REUTERS/Jeenah MoonJune 9 (Reuters) - Shareholder support for proxy resolutions on topics including climate change and workforce diversity dropped significantly this spring, analysts said, as tough proposals from activists met with growing political pressure on fund firms' voting.
Support for resolutions on social issues fell to 20% this year so far, from 26% in 2022 and 33% in 2021, Georgeson said.
He declined to discuss specific companies, but his description fit results like at major U.S. banks that defeated calls to wind down financing for major fossil fuel projects.
"These dynamics have led to an overall decline in investor support for environment and social shareholder proposals," Colton said.
Both have previously said they vote on a case-by-case basis and noted an increasing number of proposals affect support rates.
Persons:
Russell, Georgeson, Kilian Moote, ESG, Sow, Andrew Behar, Ford, Behar, Benjamin Colton, Colton, Scott Shepard, Ross Kerber, Sabrina Valle, Lincoln
Organizations:
New, REUTERS, Ford, eBay, Exxon, Street Global Advisors, BlackRock, Vanguard, Center for Public Policy Research, IBM, National Center, Thomson
Locations:
New York City, Manhattan, Weehawken , New Jersey, U.S, China, Houston