ISS-Corporate Analysis Shows Drop in Shareholder Proposal Submissions for 2025 Annual Meeting Season
NEW YORK (May 22, 2025) – The peak of the U.S. corporate annual meeting season this year falls on Thursday, May 22, according to an analysis by ISS-Corporate, a leading provider of compensation, governance, cyber risk monitoring, and sustainability offerings to help companies improve shareholder value and reduce risk.
In total, 137 Russell 3000 companies will hold their annual meetings today, representing around five percent of the universe. The May 22 peak is followed by May 21 with 130 meetings, May 15 with 129, May 14 with 115, and June 5 with 109.
ISS-Corporate’s analysis examined trends with respect to shareholder proposals, both those that were submitted and then those ultimately voted on at annual meetings. The study found a sharp drop in proposal submissions, and an unprecedented rise in the number of submitted proposals that were omitted from the ballot. Nearly a quarter of all shareholder proposals submitted this year have been omitted, ISS-Corporate data shows, likely a result of the SEC’s Staff Legal Bulletin No. 14M (CF) issued in February, which requires proponents to demonstrate that the topic of a shareholder proposal is significant and economically relevant to the company. Last year, just under 15 percent of submitted proposals were omitted.
ISS-Corporate tracked 782 shareholder proposals submitted at Russell 3000 companies with scheduled annual meeting dates between January 1 and June 30, a notable decline from the 906 submissions in the first half of 2024. Environmental and social-related proposals saw the sharpest drop in volume, while so called “anti-ESG” resolutions surged to a record 122 submissions. Governance-related requests remain the most prevalent type expected to go to a vote.
“Our latest analysis suggests that proponents are shifting tactics and are becoming more selective both in terms of topics and targets when making the case for environmental and social initiatives at companies,” said Jun Frank, Global Head of Compensation & Governance Advisory at ISS-Corporate. “The limited success of these proposals in recent years, improvements in corporate disclosures, and increased pushback against environmental and social initiatives likely all contributed to the drop in submissions.”
Although overall proposal volume has declined, there are several companies with a large number of shareholder proposals on the ballot. Alphabet leads the pack with 12 to be voted on at its June 6 annual meeting. The Mountain View-based technology giant is followed by Meta Platforms at nine, Amazon.com at eight, and Walmart and Berkshire Hathaway both with seven shareholder resolutions on ballot.
Meanwhile, shareholder support for executive pay packages has cooled slightly, as median CEO pay reaches an all-time high for both S&P 500 and Russell 3000 companies according to ISS-Corporate data.
ISS-Corporate’s analysis of say-on-pay voting outcomes at Russell 3000 companies found a median support level of 94.3 percent thus far in 2025, compared with 94.7 percent support in 2024. As evidenced by median support, these proposals continue to receive the widespread approval of shareholders, despite the slight dip in support.
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About ISS-Corporate
Companies turn to ISS Corporate Solutions, Inc. (“ISS-Corporate”) for expertise in designing and managing governance, compensation, sustainability, and cyber risk programs that align with company goals, reduce risk, and manage the needs of a diverse shareholder base by delivering data, tools, and advisory services. ISS-Corporate’s global client base extends across North America, Europe, and Asia, as well as other established and emerging markets worldwide. ISS-Corporate is a wholly owned subsidiary of Institutional Shareholder Services Inc. (“ISS”) and part of the ISS STOXX GmbH group of companies. ISS Corporate provides advisory services, analytical tools and publications to companies to enable them to improve shareholder value and reduce risk through the adoption of improved corporate governance practices. The ISS STOXX Governance and ESG research teams, which are separate from ISS-Corporate, will not give preferential treatment to, and are under no obligation to support, any proxy proposal of a corporate issuer nor provide a favorable rating, assessment, and/or any other favorable results to a corporate issuer (whether or not that corporate issuer has purchased products or services from ISS Corporate). No statement from an employee of ISS-Corporate should be construed as a guarantee that ISS STOXX will recommend that its clients vote in favor of any particular proxy proposal or provide a favorable rating, assessment or other favorable result. For more information, please visit https://www.iss-corporate.com/.
About ISS STOXX
ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,800 professionals operating across 30 global locations in 20 countries. Its approximately 5,500 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.
Media Contact:
Audrey Dedrick
Senior Associate, Communications
media@iss-corporate.com
Today, May 22, Marks Peak U.S. Corporate Annual Meeting Date
ISS-Corporate Analysis Shows Drop in Shareholder Proposal Submissions for 2025 Annual Meeting Season
NEW YORK (May 22, 2025) – The peak of the U.S. corporate annual meeting season this year falls on Thursday, May 22, according to an analysis by ISS-Corporate, a leading provider of compensation, governance, cyber risk monitoring, and sustainability offerings to help companies improve shareholder value and reduce risk.
