capital management information

54 | There were at least 43 days between the filing and the annual meeting

Form 10-K

55 | The exhibit list is hyperlinked to each individual exhibit

56 | The document is available in PDF print format

57 | The Investor Relations website offers an interactive version of the Annual Report

58 | There is a table of contents on page 2 with two levels (sections and sub-sections) of detail

59 | The top of each page in the print version indicates the relevant section and subsection

60 | Every page footer includes the company name, document title, and year

61 | The document uses a two-column page layout

62 | Within Item 1 – Business, the company provides an overview of its strategy

63 | The document contains a glossary of terms or key word index

64 | The document includes a secondary color

65 | Item 1 – Business contains a graphic to highlight the company strategy

66 | The tables throughout the document have titles

67 | The Notes to Consolidated Financial Statements have a dedicated table of contents

68 | Within Item 1, the document provides a direct link to the website hosting all of the company’s SEC filings

69 | The “Risk Factors” section has a short introduction

70 | The company identifies at least ten risks

71 | The company discusses whether cybersecurity is a major risk

72 | The company identifies environmental issues as a risk

73 | The segments in the Business Overview are an exact match with the segments discussed in the MD&A

74 | The company mentions how it recognizes revenue

75 | Executive compensation information is incorporated by reference to the Compensation Discussion & Analysis section of the proxy statement

76 | Corporate governance information is incorporated by reference to the Governance section of the proxy statement

77 | The MD&A contains at least one graphic to highlight company performance

78 | The document follows a logical structure recommended by the SEC

79 | Each section of the report is labeled with the appropriate name from the regulations (i.e., “Risk Factors,” “Management Discussion and Analysis,” etc.)

80 | Financial statements should show information for the current year in the far left column

81 | There were no more than 57 days between the filing and the fiscal year-end

Investor Relations Website

82 | The homepage of the corporate website includes “Investors” or “Investor Relations” with other prominent level one headings

83 | The Investor Relations search engine is quick and accurate

84 | The IR home page has a menu offering direct access to sub-sections

85 | A Sustainability or Corporate Responsibility section is clearly identified and accessible from the IR homepage

86 | The IR home page has an “Annual Meeting” tab leading to information that is complete and up-to-date

87 | The “contact” page offers an option to send an email to investor relations

88 | Readers can access the 10-K or Proxy from the IR home page in two (or fewer) clicks

89 | The IR site offers easy and public access to the annual meeting webcast or transcript

90 | The IR site offers an option to register for email alerts

91 | The company website offers direct access by a search engine to the current year’s Annual Report (must be within the top five results)

92 | The company website offers direct access by a search engine to the current year’s Proxy Statement (must be within the top five results)

93 | The company website has an “Annual Report and Proxy Statement” tab that is complete and up-to-date

94 | Readers can access the Proxy from the IR home page in two (or fewer) clicks

95 | Readers have easy access, using the company website’s search engine, to content related to “ethics,” “strategy,” and “sustainability”

96 | Readers have access to the company’s latest earnings presentations

97 | Readers can access the Code of Ethics or Code of Business Conduct from the IR home page in two (or fewer) clicks

98 | Readers have access to the last five Annual Reports

99 | Readers have quick access to the company’s current bylaws

100 | The IR home page has a section called “SEC Filings”

101 | The IR home page has a section called “Corporate Governance”

102 | The IR home page has, at a minimum, links to “Events and Presentations,” “Stock Information,” and “contact or FAQ”

103 | The company offers a dedicated website for the Annual Meeting that includes all materials needed for the AGM

Code of conduct - new for 2020!

104 | The company’s website has a dedicated Ethics and Compliance tab

105 | The document is available to the public on the company’s investor relations or corporate website

106 | The document is available in print PDF format

107 | The document is available in an interactive format, sending the reader to additional content such as a video or intranet for more information

108 | Using a standard search engine and the keywords “code of ethics, code of conduct, Company name,” an interested party will find the document in the top five results

109 | The document is titled either Code of Ethics or Code of (Business) Conduct

110 | The document is written in first person (you, I)

111 | The document is translated into five or more languages, not including English

112 | The translated documents are listed on a single page and available on the corporate website

113 | The document includes a table of contents

114 | The table of contents includes at least the following items: “Values,” “Workplace Behavior,” “Anti-bribery and corruption,” and “Ethics Hotline”

115 | The document includes an infographic or graphic depicting the alert procedure

116 | The document includes links to other company policies

117 | The first part of the Code explains the company’s values and/or commitments

118 | The document is dated and produced within the last two years

119 | The Code includes a chapter or paragraph about code violations

120 | The Code contains a detailed alert procedure

121 | A letter from the CEO and/or the CCO introduces the Code

122 | The Code mentions a training program

123 | The Code includes at least 5 themes

124 | The document contains a minimum of three graphics or infographics

125 | The document includes a decision-making tree graphic

126 | The document includes at least three practical case studies or examples or a Q&A

127 | A list of the company’s other governance-related codes or policies appears on the same landing page as the Code

128 | The document includes a section about the Code’s purpose

129 | The document refers to other governance-related policies