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ESG Proposals at Mid-Season 2025: Trends, Turbulence & Triumphs
As the 2025 proxy season passes its high point, several patterns have emerged in the engagement, filing, and voting outcomes of shareholder proposals. Despite continued anti-shareholder narratives and heightened political and legal scrutiny of Environmental, Social, and Governance (“ESG”) issues, information to date indicates that market participants remain actively engaged on ESG issues, with notable […]
Danielle Fugere is the President and Chief Counsel at As You Sow. This post was prepared for the Forum by Ms. Fugere.
As the 2025 proxy season passes its high point, several patterns have emerged in the engagement, filing, and voting outcomes of shareholder proposals. Despite continued anti-shareholder narratives and heightened political and legal scrutiny of Environmental, Social, and Governance (“ESG”) issues, information to date indicates that market participants remain actively engaged on ESG[1] issues, with notable strategic shifts in tactics and tone.
Below is a collection of data compiled from industry publications, proxy advisors, and internal results from my and other shareholder organizations.
Quantitative Snapshot
Decreased E&S Filings: As of June 1, 2025, according to proxy advisor ISS, 324 environmental and social[2] shareholder proposals have been submitted across U.S. public companies, down from approximately 460 in 2024. Roughly 25% have gone to a vote. According to Proxy Preview, proposals have clustered around four core issue areas:
• Climate Risk & Emissions Disclosure: 85 proposals
• Diversity, Equity & Inclusion (DEI): 36 proposals
• Environmental Management: 52 proposals
• Corporate Political Spending / Lobbying Alignment: 77 proposals (more…)
