Your analysis of the firm should include but not restrict to:

1.General information about the firm of interest

Industry, market share, firm size, how it is comparable to the two peers ...

2.Shareholder activism

Is there any shareholder activism event happened in the firm during the recent 5 years, such as takeover bid or proxy contest and so on?

If there is, what is the activist event's stated objective, tactic, and outcome. How market react to the event, and what is the long-run impact of the event.

If there is not, why? Is it because the firm is not a reasonable target, or the firm has implemented many takeover defenses to deter such threats? Is it good for firm performance?

3.Ownership structure

Does the firm of interest have large shareholder? Controlling shareholder? CMS structure? How is the firm's ownership structure compared to its industry peers?

If there is CMS structure, how is it constructed? Is the degree of separation between cash flow right and voting rights more severe than industry peers?

What is the implication of the firm's ownership structure on its corporate governance issues?

4.Board of directors

Describe the board composition of the firm of interest (board size, independence, chairman of the board, gender diversity) and compare it to the industry peers.

Does the board composition of the firm satisfy the local regulations? Does it align with the best practice or good conduct suggested by CalPERS?

Which role of the board of directors is relatively more valuable for the firm (monitoring or advisory)? Why? Does the board know it and function in a way booming its more valuable role?

Does the board function well? Meeting how many times a year? Board attendance high or low? Any confront event against the CEO?

How is the board's power compared to CEO? Tenure? Connection?

5.Management

Level and components of the CEO compensation. Compare it to the industry peers. Any prominent trend?

Do you think the firm is paying the CEO too high? Why or why not?

Do you think the CEO compensation is related to firm performance in a satisfactory way?

Estimate CEO's bargaining power against the firm: past performance, working experience, political connection, social network, reputation, or other features you think that is interesting to be aware of.

6.International corporate governance

Which country your firm got listed? Which country your firm incorporated? How is the legal environment faced by the firm? How does that affect the firm's corporate governance (internal, external...)?

It there any country-specific regulation changes during the past five years which could reshape the firm's corporate governance perspective? How does it apply to the firm and what could be the (unintended) consequences?