(We’re back with our fifth installment of the AGM voting results, which we’ll continue to provide through June. This week’s covers the voting through June 7th.)
Proxy season winds down as we move into June, with over 85% of the expected set of companies for 2018 proxy season having already reported results. Counting each proposal equally, we’re seeing 95.0% support overall for company management’s view on all proposals, down slightly from 95.2% last year – as usual, there’s more to find in drilling into the specific proposal types to measure shareholder sentiment.
Proxy access remains an occasional issue for this year – though in past years shareholder proposals have pushed companies to adopt proxy access, a series of “fix” proposals that encourage companies to adjust the terms of proxy access to meet broader industry standards have received strong support this year, though in smaller numbers than last year. 2017 saw 36 of these proposals in the S&P 500 with 68.4% support from management, while this year has shown 20 of these proposals make it to shareholders.
Compensation plan proposals continue to lag behind last year’s voting totals as investors dig deeper into the characteristics of incentive plans. Across all employee and executive plans, shareholders have supported with 90.8% of their votes in 2018 on S&P 500 companies, down from 92.7% last year. Goldman Sachs Group is the latest company to see heavy shareholder opposition, with 34.1% of votes opposing amending a stock incentive plan. 15 companies to date have seen over 20% of shares voting in opposition, compared to 17 last year.
See the latest report: S&P 500 AGM Voting Results for 1/1/18 – 6/7/18
5.30.18 report: S&P 500 AGM Voting Results for 1/1/18 – 5/30/18
5.22.15 report: S&P 500 AGM Voting Results for 1/1/18 – 5/22/18
5.15.08 report: S&P 500 AGM Voting Results for 1/1/18 – 5/15/18
5.08.18 report: S&P 500 AGM Voting Results for 1/1/18 – 5/08/18