Georgeson’s “An Early Look at the 2024 Proxy Season” summarizes submission, withdrawal, and voting trends at Russell 3000 companies for key environmental, social, and governance proposals for the 2024 proxy season from July 1, 2023, through May 17, 2024.
Among the numerous key takeaways:
- Although the number of ESG shareholder proposals submitted increased year-over-year (998 proposals submitted through May 17 compared to 947 in 2023 and 941 in 2022), average shareholder support for the 562 voted proposals, particularly environmental and social proposals, has continued to lag the 2022 season at levels generally on par with 2023.
- The number of environmental and social proposals garnering majority support is down season-over-season (one proposal this season compared to six as of May 12, 2023), while the number of passing governance proposals has surpassed the 2023 season (36 this season-to-date compared to 24 in full season 2023).
- The following chart shows the support and changes in support levels season-over-season for the following environmental proposals, which accounted for 88 of 170 environmental proposals (year-to-date) (excluding anti-ESG proposals):
ISS has recommended in favor or 66% of environmental proposals voted season-to-date (up from 56% in 2023) compared to Glass Lewis’s 27% support (down from 30% in 2023).
- The following chart shows the support and changes in support levels season-over-season for DE&I-related proposals:
Average shareholder support for civil rights audit, racial equity, environmental justice, freedom of association, pay practice, and workplace harassment proposals has declined season-over-season to date.
- John Chevedden continues to be the most prolific shareholder proponent by a wide margin, representing 217 shareholder proposals submitted during the 2024 season.
Access additional resources on Proxy & Annual Reporting Season 2024 page.
This content first appeared in the Society Alert!