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- Meeting Concentration: Meeting concentration eased slightly compared to recent years, but remains elevated with 50 percent of all meetings for Brazilian issuers and 43 percent of all meetings for Mexican issuers occurring during the final four business days of April.
- First Year of Chile’s Gender Diversity Law: The 31 Chilean issuers with full board elections in 2026 saw the election of 54 female directors, compared to the 41 who served on the same boards prior to 2026, while median female participation increased from 14 percent to 22 percent for such issuers.
- Board Election Contests: The 2026 proxy season in Brazil saw a series of contested board elections, with competition emerging both between management and shareholder-backed nominees and among minority investor groups seeking board representation.
- Tax Reform Drives Higher Dividend Distributions: Following the introduction of Brazil’s new dividend tax regime, the average payout ratio among Brazilian issuers analyzed by ISS nearly doubled to 64.9 percent of FY2025 net income, with 23 companies distributing more than 100 percent of annual earnings as companies accelerated shareholder distributions ahead of the tax reform’s transition period.
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Authored By
Ana Luiza Farias, John Reidy, Samuel Carvalho, Matt Schafer
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