Support for ESG proxy proposals has steadily declined over the past several years. 2025 saw proxy advisors Glass Lewis and ISS significantly reduce support for ESG proposals. Now, new data from As You Sow’s Proxy Preview indicates that investors are bringing fewer proposals. The organization summarizes its findings in a recent press release:
“In 2026, 184 environmental, social and sustainable governance related shareholder resolutions were filed. This is a 47% reduction compared to 2025. The top concerns were corporate political influence with 45 proposals calling for disclosure on lobbying and political spending. Climate change had 39 proposals filed, most asking companies to disclose their climate transition plans and emissions targets, while others focus on climate financing.”
As You Sow attributes much of this decline to the SEC’s stance on precatory proposals. They note that while proxy engagement may be down, investors are turning to direct dialogues with companies. These direct dialogues may yield results, but those agreements make proxy proposals unnecessary, reducing visibility into how investors engage with companies. Making the process more opaque is part of some investors’ strategy. With an administration that is directly hostile to ESG proposals, less exposure may mean less risk. At the same time, this aversion to publicity may push ESG investor activism out of the spotlight, costing ESG proponents momentum.
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