April 2026
Director support in uncontested elections remains strong, but investor engagement signals the bar would rise sharply in a fight.
Say-on-pay results are trending upward early in the season, though companies that avoid hard conversations in engagements are paying for it at the ballot box.
Environmental and social proposal support continues to soften, governance proposals remain well-supported, and anti-ESG proposals are again near record volume — with negligible support.
Delay is proving costly. Boards that absorbed warning shots — low director votes, withheld support, a founder's WSJ ad — without treating them as binding are now paying a premium to settle contests they could have resolved cheaper, earlier.