In the second installment of our Proxy Season Global Briefing, we provide a deeper dive into shareholder proposals from key global markets. Glass Lewis clients can also access the full report via the content libraries on Viewpoint and Governance Hub. Read part one of this ongoing four-part series here.
From the U.S. to Korea, 2025 shareholder proposals saw increased investor focus on governance-related issues.
Shareholder Proposals in the U.S.
The number of shareholder proposals going to a vote at U.S. companies declined significantly in 2025, but the number of majority-supported shareholder proposals increased.
- After spiking in 2022-2023, largely as a result of changes in SEC approach, the number of shareholder proposals that went to a vote at U.S. companies levelled off in 2024 and declined by more than 25% in 2025.
- Despite changes in the number and types of shareholder proposals going to a vote in 2025, average shareholder support for shareholder resolutions remained identical to 2024, at 22.9%.
- Although fewer shareholder proposals went to a vote, more received majority support (49 versus 47 in 2024 and 30 in 2023), primarily reflecting a rise in majority-supported governance-related proposals.
- In 2024, four shareholder proposals dealing with environmental and social issues received majority shareholder support. In 2025, five such proposals received majority support, all of which asked for additional reporting on companies’ political contributions and expenditures.
Shareholder Proposals in Korea, Japan and Hong Kong
Shareholder proposals remain a key channel for shareholder activism in certain Asian markets, which we capture below and in Figure 1.
- Korea saw fewer shareholder proposals on dividends and capital issuances (down 16%), and more on governance topics like director elections, committee composition and voting methods (up 25%).
- Eight proposals called for the adoption of cumulative voting (i.e., enhancing minority shareholder influence in director elections) versus just one last year, indicating more interest in long-term governance reform.
- While the number of shareholder proposals in Japan increased, average shareholder support declined from 14.7% to 13% overall, and from 8.6% to 6.8% on environment-related proposals.
- The vast majority of Hong Kong shareholder proposals (86%) sought changes to board composition.
Figure 1. Number of Shareholder Proposals in Hong Kong, Japan and Korea From 2024 - 2025
Source: Glass Lewis
Say on Climate Proposals
The prevalence of Say on Climate proposals continued to decline, with most votes once again taking place at European companies.
- 19 companies held Say on Climate votes, roughly the same as last year (21) and down from a peak of 41 proposals in 2022.
- Nine of these companies also held a Say on Climate vote in 2024.
- Six of these companies last held a Say on Climate vote in 2022, on a triennial schedule.
- All four companies holding a Say on Climate vote for the first time in 2025 were European, including three domiciled in France and one in Italy.
- European companies continue to represent the vast majority of Say on Climate proposals.
- The only non-UK or European companies to hold these votes were Canadian National Railway (Canada), Canadian Pacific Kansas City Limited (Canada), Santos Limited (Australia) and Rio Tinto (dual listed in Australia and UK).
Average shareholder support for Say on Climate proposals rose to 95% in 2025 (89% in both 2023 and 2024).
- The lowest level of support was 85.8%, at Santos Limited (compared to 41.6% in 2024 at Woodside Energy Group, which marked the first failed Say on Climate vote).
Looking for More?
Check our blog for additional installments of our Proxy Season Global Briefing. In the coming weeks, future installments will cover other topics. We will also share more of our proxy season findings, including details of Glass Lewis voting recommendations and analysis, via a series of market-specific Proxy Season Reviews in September and webinars in October.
