2023 Proxy Season Preview
Increased expectations and unintended consequences
Proxy voting is one of few systematic and comparable ways for stakeholders to compare how different managers view a company’s environmental, social, and governance (ESG) program. However, aggregating proxy votes by support levels and incentivizing leadership based on quantity of support for particular ESG themes or based on third-party leaders/ laggards lists means taking a snapshot that can inadvertently favor short-term stewardship proof points over long-term stakeholder progress.
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