Are Companies and Shareholders Heading for a Collision on E&S Shareholder Proposals?
Our Privacy Policy has been updated! The Conference Board uses cookies to improve our website, enhance your experience, and deliver relevant messages and offers about our products. Detailed information on the use of cookies on this site is provided in our cookie policy. For more information on how The Conference Board collects and uses personal data, please visit our privacy policy. By continuing to use this Site or by clicking "OK", you acknowledge our privacy policy and consent to the use of cookies.  Our Privacy Policy has been updated! Detailed information on the use of cookies on this site is provided in our cookie policy and our privacy policy. 
TCB Tourch
Loading...
  • logoImage
  •  
    • US
    • EUROPE
    • ASIA
  • 2

    Close
    • Insights
        • Insights
        • Explore by Center
          • Explore by Center
          • China

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

        • Explore by Content Type
          • Explore by Content Type
          • Reports

          • Upcoming Webcasts

          • On Demand Webcasts

          • Podcasts

          • Charts & Infographics

        • Trending Topics
          • Trending Topics
          • Artificial Intelligence (AI)

          • Navigating Washington

          • Geopolitics

          • US Economic Forecast

          • Sustainability

          • Future of Work

    • Events
        • Events
        • Upcoming Events
          • Upcoming Events
          • CHRO Summit: Navigating through a Tsunami of Change

          • Future: People Asia

          • Reimagine: The Future of Business

          • Explore all Upcoming Events

        • Member-Exclusive Programs
          • Member-Exclusive Programs
          • Center Briefings

          • Experts Live

          • Roundtables

          • Working Groups

          • Expert Briefings

    • Data
        • Data
        • Consumer Confidence Index

        • Data Central

        • TCB Benchmarking

        • Employment Trends Index

        • Global Economic Outlook

        • Leading Economic Indicators

        • Help Wanted OnLine

        • Labor Markets

        • Measure of CEO Confidence

        • Human Capital Benchmarking &
          Data Analytics

        • CMO+CCO Meter Dashboard

    • Centers
        • Centers
        • Our Centers
          • Our Centers
          • China

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

        • Center Membership
          • Center Membership
          • What Is a Center?

          • Benefits of Center Membership

          • Join a Center

    • Councils
        • Councils
        • Find a Council
          • Find a Council
          • China

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

        • Council Membership
          • Council Membership
          • What is a Council?

          • Benefits of Council Membership

          • Apply to a Council

    • Membership
        • Membership
        • Why Become a Member?
          • Why Become a Member?
          • Benefits of Membership

          • Check if Your Organization is a Member

          • Speak to a Membership Associate

        • Types of Membership
          • Types of Membership
          • Council

          • China

          • Economy, Strategy & Finance

          • Governance & Sustainability

          • Human Capital

          • Insights

          • TCB Advisory

        • Already a Member?
          • Already a Member?
          • Sign In to myTCB®

          • Executive Communities

          • Member-Exclusive Programs

    • About Us
        • About Us
        • Who We Are
          • Who We Are
          • About Us

          • In the News

          • Press Releases

          • Our History

          • Support Our Work

          • Locations

          • Contact Us

        • Our Community
          • Our Community
          • Our Leadership

          • Our Experts

          • Trustees

          • Voting Members

          • Global Counsellors

          • Careers

          • This Week @ TCB

    • Careers
    • This Week @ TCB
    • Sign In to myTCB®
      • US
      • EUROPE
      • ASIA
    • Insights
      • Insights
      • Explore by Center
        • Explore by Center
        • China

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

      • Explore by Content Type
        • Explore by Content Type
        • Reports

        • Upcoming Webcasts

        • On Demand Webcasts

        • Podcasts

        • Charts & Infographics

      • Trending Topics
        • Trending Topics
        • Artificial Intelligence (AI)

        • Navigating Washington

        • Geopolitics

        • US Economic Forecast

        • Sustainability

        • Future of Work

    • Events
      • Events
      • Upcoming Events
        • Upcoming Events
        • CHRO Summit: Navigating through a Tsunami of Change

        • Future: People Asia

        • Reimagine: The Future of Business

        • Explore all Upcoming Events

      • Member-Exclusive Programs
        • Member-Exclusive Programs
        • Center Briefings

        • Experts Live

        • Roundtables

        • Working Groups

        • Expert Briefings

    • Data
      • Data
      • Consumer Confidence Index

      • Data Central

      • TCB Benchmarking

      • Employment Trends Index

      • Global Economic Outlook

      • Leading Economic Indicators

      • Help Wanted OnLine

      • Labor Markets

      • Measure of CEO Confidence

      • Human Capital Benchmarking & Data Analytics

      • CMO+CCO Meter Dashboard

    • Centers
      • Centers
      • Our Centers
        • Our Centers
        • China

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

      • Center Membership
        • Center Membership
        • What is a Center?

