2026 Proxy Season Review: Structural Change in a Lower-Volume Season
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2026 Proxy Season Review: Structural Change in a Lower-Volume Season

10 August 2026 / Report

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The 2026 proxy season was shaped less by volume than by procedural change. Proposal filings continued to decline, the number of activism campaigns fell sharply, and say-on-pay support improved—even as boards faced heightened legal complexity, more fragmented voting influence, and a regulatory environment in flux. This report reviews shareholder voting trends from the first half of the year and considers implications for offseason preparation heading into 2027.

The 2026 proxy season was shaped less by volume than by procedural change. Proposal filings continued to decline, the number of activism campaigns fell sharply, and say-on-pay support improved—even as boards faced heightened legal complexity, more fragmented voting influence, and a regulatory environment in flux. This report reviews shareholder voting trends from the first half of the year and considers implications for offseason preparation heading into 2027.

Author

Ariane Marchis-Mouren

Ariane Marchis-Mouren Ariane Marchis-Mouren

Senior Researcher, Corporate Governance
The Conference Board

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