August 2025

• 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