Published on: October 9, 2021
Authors: Ani Huanglatest update. The report, which was last conducted in July, also found that high support for ESG proposals was unchanged, with 18% of social proposals and 39% of environmental proposals garnering majority support.
- The overall failure rate for the S&P 500 is 4%, almost double what it was last year (2.3%).
- Average vote results are 88.5%, which is also lower than last year.
- At this point, 12% of the S&P 500 has failed their Say on Pay vote at least once since it was required, and 37% have received below 70% support at least once.
- Turning to the full Russell 3000, 11.1% of companies have received an “Against” ISS recommendation and the average downturn in investor support for those companies is 31% (at the high end of historical record).
- On shareholder proposals, median support for social proposals is 32% and environmental proposals as high as 42%. The number that passed was more than double last year and proposals requesting EEO-1 reports, D&I reporting, and emission target reduction had very high support (often above 70%).
- Only three companies failed an equity plan proposal vote, and overall support was high (89%).