August 17, 2022

Reading the “Shareholder Proposal” Tea Leaves

As I noted last week on the Proxy Season Blog, a record 797 shareholder proposals were submitted for meetings through June 30th of this year. Just over 500 of those came from members of the ICCR coalition, according to the 4-page proxy-season recap that it recently published. Here are a few key themes:

– New resolution topics more than doubled last year and included carbon credits, competitive employment standards, and ghost guns.

– Banking was the leading industry receiving ICCR member proposals. There was also an increase in the number of companies receiving multiple resolutions.

– The most successful proposals requested lobbying expenditures disclosure, racial equity audits, and Paris-aligned climate lobbying.

If you want a sense for the types of proposals that might cross your desk in 2023, the tea leaves seem to be pointing towards continued momentum for climate disclosure & lobbying, transparency on other lobbying/political spending, racial justice audits and DEI disclosure. Governance topics are still in the mix, too. If you’re looking to benchmark & strategize on responses, the ICCR write-up includes “featured withdrawals” by topic, showing what certain companies agreed to do.

We’ll be providing lots of practical guidance about preparing for the next wave of shareholder proposals at our upcoming “Proxy Disclosure & 19th Annual Executive Compensation Conferences” – which are being held virtually, October 12-14th. Don’t miss these sessions:

– Climate Disclosure: What to Do Now
– Environmental Proposals: Beyond Climate
– Social Proposals: What’s Next
– Shareholder Proposals: Working with the Staff
– Navigating ISS & Glass Lewis

Here’s the full agenda – 18 sessions over 3 days, with a lineup of leading speakers who will tell it to you straight. Sign up online, email, or call 1-800-737-1271.

Liz Dunshee