        • Benefits of Center Membership

        • Join a Center

    • Councils
      • Councils
      • Find a Council
        • Find a Council
        • China

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

      • Council Membership
        • Council Membership
        • What is a Council?

        • Benefits of Council Membership

        • Apply to a Council

    • Membership
      • Membership
      • Why Become a Member?
        • Why Become a Member?
        • Benefits of Membership

        • Check if Your Organization is a Member

        • Speak to a Membership Associate

      • Types of Membership
        • Types of Membership
        • Council

        • China

        • Economy, Strategy & Finance

        • Governance & Sustainability

        • Human Capital

        • Insights

        • TCB Advisory

      • Already a Member?
        • Already a Member?
        • Sign In to myTCB®

        • Executive Communities

        • Member-Exclusive Programs

    • About Us
      • About Us
      • Who We Are
        • Who We Are
        • About Us

        • In the News

        • Press Releases

        • This Week @ TCB

        • Our History

        • Support Our Work

        • Locations

        • Contact Us

      • Our Community
        • Our Community
        • Our Leadership

        • Our Experts

        • Trustees

        • Voting Members

        • Global Counsellors

        • Careers

        • This Week @ TCB

    • Careers
    • Sign In to myTCB®
    • Download TCB Insights App
  • Insights
    Insights

    Our research and analysis have helped the world's leading companies navigate challenges and seize opportunities for over 100 years.

    Explore All Research

    Economic Indicators

    • Explore by Center
    • China
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Explore by Content Type
    • Reports
    • Upcoming Webcasts
    • On Demand Webcasts
    • Podcasts
    • Charts & Infographics
    • Trending Topics
    • Artificial Intelligence (AI)
    • Navigating Washington
    • Geopolitics
    • US Economic Forecast
    • Sustainability
    • Future of Work
  • Events
    Events

    Our in-person and virtual events offer unmatched opportunities for professional development, featuring top experts and practitioners.

    See Everything Happening This Week

    Sponsor a Program

    • Upcoming Events
    • CHRO Summit: Navigating through a Tsunami of Change

      June 24, 2025

      Future: People Asia

      September 04 - 05, 2025

      Reimagine: The Future of Business

      November 12 - 13, 2025

    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
    • Explore by Type
    • Events
    • Webcasts
    • Podcasts
    • Member-Exclusive Programs
    • Center Briefings
    • Experts Live
    • Roundtables
    • Working Groups
    • Expert Briefings
  • Data
    Corporate Disclosure Data

    TCB Benchmarking

    Real-time data & analytical tools to benchmark your governance, compensation, environmental, human capital management (HCM) and social practices against US public companies.

    Economic Data

    All Data

    See current direction and trends across key indicators

    Consumer Confidence Index

    US consumers' thoughts on the economy, jobs, finances and more

    Data Central

    One-stop, member-exclusive portal for the entire suite of indicators

    Labor Markets

    Covering all aspects of labor markets, from monthly development to long-term trends

    Measure of CEO Confidence

    Examines the health of the US economy from the perspective of CEOs

     

    Recession & Growth Trackers

    See the current and future state of 16 economies.

    Global Economic Outlook

    Track the latest short-, medium-, and long-term growth outlooks for 77 economies

    Leading Economic Indicators

    Track the state of the business cycle for 12 global economies across Asia and Europe

    Help Wanted OnLine

    Track the status of job markets across the US through online job listings

    Other Featured Data

    Human Capital Analytics Tools

    Tools to understand human capital management and corporate performance

    CMO+CCO Meter Dashboard

    Tracks the impact, resources, and satisfaction of CMOs and CCOs

  • Centers
    Centers

    Centers offer access to world-class experts, research, events, and senior executive communities.

    Our Centers
    • China
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    Center Membership
    • What Is a Center?
    • Benefits of Center Membership
    • Join a Center
  • Councils
    Councils

    Councils are invitation-only, peer-led communities of senior executives that come together to exchange knowledge, accelerate career development, and advance their function.

    Find a Council
    • China
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    Council Membership
    • What Is a Council?
    • Benefits of Council Membership
    • Apply to a Council
  • Membership
    Membership

    Membership in The Conference Board arms your team with an arsenal of knowledge, networks, and expertise that's unmatched in scope and depth.

    • Why Become a Member?
    • Benefits of Membership
    • Check if Your Organization is a Member
    • Speak to a Membership Associate
    • Types of Membership
    • Council
    • China
    • Economy, Strategy & Finance
    • Governance & Sustainability
    • Human Capital
    • Insights
    • TCB Advisory
    • Already a Member?
    • Sign in to myTCB®
    • Executive Communities
    • Member-Exclusive Programs
  • About Us
    About Us

    The Conference Board is the global, nonprofit think tank and business membership organization that delivers Trusted Insights for What's Ahead®. For over 100 years, our cutting-edge research, data, events and executive networks have helped the world's leading companies understand the present and shape the future.

