ESG shareholder proposal numbers fall (2025)

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May 27, 2025

New analysis from the Harvard Law School Forum on Corporate Governance shows shareholder proposals are down at this point in the proxy season—from 906 in 2024 to 782 in 2025. Environmental proposals dropped from 142 to 115, and social proposals fell from 318 to 209 year-over-year. Anti-ESG proposals rose from 102 to 122.

The decline in ESG shareholder proposals—along with a rise in withdrawals before reaching proxy ballots—may suggest ESG supporters are shifting from public pressure to private engagement strategies.

According to The Harvard Law School Forum on Corporate Governance:

“

Following a notable increase in proposal submissions in 2022, the total volume decreased significantly, driven by a sharp decline in proposals related to environmental- or social-related issues. The limited success of such proposals in recent years, improvements in corporate disclosure, and increased political pushback contributed to the drop in submissions. Omitted proposals have increased dramatically to about 25%, likely as a result of the SEC’s Staff Legal Bulletin No. 14M (CF), which places the onus on proponents to demonstrate that the issue at hand is significant and economically relevant to the company. … Despite the significant decline in environmental proposals going to a vote, resolutions related to GHG emissions remain a top proposal on ballot. The majority of these request enhanced disclosure, primarily asking companies to report on GHG emissions, publish a climate transition plan, or disclose the progress on established GHG emission reduction strategies.

”

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