Investor Views on AI Oversight: What Do Proxy Votes Tell Us?

Key Observations

• This research paper examines 15 recent shareholder resolutions at US companies addressing oversight and transparency over the use of artificial intelligence.
• On average, shareholder support for resolutions on AI has exceeded support for proposals on other environmental and social themes.
• Average adjusted support for the 15 resolutions on AI is 30%, almost double the support for the 400 E&S resolutions in the 2024 proxy year (16%). The seven significant resolutions also achieved higher average support than 107 significant E&S proposals in 2024.
• Twelve of the 15 resolutions were filed at just five Big Tech companies: Alphabet, Amazon, Apple, Meta Platforms and Microsoft. Chipotle Mexican Grill, Netflix and Warner Bros. Discovery also featured.
• The four most successful resolutions on AI targeted the same two issues (misinformation and disinformation, and AI-driven targeted advertising) at two companies: Meta Platforms and Alphabet.
• As with E&S themes more generally, US and European asset managers are taking very different approaches to voting on resolutions addressing AI.
• Average support for AI resolutions among the 20 US asset managers we reviewed was 30% – less than half the 77% observed for 15 European peers. The gap for significant resolutions is narrower.
• In the US, BlackRock supported only one of the 15 proposals (7%), State Street and Vanguard did not support any. Fidelity, MFS, and Principal were the strongest US supporters of AI proposals (all 70%+).
• In Europe, Allianz GI, Amundi, Candriam, and Nordea supported all 15 resolutions. The lowest level of support by a European asset manager was 43%

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