(We’re back with our second installment of the AGM voting results, which we’ll continue to provide through June. This week’s covers the voting through May 15th.)
Midway through the AGM season, 2018 is looking a lot like 2017.
With 256 companies in the S&P 500 reporting AGM results, shareholder support for management across all agenda items clocks in at 95%, same as last year. But, this high overall rate, including a 97% “with” rate on director elections (75% of all agenda items) masks a number of contentious, though isolated, votes.
In the environmental arena, not one but two shareholder proposals have received majority support, both on the proxy of Kinder Morgan. These two proposals, concerning an annual sustainability report and an assessment of the long-term impact of climate change, both received over 59% support from shareholders. More broadly, so far this year 9 of 17 (53%) environmental proposals have received more than 30% support, compared with 16 of 28 (57%) proposals last year.
Turning to political proposals, Allstate shareholders nearly passed a proposal floated by the Teamsters Union – a slim majority of 52% of shareholders voted against the proposal, concerning disclosure of company spending on political campaigns. Barely halfway through the AMG season, 29 proposals focused on political issues such as lobbying disclosures have reached a vote, with 55% of these garnering heavy (>30%) support, slightly higher than the 48% receiving heavy support on 31 political proposals in the same period last year.
See the latest voting results in Ipreo’s S&P 500 AGM Voting Results for 1/1/18 – 5/15/18
See last week’s report – with results up to 5.08.18.