Some people are considering using Workiva for the first time for their proxy. Most users expect to just “upload a draft,” but Workiva’s architecture requires some upfront structural thinking. Here are a few things to consider along those lines, gleaned from the Workiva experts at Labrador:
1. The “Section 16” and “Compensation” Data Linkage: You might not expect how much time you’ll spend setting up the “Source Spreadsheets.” For a proxy, the “beginning” of your Workiva process isn’t the document itself; it’s the data. For example, one challenge is that you will need to map out where your executive compensation tables live so they can “flow” into the document.
2. EDGAR vs. PDF Dual-Reality: You are essentially building two documents at once. One is a highly-designed PDF – and the other is a strictly formatted HTML file for the SEC’s Edgar purposes. You must decide early on if you will use “Designed Reporting” – which allows for floating objects and complex layouts – or a standard document.
3. Permissions Matrix: Unlike a Word doc, you have to decide who sees what at the “section” level. Setting up these permissions – for example, keeping the Compensation Discussion & Analysis restricted until it’s ready – is a critical first step.
Check out this intro and video for “On-Platform Designed Reporting” for more information…
