The newly released Proxy Preview 2025 report from As You Sow and Proxy Impact reveals a significant shift in the approach of shareholders, as they navigate the political challenges surrounding environmental, social and governance (ESG) issues. Despite these headwinds, the report shows that shareholders remain focused on addressing material risks and opportunities within their portfolios.
In 2025, a total of 355 ESG-related shareholder proposals were filed, with the majority focusing on climate change and corporate political influence. The report notes that shareholders are increasingly looking to hold companies accountable for their impacts on the environment and society, as well as their role in the political process.
“Shareholders are considering issues with systemic impacts and are inquiring about their companies’ plans to navigate them in order to be best positioned for future profitability,” said Amy Galland, report co-author and principal at Empower Venture Partners. “We are seeing investors continuing to bring attention to broader materiality risks regardless of the political climate.”
With an about-face at the Securities and Exchange Commission (SEC) on the 2024 climate disclosure rule and the SEC's omission of a lobbying disclosure resolution that has been filed at over 600 companies in the past 15 years, investor filings are a clear indication that these issues have material impact on their companies that they want management to address.
The report also highlights a growing trend of shareholders filing proposals related to human rights, workforce diversity and other social issues. This includes new proposals calling for companies to assess the impact of their operations on specific communities, as well as their efforts to promote diversity and inclusion.
However, the report also notes a 34% drop in the overall number of shareholder proposals filed in 2025, compared to the previous year. This decline is attributed to a combination of factors, including the changing political landscape and the new approach of the SEC under the Biden administration.
Despite these challenges, the report underscores the continued importance of ESG issues to shareholders, and their willingness to take a long-term view in pursuit of meaningful change. As You Sow CEO Andrew Behar notes, "Shareholders have shown incredible resilience in the face of bad faith attacks because, as universal owners, we are affected by and want to reduce material risk for all stakeholders and help company executives put profit over politics."
In 2025, the number of anti-ESG proposals continued to grow. Companies in the Russell 3000 saw 23 anti-ESG resolutions in 2021, 112 in 2024, and 62 as of March 2025. Shareholders have soundly rejected these politically driven, anti-business proposals, particularly for anti-DEI which were consistently and decisively defeated by near-unanimous votes.
Behar added, "As 98% and 99% votes against anti-DEI resolutions showed at Costco, Deere, Apple, and Disney, investors want their boards and management teams to continue to hire and promote based on merit to build a workforce dedicated to excellence and financial outperformance.”
The Proxy Preview 2025 report may be downloaded here.
SOURCE: As You Sow
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