This recently released report from Labrador: “Letters from Leadership – 2025 Proxy Trends with Insights for 2026” reveals insights on proxy statement leadership letter disclosure practice trends based on the firm’s observations and analysis of Dow 30 company 2025 proxy statements compared to prior years.
The report notes the following practices and approaches to disclosure:
Prevalence—80% of the Dow 30 include a substantive message from board leadership or the CEO.
Number of letters per company—More than two-thirds of companies include one letter, while slightly under one-third include two letters.
Named author(s) of letters—Companies with combined CEO/Chair leadership structures most commonly include a letter from the CEO/Chair either on a standalone basis or jointly with the lead independent director.
Messaging dos—Labrador advises that letters focus on performance accountability, explaining how the company’s governance and risk frameworks, as adopted and overseen by the board, support the company’s strategy and creation of long-term value for shareholders and other stakeholders.
Suggested dos include:
- Demonstrate board engagement and effectiveness.
- Underscore the board’s commitment to long-term value creation for shareholders.
- Articulate what is going well and celebrating achievements, but communications should also be realistic about challenges the company faces.
- Describe recent or anticipated management and board leadership succession.
- Introduce newly appointed directors.
- Address any problematic pay or governance issues from the prior year’s annual meeting.
Changes in approach—Outside of significant developments such as CEO or board leadership succession, a proxy fight, or other matter, Dow 30 companies typically maintain consistency over time of their leadership letter disclosure practices as noted above.
The report includes links to these illustrative letters that reflect anticipation of — or that follow — one or more significant developments: JPM (anticipated CEO succession planning) | J&J (change to board leadership structure, CEO succession, and board leadership transition) | Disney (proxy fight and CEO/board leadership transition) | McDonalds (change to board leadership structure), as well as letters consistent with prior years notwithstanding significant developments: Honeywell (board leadership transition) | Nike (CEO succession).
Access additional resources on our Annual Meeting/Proxy Statement page.
This post first appeared in the weekly Society Alert!