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2023 Proxy Season Preview and 2022 Proxy Season Highlights

This edition of ProxyPulseTM provides data and insights on corporate governance developments as well as trends in proxy voting over the past five years. Comparative information covers annual meetings between January 1 and June 30 in each of the past five years.

Looking ahead to Proxy Season 2023

The following trends and rulemaking are expected to have an impact on the upcoming season: 

Download 2023 Proxy Season Preview and 2022 Proxy Season Highlights

  • SEC rulemaking could lead to more shareholder proposals
  • Universal proxy rule is in effect
  • Virtual shareholder meetings ("VSMs") are here to stay
  • Climate change disclosure requirements are coming
  • Proxy advisor advice changes
  • Pass-through proxy voting

2022 Proxy Season Highlights

The recent proxy season was noteworthy for the decline in investor support for directors, say-on-pay, and shareholder proposals. Highlights include the following:

  • 618 directors failed to attain majority support (104 more than in 2021).
  • Support levels for say-on-pay proposals dropped to 86% on average, the lowest level in five years.
  • While there were more shareholder proposals than at any time over the past five years, the average level of support fell to 34% this past proxy season, down from a record level of support the prior year (40%).
  • There are greater numbers of retail shareholders, but their voting participation remains relatively low compared to that of institutional shareholders.

Download the full report for additional trends and insights.

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