New York City Comptroller Scott Stringer released this "2019 Shareowner Initiatives - Post-Season Report" covering the NYC Pension Funds' shareholder proposal activities and other shareholder initiatives and advocacy efforts for the fiscal year ending June 30, 2019.
Among the key takeaways:
- Of all 26,177 votes cast at 3,121 annual and special meetings for US companies across all proposal categories (predominantly director elections; management proposals to ratify auditors and approve executive comp, corporate governance, and M&A; and shareholder proposals on ESG policies & practices), 74% were "for" the management‐recommended vote.
- The Funds submitted 58 proposals (57 companies), 72% of which were withdrawn based on favorable engagement. 14 proposals were voted, with two garnering majority shareholder support. Submitted proposals related predominantly to proxy access (25 of 58 total), with the balance covering employee gender pay gaps, board matrix disclosure, and miscellaneous other topics.
- As reported previously, more than 600 companies - including over 60% of the S&P 500 – have enacted proxy access with at least 3%/3-year terms, one-third of which reportedly acted in response to a proposal from the Funds. Relatedly and hot off the press, see Sidley's robust report: "Proxy Access: A Five-Year Review."
The Comptroller's report includes a number of tables with detailed statistics including: (i) proxy access screening criteria and vote outcomes by company, (ii) board matrix, gender pay equity, EEO-1 disclosure, GHG reduction goals and corporate lobbying disclosure proposal outcomes by company, and (iii) shareholder proposal results by company and proposal topic.
See Comptroller Stringer's release; these select prior NYC Comptroller reports (of many): "NYC Comptroller Launches Board (& CEO) Accountability 3.0," "NYC Comptroller Calls for Data & Involvement on Board Composition, Refreshment," "NYC Comptroller Encouraged by Boardroom Accountability 2.0 Response," and "NYC Comptroller Reports on Boardroom Accountability Project & Other Fund Initiatives"; and additional resources on our Proxy Access, Shareholder Proposals, Institutional Investors, and Board Diversity pages. This post first appeared in the weekly Society Alert!