Among other mid-season observations on shareholder proposal exclusions, new data from Glass Lewis suggests that a proponent’s identity may be influencing whether companies seek to exclude a proposal from the proxy. While overall exclusion requests have declined amid the SEC’s more limited role in the no-action process, companies appear to be taking a different approach depending on who submits the proposal. For shareholder meetings held through April 2026, no proposals submitted by institutional investors had been excluded, compared to five during the same period last year. Companies have also sought to exclude fewer proposals from advocacy, religious, and mission-driven organizations, including anti-ESG proponents. By contrast, exclusion efforts have become increasingly concentrated on proposals submitted by individual shareholders, which account for more than 70% of exclusion notices filed this season (compared to 39% last year).
According to Glass Lewis, companies appear to be cautious in their treatment of proposals submitted by certain proponents, particularly those who are well-funded or have shown willingness to stand their ground and negotiate.
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This post first appeared in the weekly Society Alert!