Governance Practices for IPO Companies: A Davis Polk Survey
Client Memorandum

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With ongoing pressure on companies that are past the IPO stage to update or modify their corporate governance practices to align with the views of some shareholders and proxy advisory firms, we thought this would be a good time to review corporate governance practices of newly public companies to see if they have also shifted in recent years. Our 2016 survey is an update of our 2009, 2011 and 2014 surveys and focuses on corporate governance structures at the time of the IPO for the 50 largest U.S.-listed IPOs of “controlled companies” (as defined under NYSE and NASDAQ listing standards) and the 50 largest U.S.-listed IPOs of non-controlled companies from November 2013 through March 2016. Results are presented separately for controlled companies and non-controlled companies in recognition of their different governance profiles.