Alliance Advisors' "2018 Proxy Season Brings Some Surprises" identifies a number of noteworthy developments from the 2018 proxy season, including:
- E&S proposals are increasingly popular: A record-number (9) of E&S proposals - including proposals on gun safety and opioid abuse - garnered majority votes. A significant 18 others received ~40% support.
- Shareholder activists launch exempt solicitations: Retail activist investors Chevedden and McRitchie floated exempt solicitations to garner voter support for their positions on particular proposals. Although they failed to meaningfully influence the vote outcome, McRitchie reportedly plans to ramp up this communications approach in the future.
- Proxy Access proposals fade in number & support: Only three proxy access proposals received majority support.
- Conservatives use "first-to-file" to preempt liberal groups' proposals: The National Center for Public Policy Research reportedly preempted a number of lobbying and political spending proposals submitted by liberal groups by filing comparable proposals with conservative-leaning supporting statements.
- Board gender diversity prevails: A majority-female dissident slate prevailed in Destination Maternity's proxy contest notwithstanding the absence of proxy advisor support, with ISS reportedly basing its position on the candidates' lack of public company board experience.