September 2025

• The largest investors’ 2025 voting data is out, showing overall steady support levels but notable differences across firms and issues

• Activists are moving from agitation to collaboration, using settlements and committees to influence change internally

• New retail voting initiatives are drawing attention but are unlikely to significantly impact outcomes

• ISS and Glass Lewis are working on potential policy changes for 2026, and we expect modest changes again this year, but executive pay is in focus for both advisors