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Broadridge ProxyPulseTM

Discover the latest data and insights on corporate governance developments and trends in proxy voting.

ProxyPulseTM provides data and insights on corporate governance developments as well as trends in proxy voting.

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Highlights from the 2023 Proxy Season

Shareholder support overall is at its lowest level in 5 years. Support is lower for management proposals and for shareholder proposals alike. We believe this is due both to a decline in market valuations (support for directors and say-on-pay generally tracks stock price movements) and a general “souring” of support for ESG proposals (because many companies have taken steps to be more environmentally transparent).

Directors Say on Pay Environment
Expectations of directors are increasing. Fewer directors stood for election this past season (23,829) than in 2022 season, but more failed to attain majority support (654) than at any time in the last 5 years. Support has declined for Say-on-Pay. 131 say-on-pay proposals failed to receive majority support (out of 2,720 proposals). Average support for say-on-pay proposals this past season was 86%, the lowest in 5 years. The climate has cooled on ESG. Support for environmental and social proposals decreased to 25%, on average, from 30% the prior season, the lowest in 5 years. This was due largely to a decline in institutional support and persistently low levels of retail support generally.
Directors Expectations of directors are increasing. Fewer directors stood for election this past season (23,829) than in 2022 season, but more failed to attain majority support (654) than at any time in the last 5 years.
Say on Pay Support has declined for Say-on-Pay. 131 say-on-pay proposals failed to receive majority support (out of 2,720 proposals). Average support for say-on-pay proposals this past season was 86%, the lowest in 5 years.
Environment The climate has cooled on ESG. Support for environmental and social proposals decreased to 25%, on average, from 30% the prior season, the lowest in 5 years. This was due largely to a decline in institutional support and persistently low levels of retail support generally.

Shareholder Proposals

The number of shareholder proposals submitted for a vote increased significantly to 588 this season (from 510 last season) and shareholder support fell to 24.6% (from 34.4% in 2022).


Download the annual report for all the trends and what to expect in 2024.

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