Lesson Learned: An Examination of Trends in Shareholder Proposals

Shareholder proposals are often viewed as an essential tool for maintaining corporate accountability, but what role do they play in shaping corporate governance? ISS Analytics recently published a study  (the Study) that reviewed the impact of shareholder proposals on corporate governance practices among U.S. companies since 2000. The Study offers helpful insights into shifting trends in corporate governance and investor attitudes, and provides important lessons for Canadian issuers. A brief history of shareholder proposals in the U.S. According to the Study, after a significant surge in the number of governance proposals in the early 2000s, the number of proposals in the U.S. dealing with environmental and social (E&S) issues has, over the last two years, overtaken the number of governance proposals. This is likely as a result, at least in part, of successful adoption of such governance proposals by issuers over time. A similar trend is developing in Canada, where…

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