Courtesy of Proxy Analytics, the table below summarizes proposals voted and the voting outcome of ESG-related shareholder proposals for the 2023 proxy season through the week of July 2 compared to the comparable time frame for 2022 on an unadjusted and as-adjusted basis, with the latter excluding anti-ESG proposals and instances where management issues no recommendation or a “FOR” recommendation, which reportedly tend to skew the results.
- No-action requests declined 25% from the 2022 proxy season; however, requests granted increased from 40% last season to 59% this season, primarily attributable to requests based on Rules 14a-8(i)(7) (ordinary business) and 14a-8(b)/(f) (eligibility/procedural), which comprised 75% of requests granted.
- Proposals voted increased season-over-season by 11% to a record 629 proposals, with E&S proposals constituting 55% of all proposals.
- Average shareholder support declined to 23.5% from 32.3% season-over-season, or 25.1% vs. 32.4% on an adjusted basis. Majority supported-proposals dropped by more than 61% season-over-season to 34 proposals for 2023 compared to 88 for 2022.
Based on its review of 1,847 Russell 3000 proxy filings thus far this proxy season, Semler Brosey reported these and other noteworthy voting results as of June 29:
Median shareholder support for social proposals (226 proposals) and environmental proposals (93 proposals) voted so far this season is 15% and 18%, respectively, reflecting a decline in support compared to last (full) season’s 22% (187 proposals) and 27% (65 proposals), respectively.
Average support for directors thus far in 2023 remains fairly steady (0.1% lower than 2022) at 94.4%, with female director candidates garnering 1% more support on average than male director candidates.