    Learn more about Membership

    • Who We Are
    • About Us
    • In the News
    • Press Releases
    • Our History
    • Support Our Work
    • Locations
    • Contact Us
    • Our Community
    • Our Leadership
    • Our Experts
    • Trustees
    • Voting Members
    • Careers
    • This Week @ TCB
Check if You're a Member
Create Account
Forgot Your Password?

Members of The Conference Board get exclusive access to the full range of products and services that deliver Trusted Insights for What's Ahead ® including webcasts, publications, data and analysis, plus discounts to conferences and events.

Shareholder Voting

Environmental, Social & Governance Briefs

Timely insights from the Governance & Sustainability Center

  • Email
  • Linkedin
  • Facebook
  • Twitter
  • Copy Link

Are Companies and Shareholders Heading for a Collision on E&S Shareholder Proposals?

September 24, 2021

The 2021 proxy season was unprecedented, with record support for shareholder proposals on environmental and social (E&S) issues, sustained opposition to director elections, and significant support for governance proposals, especially at smaller companies.

The Conference Board, in collaboration with ESG data analytics firm ESGAUGE, leadership advisory and search firm Russell Reynolds Associates, and Rutgers University’s Center for Corporate Law and Governance, monitors shareholder proposals and voting trends at annual shareholder meetings held by Russell 3000 companies. Look for upcoming blog posts that focus on findings from this proxy season and discuss what they portend for next year. In this blog post, we review overall trends in E&S shareholder proposals. 

  • Fueled by a rise in “S” proposals on topics such as diversity and corporate purpose, the number of E&S proposals increased significantly in 2021. In the Russell 3000, during the first half of 2021, shareholders filed 348 E&S proposals and voted on 158 of them, compared to 314 filed and 151 voted proposals in 2020. While the number of E&S proposals grew, the number of filed and voted governance proposals (284 and 219, respectively) and executive compensation proposals (39 and 25, respectively) declined as compared to last year.
  • E&S proposals received unprecedented support in 2021, with some proposals receiving majority support for the first time. Support for environmental, social, and human capital management (HCM) proposals averaged at 32 percent (versus 28 percent in 2020 and 25 percent in 2018).
    • Average support was highest for HCM proposals (39 percent versus 23 percent in 2020), with average majority support for proposals on EEO-1 data disclosure (69 percent) and employee arbitration (54 percent).
    • Environmental proposals averaged 37 percent versus 30 percent in 2020, with average majority support for proposals on environmental (other than climate-related) reporting issues (55 percent) and plastic pollution (53 percent).

    • Average support for social proposals (excluding HCM) remained relatively flat (28 percent in 2021 versus 29 percent in 2020), but proposals on climate-related lobbying received average majority support for the first time (61 percent).

  • Consistent with previous years, E&S proposals saw high withdrawal and omission levels, with 35 percent of such proposals being withdrawn in the examined period (representing 84 percent of all withdrawn proposals) and 20 percent being omitted (representing 53 percent of all omitted proposals). In comparison, governance proposals saw an average withdrawal level of only 5 percent (representing 10 percent of all withdrawn proposals) and an omission level of 17 percent (representing 38 percent of all omitted proposals). 

What does this mean for 2022?

While we may see some more companies endorse shareholder proposals on topics that are destined to be approved by shareholders, a number of factors suggest that companies should prepare for an even more contentious E&S shareholder proposal season next year. (1) Expect an increasing number of E&S proposals across all industries, driven by the success of such proposals this year. (2) Proponents may be less willing to compromise even when companies are willing to meet them partway because of the increasing level of, and sometimes majority, support for proposals. (3) Some company boards may also be less willing to meet proponents halfway because they felt “burned” during this proxy season when major investors unexpectedly voted in favor of shareholder proposals despite the significant strides that the company had made on a topic. (4) The overhang of pending SEC disclosure rules may also cause both sides to use this upcoming proxy season to stake out and hold firm to their positions, rather than to find common ground.

CEOs and their management teams can take a number of steps to prepare for next year. First, ensure your board is prepared for the wave of E&S proposals and understands which ones are likely to gain majority support unless the board commits to fulfilling them to the letter. Second, prepare your story – and data – now on likely shareholder proposal topics, and make sure that it is presented consistently across your different platforms. Third, keep your eye on the long-term: remember that maintaining an ongoing dialogue with your major investors is more important than any vote on a precatory shareholder proposal.

If you’d like to drill down on this year’s vote results, you will want to sign up for a demo of the ESG Advantage Shareholder Voting Screening Tool. It lets you generate customized reports on shareholder and management proposals based on topic, proponent, outcome, and company from 2018 through the current proxy season in the full Russell 3000. Best of all, with a single click, you can see the text of the proposal and the vote results — no need to navigate multiple filings or databases.

