As we near the end of 2022, we at ClearBridge took the opportunity to look back over the tumultuous past few years and review the changes in annual incentive plan design from 2020 to 2022. This latest report is an installment of our ClearBridge 200 series and examines the annual incentive plan practices of 100 mid-cap companies among the S&P Mid-Cap 400 and 100 large-cap companies among the S&P 500.