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State Street’s annual stewardship report reveals these and other noteworthy statistics for 2024:

• Of its engagements worldwide, 61% (more than 800 engagements) were with North American companies.
• State Street voted in accordance with management recommendations on ~93% of shareholder proposals (based on 6,100 proposals) and ~84% of management proposals (based on 208,000 proposals) worldwide.
• By shareholder proposal category, it voted against management’s recommendations most frequently on corporate governance and compensation-related proposals.

The report notes that while State Street’s approach to voting on shareholder proposals has not changed, its support has declined over the past five years, indicative of the reduced alignment of the proposals with its clients’ best interests. More specifically, State Street’s support for E&S proposals worldwide declined from nearly 30% in 2021 to about 5% in 2024 (Figure 14).

With regard to the Americas specifically, its declining support is attributed to, among other things, increasingly prescriptive proposals:

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