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Manhattan Institute

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Proxy Monitor Spring 2016: The Push for Proxy Access Continues

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Proxy Monitor Spring 2016: The Push for Proxy Access Continues

ProxyMonitor.org April 14, 2016
Legal ReformCorporate Governance

Executive Summary

This report gives a final review of the 2015 proxy season and previews the 2016 season, examining both the campaign for proxy access and shareholder proposals more broadly. Empirical evidence is based on data in the Manhattan Institute’s Proxy Monitor database, available online at ProxyMonitor.org, which catalogs shareholder proposals submitted to the 250 largest U.S. publicly traded companies by revenues, as ranked by Fortune magazine.

Key Findings

  • The number of shareholder proposals is up: the average Fortune 250 company with an annual meeting scheduled by April 30, 2016, has faced 1.42 shareholder proposals, up 7.5 percent from all of 2015 and up 48 percent from the comparable period in 2015.
  • Proxy-access proposals have been less likely to receive majority shareholder votes: four of ten proxy-access proposals coming to a vote so far in 2016 have received majority support, down from 67 percent in all of 2015.
  • No other shareholder proposal has received majority support to date: in 2016, only four shareholder proposals involving issues other than proxy access have received more than 30 percent support

REPORT AT PROXYMONITOR.ORG

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