Support for shareholder resolutions hits all time low 

February 21, 2025

Support for shareholder resolutions aimed at improving companies’ impacts on environmental and social issues hit an all-time low during the 2024 proxy voting season, according to Share Action.

An analysis of how 70 of the world’s largest asset managers voted on 279 shareholder resolutions found that only 1.4% of resolutions received majority support, compared to 21% in 2021.

This is reflected in an ongoing downward trend in the average percentage support that these resolutions received, which was 20.6% in 2024 compared to 40% in 2021.

The research also found that the four largest asset managers in the world – BlackRock, Fidelity Investments, State Street Global Advisors and Vanguard – voted for fewer shareholder proposals than ever before during the 2024 proxy voting season.

All four asset managers place in the bottom ten positions of Share Action’s asset manager voting performance. Notably, BlackRock, the world’s largest asset manager, only voted in favour of 4% of proposals in 2024, compared to 40% in 2021.

In addition, Vanguard, the world’s second largest asset manager, performed the worst of all managers assessed, not voting in favour of any shareholder proposals.

Meanwhile, 10 asset managers, including the world’s four largest, voted against every human rights resolution at companies associated with weapons production.

The report said: “This concerning downward trend represents a continued failure of the asset management industry to exercise its shareholder voting power to hold some of the world’s largest companies to account on their environmental and social impacts.”

The top reason asset managers gave for inaction or blocking progress was that resolution requests were already being met, followed by claims that the resolutions lacked economic metrics and didn’t serve shareholders’ interests.

Minerva’s blog focuses on the latest developments in ESG investing and stewardship. Minerva is a global provider of sustainable stewardship solutions with over 25 years of expertise. Minerva empowers investors by providing essential tools, including ESG research and data, enabling them to navigate the intricate landscape of stewardship and proxy voting, whilst ensuring their decisions are well-informed and aligned with sustainable principles.

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