2024 Proxy Season Review: Corporate Resilience in a Polarized Landscape
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Shareholder Voting

2024 Proxy Season Review: Corporate Resilience in a Polarized Landscape

29 September 2024 / Report

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2024 proxy season was marked by increased partisanship and political uncertainty, making shareholder proposals even more contentious compared to the past. This report outlines the key developments of the 2024 proxy season and offers practical insights for companies to strengthen offseason investor engagement as well as prepare for the challenges of the 2025 proxy season. 

Key Insights

  • The high volume and specificity of shareholder proposals has emboldened companies to counter them through no-action requests and more pointed proxy statement disclosures, leading to a rise in omissions and a drop in average support.
  • While overall support for shareholder proposals declined, 2024 saw a notable increase in average support for governance proposals, signaling a focus on governance as a cornerstone of corporate success.
  • In today’s polarized environment, with competing and conflicting demands from proponents on both sides of the political aisle, it’s vital for companies to clearly connect their environmental and social (E&S) initiatives to their core business strategy.
  • While directors received strong average support in the 2024 proxy season, governance concerns remain key factors driving investors to vote against directors.
  • 2024 saw an uptick in average support for say-on-pay, but companies engaging in controversial pay practices will face an uphill battle in justifying their decisions to investors.

2024 proxy season was marked by increased partisanship and political uncertainty, making shareholder proposals even more contentious compared to the past. This report outlines the key developments of the 2024 proxy season and offers practical insights for companies to strengthen offseason investor engagement as well as prepare for the challenges of the 2025 proxy season. 

Key Insights

  • The high volume and specificity of shareholder proposals has emboldened companies to counter them through no-action requests and more pointed proxy statement disclosures, leading to a rise in omissions and a drop in average support.
  • While overall support for shareholder proposals declined, 2024 saw a notable increase in average support for governance proposals, signaling a focus on governance as a cornerstone of corporate success.
  • In today’s polarized environment, with competing and conflicting demands from proponents on both sides of the political aisle, it’s vital for companies to clearly connect their environmental and social (E&S) initiatives to their core business strategy.
  • While directors received strong average support in the 2024 proxy season, governance concerns remain key factors driving investors to vote against directors.
  • 2024 saw an uptick in average support for say-on-pay, but companies engaging in controversial pay practices will face an uphill battle in justifying their decisions to investors.
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Author

Merel Spierings

Merel Spierings Merel Spierings

Former Senior Researcher, ESG Center
The Conference Board

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