Director support continues to track similar to 2023

ISS remains more supportive of Say-on-Pay than in 2023, driving higher average support

Voting on shareholder proposals remains generally similar to 2023, although with increased support for governance-related proposals

Ongoing legal developments continue to affect how companies should think about shareholder proposals, director succession, sustainability reporting and other topics

Director support similar to 2023, thus far

To-date, ISS more supportive of Say-on-Pay

Voting on shareholder proposals similar to 2023, but

ESG laggards must still beware

Policy developments leave companies with significant uncertainty and increased burdens

The SEC’s final climate disclosure rules were released, but now face a long adventure in the courts –  
and, even if implemented, will simply be the disclosure ‘floor’ for many companies

Mainstream investors’ 2024 voting policies continue to suggest more ‘ESG pragmatism’ …

… but ESG activists show little signs of moderating their own efforts

Significant withdrawals from Climate Action 100+ reflect a deepening ESG divide among investors

Early indicators point to another flood of shareholder proposals, across a range of ESG topics

E&S issues are front & center in two high-profile proxy contests

Recent legal developments suggest even more scrutiny of companies’ ESG claims, even as mandated disclosure requirements are challenged in the courts

“ESG” the acronym is out, but most investors continue to believe that companies with strong governance and sound management of environmental and social issues are better investments.

Investors’ 2024 proxy voting policy updates confirm this: shifts in framing and tone, but few changes in priorities 
and substance.

ISS held the line on policy in 2024, but their FAQs hint at subtle changes in how they’ll execute the policy.

Tension within and around the shareholder proposal process is escalating.