Download Brief
Great News!

You already have an account with The Conference Board.

Please try to login in with your email or click here if you have forgotten your password.

  • Download
  • Download Brief

Author

Merel Spierings

Merel Spierings

Former Senior Researcher, Governance & Sustainability Center

Read BioMerel Spierings

More From This Series

Brief

80 Years of Corporate Citizenship & Philanthropy Leadership

November 27, 2023

Brief

How CEOs and Boards Can Enhance Digital Trust

April 04, 2023

Brief

Reaching Net-Zero Emissions

January 31, 2023

Brief

Why Support for Political Activity Proposals is Declining

June 21, 2022

Brief

70% of Environmental Shareholder Proposals Going To Vote

May 20, 2022

Brief

First 2022 Racial Equity Audit Proposals Successful

March 22, 2022

View Less View More

Publications

The Evolving Landscape of DEI Shareholder Proposals

The Evolving Landscape of DEI Shareholder Proposals

April 14, 2025 | Report

2025 Proxy Season Preview

2025 Proxy Season Preview

February 24, 2025 | Report

ESG Alert: The 2025 Proxy Season: Striking a Balance

ESG Alert: The 2025 Proxy Season: Striking a Balance

February 21, 2025 | Newsletters & Alerts

Shareholder Expectations on Climate: Insights from the 2024 Proxy Season

Shareholder Expectations on Climate: Insights from the 2024 Proxy Season

December 16, 2024 | Report

2024 Proxy Season Review: Corporate Resilience in a Polarized Landscape

2024 Proxy Season Review: Corporate Resilience in a Polarized Landscape

September 29, 2024 | Report

AI Under Scrutiny: Strategies for Navigating Machine Power and Peril

AI Under Scrutiny: Strategies for Navigating Machine Power and Peril

July 29, 2024 | Article

View Less View More

On Demand Webcasts, Podcasts and Videos

C-Suite Perspectives

Proxy Season Is Busier Than Ever. How Can Companies Prepare?

March 26, 2025

Shareholder Activism: Expectations for 2025

February 27, 2025 11:00 AM ET (New York)

Highlights from the 2024 Proxy Season

August 13, 2024 01:00 PM ET (New York)

2024 Proxy Season Preview

February 15, 2024 02:00 PM ET (New York)

Shareholder Activism: Beyond the Headlines

September 26, 2023 11:00 AM ET (New York)

Highlights from the 2023 Proxy Season

August 10, 2023 11:00 AM ET (New York)

View Less View More

Upcoming Events

Expert Briefing

Shareholder Voting Trends

Expert Briefing

Shareholder Voting Trends


Press Releases / In the News

IN THE NEWS

This Proxy Season, Shareholder Activism Is on the Rise

February 06, 2023

IN THE NEWS

2022 Proxy Season: Shareholder Voting Trends

February 17, 2022

  • Tags
  • Shareholder Voting

Powered By

Our Partners

EVENT PORTAL

Forgot Password | Resend account confirmation

Conference Board Sample Web Chat
chatbot-Icon TCB Logo
chatbot-Icon
Navigating Washington - Sign up to receive the latest business insights related to executive orders, new laws, and changing regulations.
ABOUT US
  • Who We Are
  • Annual Report
  • Our History
  • Our Experts
  • Our Leadership
  • In the News
  • Press Releases
MEMBERSHIP
  • Become a Member
  • Sign In to myTCB®
  • Access Experts
  • Member-Only Events
  • Data & Benchmarking
  • Manage Account
EXPLORE
  • Centers
  • Councils
  • Latest Research
  • Events
  • Webcasts
  • Podcasts
  • This Week @ TCB
CONTACT US
  • Americas
    +1 212 759 0900
    customer.service@tcb.org
  • Europe/Africa/Middle East
    +32 2 675 5405
    brussels@tcb.org
  • Asia
    Hong Kong | +852 2804 1000
    Singapore | +65 8298 3403
    service.ap@tcb.org
CAREERS
  • See Open Positions
Terms Of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.
Terms of Use | Privacy Policy | Event Code of Conduct | Trademarks
© 2025 The Conference Board Inc. All rights reserved. The Conference Board and torch logo are registered trademarks of The Conference Board.
The use of all data from The Conference Board data and materials is subject to the Terms of Use. Reprint requests are reviewed individually and may be subject to additional fees.The Conference Board reserves the right to deny any request.

Thank you for signing up. You will now receive CEO Insights for What's Ahead every Wednesday morning. You can unsubscribe at any time or manage your preferences to receive more content from The Conference Board.

Announcing The Conference Board AI Virtual Conference Series

Explore the Impact of AI on Your Business

Members receive complimentary registration - Learn more >>