ESG shareholder proposal majority wins almost doubled this season, according to the Interfaith Center for Corporate Responsibility’s (ICCR) 2022 proxy season recap.
2022 was a “record year” for the $4 trillion investor coalition with 504 proposal filings, compared to 307 in 2021.
Banking was the leading industry receiving ICCR member proposals this season. There was also an increase in the number of companies receiving multiple filings, an “indication of investor concern about their ESG risks,” the report revealed.
In total, 42% of ICCR member resolutions went to a vote while 34% were withdrawn for agreement. ICCR member proposals yielded 37 majority wins this season, almost double the 20 won the previous season.
Climate and sustainability
ICCR members most frequently addressed climate change in their engagements this season, with 120 of the 504 proposals filed this season concerning emissions disclosure, Paris alignment, and decarbonization.
2022 was a year of breaking records, with Mercy Investment’s request for Chevron to report on its methane emissions winning 98% support after being endorsed by management.
Green Century’s proposal asking Jack in the Box to report on sustainable packaging also won the highest level of support on record for a plastic-related proposal, garnering 95.4% support, despite facing opposition from management.
Racial equity and DEI proposals were the second most numerous type to be filed by ICCR members, according to the report. Filings of this proposal type increased by 70% this year to 109 submissions.
ICCR members filed 68 human/workers’ rights proposals, along with 58 political spending resolutions.
This season, ICCR members won the highest-ever vote for a resolution calling for a human rights impact assessment. CommonSpirit Health’s proposal at Sturm-Ruger won 69.5% support, despite facing opposition from management.