Two out of the “Big Three” reported on their high-level 2025 voting, signaling caution on environmental and social issues amid heightened political pressure

ESG activists are regrouping after recent setbacks and weighing new tactics in response to growing legal and political headwinds

Policy shifts in the U.S. and abroad are creating fluid and uncertain expectations around corporate disclosure requirements

Activists are quietly positioning themselves for fall campaigns, building stakes, testing messages, and setting the stage for the next proxy season

Activists are setting the stage for new campaigns, board challenges, and CEO pressure.

ISS and Glass Lewis filed suit to block Texas laws targeting ESG-related proxy advice, signaling intensifying scrutiny of proxy advisors.

Both firms also launched policy surveys to gather input on potential 2026 changes—especially on executive pay, shareholder rights, and board diversity.

Off-season engagement is increasingly forward-looking. Companies should raise past and potential AGM issues, clarify governance priorities, and seek investor feedback on proxy disclosures.

Investors signal that “peace-time” is not a safe harbor for weak governance

Investors (and proxy advisors) adopted a more rigorous approach when evaluating contested elections

Strong market performance in 2024 supported healthy Say-on-Pay and equity plan approval rates in 2025

Investors continue to re-calibrate their approach to shareholder proposals

Off-season investor engagement will be more important than ever this Fall, particularly with 5%+ shareholders

Director support remains slightly higher than recent years

Despite this, directors face heightened investor scrutiny in contested elections

Say-on-Pay is generally consistent with 2024; equity plans receive slightly more support

The number of ‘pro-ESG’ shareholder proposals has significantly declined

Texas and Nevada seek to dethrone Delaware as home to Corporate America

Director support slightly higher than 2024, thus far

To-date, ISS more supportive of Say-on-Pay and equity plans

Support for E&S shareholder proposals continues decline, while support for G proposals grows

April saw a fresh wave of activist pressure despite continued macro overhang

Proxy advisor rumors swirl, and regulatory pressure mounts

Regulatory changes are reshaping the rules of engagement for major investors

Pro-ESG activism loses some momentum, while anti-ESG efforts gain traction

The slowdown in hedge fund activism aligns with the global decline in M&A activity

Policy shifts extend beyond the U.S. government, with notable changes in Europe, Delaware, and other regions

Favorable macrotrends portend an extremely busy 2025 activism season

The flood of shareholder proposals for the 2025 season has begun, across a range of pro- and anti-ESG topics

ISS confirms minimal changes to its U.S. voting policy for 2025

Regulatory shifts – at the federal and state level – signal changing dynamics in ESG policy

Elections have consequences, including on the behaviors of key investor groups

Policy updates from the proxy advisors portend little change

The number of high-profile activism campaigns continues to creep up, with continued focus on M&A and changes in leadership

The future promises regulatory whiplash and inconsistent reporting requirements across the globe

“Off-season” engagement is ramping up, with several key themes already emerging

ESG activists’ activity level remains strong, despite a weakening of mainstream support

It’s ‘open season’ for hedge fund activists, with a range of targets, including large cap CEO’s

Proposed regulatory actions could reshape the shareholder landscape for many companies

Data on investors’ 2024 voting is now available … and provides some interesting lessons

The California climate disclosure law is final (at least, until the courts weigh in)

Greenwashing claims, hedge fund activism, and more!

Proxy voting by the “Big Two” in 2024 reflects continued pullback on E&S issues, but also a retrenchment 
around the G

ESG activism activity remains robust, regardless of mainstream investors’ ESG pullback

Likewise, expect significant hedge fund activism in the coming year  

ISS and Glass Lewis solicit feedback amidst a shifting proxy voting landscape

While “anti-ESG” activists have had little success with shareholder proposals, they have scored some wins this 
year using different tactics

Investor approaches to environmental and social risks continue to diverge, driving sharp division within 
investor-led climate initiatives

While federal policymaking is effectively frozen, state-level and standard-setter activity continues apace

Director support held steady, showing a slight increase from 2023 support levels

Support for Say-on-Pay also notched higher, aided by a (slightly) friendlier ISS

Support for E&S-related shareholder proposals was low, similar to 2023; however, G-related proposals continue to attract meaningful shareholder support

Ongoing legal developments will impact how companies address not only sustainability reporting, but also sustainability strategy