Bloomberg reported on Friday that shareholder support for resolutions urging companies to take action on climate change and social issues amid Republican opposition is far lower than it was last year, amid Republican opposition.
Shareholder support for resolutions related to environmental, social and governance (ESG) issues fell to just 22% by Thursday, down from a peak of 33% in 2021, according to Bloomberg. reportCiting data from Sustainable Investment Association. Heidi Welsh said the Republican backlash against ESG investing has been a “wrong ball” and that shareholder support for ESG issues has fallen “significantly.” executive director A professor at the Sustainable Investment Institute told the magazine. (Related: Meet investors and activists fighting to “depoliticize” America’s “radical left” corporations)
“Approval ratings are down across the board,” she says. In addition to declining shareholder support, the total number of ESG resolutions also fell to 240 from 283 at this time last year.
Our Founding Fathers fought the American Revolutionary War to declare independence from the monarchies of the Old World. It is now rising again in the form of ESG and “stakeholder capitalism”. The ESG issue isn’t even a Republican versus Democrat issue. It’s an old question dating back to 1776. pic.twitter.com/O6Y7zeBp4K
— Vivek Ramaswamy (@VivekGRAmaswamy) June 1, 2023
Bloomberg Intelligence senior ESG analyst Rob Du Boff said that aside from Republican pressure, such as red states pulling billions of dollars from ESG-focused financial institutions and blacklisting them, , said shareholder resolutions have also become more aggressive. US Securities and Exchange Commission in 2021 relaxed rules It will limit the ability of shareholders to make ESG-related proposals, leading to a significant increase in more extreme proposals.
“Just looking at the numbers, it looks like the level of support is going down,” Du Boff said. “But when you look at what the big shareholders actually voted for this year compared to three or four years ago, I don’t think it’s really changed that much.”
Data from a corporate consulting firm Georgeson Shareholder support for environmental resolutions fell to just 25% from 43% last year overall, Reuters said, reflecting similar results through mid-May. report. Support for resolutions related to social issues is even lower, dropping to just 20% this year, continuing its decline from 26% in 2022 and 33% in 2021.
Georgeson state strategist Killian Moutet told Reuters that the broad “diminishing effect” on shareholder support for such resolutions is because shareholders feel the resolutions are too burdensome. said to show.
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