In total, 137 Russell 3000 companies will hold their annual meetings today, representing around five percent of the universe. The May 22 peak is followed by May 21 with 130 meetings, May 15 with 129, May 14 with 115, and June 5 with 109.
ISS-Corporate’s analysis examined trends with respect to shareholder proposals, both those that were submitted and then those ultimately voted on at annual meetings. The study found a sharp drop in proposal submissions, and an unprecedented rise in the number of submitted proposals that were omitted from the ballot. Nearly a quarter of all shareholder proposals submitted this year have been omitted, ISS-Corporate data shows, likely a result of the SEC’s Staff Legal Bulletin No. 14M (CF) issued in February, which requires proponents to demonstrate that the topic of a shareholder proposal is significant and economically relevant to the company. Last year, just under 15 percent of submitted proposals were omitted.
ISS-Corporate tracked 782 shareholder proposals submitted at Russell 3000 companies with scheduled annual meeting dates between January 1 and June 30, a notable decline from the 906 submissions in the first half of 2024. Environmental and social-related proposals saw the sharpest drop in volume, while so called “anti-ESG” resolutions surged to a record 122 submissions. Governance-related requests remain the most prevalent type expected to go to a vote.
“Our latest analysis suggests that proponents are shifting tactics and are becoming more selective both in terms of topics and targets when making the case for environmental and social initiatives at companies,” said Jun Frank, Global Head of Compensation & Governance Advisory at ISS-Corporate. “The limited success of these proposals in recent years, improvements in corporate disclosures, and increased pushback against environmental and social initiatives likely all contributed to the drop in submissions.”
Although overall proposal volume has declined, there are several companies with a large number of shareholder proposals on the ballot. Alphabet leads the pack with 12 to be voted on at its June 6 annual meeting. The Mountain View-based technology giant is followed by Meta Platforms at nine, Amazon.com at eight, and Walmart and Berkshire Hathaway both with seven shareholder resolutions on ballot.
Meanwhile, shareholder support for executive pay packages has cooled slightly, as median CEO pay reaches an all-time high for both S&P 500 and Russell 3000 companies according to ISS-Corporate data.
ISS-Corporate’s analysis of say-on-pay voting outcomes at Russell 3000 companies found a median support level of 94.3 percent thus far in 2025, compared with 94.7 percent support in 2024. As evidenced by median support, these proposals continue to receive the widespread approval of shareholders, despite the slight dip in support.
###
About ISS-Corporate
Companies turn to ISS Corporate Solutions, Inc. (“ISS-Corporate”) for expertise in designing and managing governance, compensation, sustainability, and cyber risk programs that align with company goals, reduce risk, and manage the needs of a diverse shareholder base by delivering data, tools, and advisory services. ISS-Corporate’s global client base extends across North America, Europe, and Asia, as well as other established and emerging markets worldwide. ISS-Corporate is a wholly owned subsidiary of Institutional Shareholder Services Inc. (“ISS”) and part of the ISS STOXX GmbH group of companies. ISS Corporate provides advisory services, analytical tools and publications to companies to enable them to improve shareholder value and reduce risk through the adoption of improved corporate governance practices. The ISS STOXX Governance and ESG research teams, which are separate from ISS-Corporate, will not give preferential treatment to, and are under no obligation to support, any proxy proposal of a corporate issuer nor provide a favorable rating, assessment, and/or any other favorable results to a corporate issuer (whether or not that corporate issuer has purchased products or services from ISS Corporate). No statement from an employee of ISS-Corporate should be construed as a guarantee that ISS STOXX will recommend that its clients vote in favor of any particular proxy proposal or provide a favorable rating, assessment or other favorable result. For more information, please visit https://www.iss-corporate.com/.
About ISS STOXX
ISS STOXX GmbH, through its group companies, is a leading provider of comprehensive and data-centric research and technology solutions that help capital market participants identify investment opportunities, detect qualitative and quantitative portfolio company risks, and meet evolving regulatory requirements. With roots dating back to 1985, we today deliver world-class benchmark and custom indices across asset classes and geographies and serve as a premier source of independent corporate governance, sustainability, cyber risk, and fund intelligence research, data, and related offerings. Our products and services give clients the scale and leverage they need to grow their business more effectively and efficiently. ISS STOXX, which is majority owned by Deutsche Börse Group, is comprised of more than 3,800 professionals operating across 30 global locations in 20 countries. Its approximately 5,500 clients include many of the world’s leading institutional investors who turn to ISS STOXX for its objective and varied offerings, as well as companies focused on ESG, cyber, and governance risk mitigation as a shareholder value enhancing measure. Clients rely on ISS STOXX’s expertise to help them make informed decisions to benefit their stakeholders.
Media Contact:
Audrey Dedrick
Senior Associate, Communications
media@iss-corporate.com
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