An Early Look at DEI / ESG Shareholder Proposal Results and Upcoming Votes (Proxy Season 2025 Update)

As the 2025 proxy season kicks into gear, early returns suggest a tough road ahead for shareholder proposals—especially those tied to environmental, social, and governance (ESG) issues. But while support percentages may be low, the volume and diversity of proposals underscore that investors remain vocal and engaged.

Quick Links:
– Table 1: Shareholder Proposals: Early Results
– Table 2: Upcoming Shareholder Meetings

A Season of Low Support… So Far

Let’s start with the headline: of the 25+ shareholder proposals voted on in early 2025 that we looked at, almost all received less than ~10% shareholder support. Many garnered only 2% or less.

Some examples from the January–March meetings:

• Costco (COST): A proposal requesting a report on the risks of maintaining DEI efforts received just 2% support.
• Visa (V): Two proposals—on DEI and merchant category codes—failed to break the 1% threshold and lobbying transparency didn’t break 15%.
• Apple (AAPL): Shareholders generally showed more support here with a much-watched proposal on ethical AI data acquisition receiving 11%, while a human rights proposal relating to privacy and child protection garnered with 9% support. However, the report on charitable giving only received 2% support.

Only the “good governance” (i.e. alignment to shareholders interests) related proposals, in particular to declassify boards, received strong support. We were pleased to see these both being put forward–especially when done by pro-actively by management–and receiving high support. In our view, there is little reason to have a classified board. More often than not this is an entrenchment tactic as opposed to a true alignment with shareholder interests.

What’s Behind the Low Support?

The low support levels are not surprising given the political, cultural, and market environment.

1. Backlash to ESG: A growing segment of investors—and politicians—have taken aim at corporate ESG initiatives. Several proposals this year actually push to scale back DEI and climate-related programs, rather than expand them.
2. Proliferation of Politically-Motivated Filings: Some proposals appear to come from advocacy groups more interested in making statements than winning votes. As a result, even mainstream institutional investors—traditionally open to ESG discussions—have become more cautious.
3. Lack of Alignment with Financial Materiality: Proposals that are perceived as unrelated to company performance often struggle. Requests for reports on charitable giving or third-party audits can seem disconnected from shareholder value, particularly without clear financial rationale.

The Pipeline: DEI, Governance, and Climate Still Dominate

Despite low support, the proposals will continue to be pushed by investors looking to make noise, or hopefully in more cases, positive change. Looking ahead to April and May meetings, several themes emerge:

• Declassification of Boards continues to be a common proposal, from ADT (May 21) to Chesapeake Utilities (May 7) and Gilead (May 7).
• DEI-Related Proposals are front and center, including:
  • A push at Berkshire Hathaway for a civil rights audit, a Board-level DEI committee, and oversight of DEI strategy.
  • Requests for DEI reports at Boeing, CFC, and Carnival.
• Environment and Climate Risk: Proposals seek transparency on emissions (e.g., Alliant Energy, Ameren, Home Depot) and better disclosure of climate-related risks to retirement investments (Centene, Colgate, JPMorgan).

And yes—more proposals are coming around AI, human rights, and charitable giving transparency.

Why It Still Matters

Low support doesn’t mean these proposals are irrelevant. In fact, they often function as the leading edge of investor sentiment. What starts with a 1% vote can grow into a multi-year engagement campaign, eventually pushing companies to adopt new policies—even without formal approval.

Moreover, with institutions like BlackRock and Vanguard increasingly offering pass-through voting or client-directed voting, we may see shifts in support dynamics later in the season or in 2026 and beyond.

Final Take

The early verdict on 2025 shareholder proposals: more noise, less traction—but the drumbeat continues. While proposals are drawing fewer votes, they’re surfacing issues companies can’t afford to ignore. From DEI backlash to ESG transparency, the 2025 proxy season is shaping up as a test of not just shareholder priorities, but also the evolving definition of fiduciary responsibility.

We’ll be watching closely. Stay tuned for more from Boardroom Alpha as results roll in.

Shareholder Proposals: Early Results

Upcoming Shareholder Meetings