MEDIA CONTACT: Sophia Wilson, swilson@asyousow.org, (341) 600-1832

BERKELEY, CALIFORNIA—MARCH 14, 2024—Today, As You Sow, the Sustainable Investments Institute (Si2) and Proxy Impact released Proxy Preview 2024, a comprehensive review of more than 525 environmental, social and related governance (ESG) proposals submitted by shareholders. This 20th-anniversary edition confirms continued faith by shareholders in using proposals to highlight risks and opportunities for companies, despite political efforts targeting ESG more broadly and the rights of shareholders. 

The environment is still a chief concern for shareholders with more than 190 proposals filed–an increase of nearly 20% from 2023. Specific risks include climate change, biodiversity loss, plastic pollution, and vulnerabilities in agricultural supply chains, with a notable increase in farm animal welfare proposals.  

Social issues, including corporate political influence, workplace diversity, equity, and inclusion (DEI) and human and labor rights–including references to current global armed conflicts and domestic labor foment–make up 52% of this year’s proposals.  

“Our 20th-anniversary edition of Proxy Preview demonstrates the most fundamental rule of capitalism: The board of directors of every public company reports to its shareholders,” said Andrew Behar, CEO of As You Sow, publisher of Proxy Preview. “It is our fiduciary duty to have oversight of the board and encourage open discussion followed by a vote on issues where we see material risk.” 

Shareholders are using proposals to raise new issues like biodiversity loss and the implications of artificial intelligence on business. Five proposals ask for biodiversity impact assessments. Thirteen proposals challenge technology and media companies like Alphabet on guiding ethical principles on artificial intelligence, misinformation, and human rights impacts.  

“Investors continue to raise strong concerns about the tech industry's outsized impact on society,” said Michael Passoff, CEO of Proxy Impact and co-author of Proxy Preview. “Shareholders are calling for more transparency and accountability on crucial social issues such as political election disinformation and the exponential growth of online child sexual exploitation.” 

However, the political backlash against shareholders is central to understanding major themes and discourse surrounding the 2024 proxy season. These efforts include the ExxonMobil lawsuit against its own investors for introducing climate-focused proposals; an ongoing House Judiciary Committee investigation targeting shareholders, proxy advisors, asset managers, and banks for alleged antitrust activities; and a significant number of anti-ESG bills being introduced at the state level. 

“Companies are trying harder to use SEC rules to fight the inclusion of proposals this year, which may mean they feel emboldened by the erosion in support from large asset owners. This has to be seen in the political context,” said Heidi Welsh, executive director of Si2 and co-author of Proxy Preview. “But political theater doesn’t change the systemic risks capital market players face from climate change and doing business with a diverse, global workforce.”   

Shareholders nevertheless see a need for company action on issues of material risk that are also central to public policy. Recent Supreme Court decisions have curtailed affirmative action and removed federal reproductive health protections, and future decisions may undercut federal regulatory power.  

For a discussion on the history of proxy season engagement and what’s happening in 2024, including the non-investor nature of anti-ESGers, listen to Heidi Welsh on the Sustainability in Motion Podcast | ED4S 

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Proxy Preview is a unique collaboration between As You Sow, the Sustainable Investments Institute (Si2), and Proxy Impact. Proxy Preview provides the most comprehensive free data on hundreds of ESG shareholder resolutions on environmental, corporate political influence, human rights, diversity, and sustainable governance issues.