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What has changed, however, has been the growing level of support for shareholder proposals.
Shell and BP's support for shareholder resolutions calling on them to invest in low-carbon energy is a first step.
An increase in passive ownership is associated with a decline in support for management proposals and a boost in support for shareholder proposals.
Even though average support for shareholder proxy access proposals has declined, we expect that a small number of proponents will continue to submit proposals asking companies to adopt proxy access or amend their proxy access bylaws.
The Climate 50/50 Project identified increasing large mutual fund support for shareholder proposals on key climate change and political influence disclosure resolutions at carbon-intensive companies but also identified a clear pattern of trend leaders and laggards.
Support for shareholder resolutions sometimes takes decades to build such as on proposals seeking better risk management on climate change, amending equal employment opportunity policies to include LGBT people, or seeking governance changes such as board declassification.
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In short, the bulletin provides support for shareholders who want to approach a board to demand more transparency about CEO succession plans.
Therefore, mutual fund advisers must disclose the procedures they will use to identify the link between support for a shareholder proposal at a particular company and the enhancement of that company's shareholder value.
In fact, levels of mainstream investor support for ESG shareholder resolutions have been increasing.
Mr. Liu hopes to bolster support for a shareholder proposal that would split JPMorgan's chief executive and chairman roles.
Gillette said yesterday that it would continue to choose its directors in staggered elections despite majority support for a shareholder resolution recommending annual elections for board members.
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