{"id":65547,"date":"2026-04-15T11:09:50","date_gmt":"2026-04-15T15:09:50","guid":{"rendered":"https:\/\/allianceadvisors.com\/2026-u-s-proxy-season-preview\/"},"modified":"2026-04-15T11:09:50","modified_gmt":"2026-04-15T15:09:50","slug":"2026-u-s-proxy-season-preview","status":"publish","type":"post","link":"https:\/\/allianceadvisors.com\/ko\/2026-u-s-proxy-season-preview\/","title":{"rendered":"2026 U.S. Proxy Season Preview"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row css_animation=&rdquo;fadeIn&rdquo; content_placement=&rdquo;bottom&rdquo; column_spacing=&rdquo;0px&rdquo; wpex_bg_image_source=&rdquo;featured&rdquo; css=&rdquo;.vc_custom_1740765101116{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&rdquo; min_height=&rdquo;450px&rdquo;][vc_column wpex_bg_image_source=&rdquo;featured&rdquo; css=&rdquo;.vc_custom_1738695614909{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&rdquo; wpex_bg_position=&rdquo;center center&rdquo;]<div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:300px;\"><\/div><style>.vcex-heading.vcex_69e8f7e29017a{width:600px;color:var(--wpex-accent);font-size:var(--wpex-text-4xl);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_69e8f7e29017a{font-size:30px;}}<\/style><h1 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1776322193037 vcex_69e8f7e29017a\"><span class=\"vcex-heading-inner wpex-inline-block\">2026 U.S. Proxy Season Preview<\/span><\/h1><style>.vcex-heading.vcex_69e8f7e292bc7{width:600px;color:var(--wpex-accent);font-size:var(--wpex-text-lg);font-weight:600;line-height:var(--wpex-leading-tight);}@media (max-width:479px){.vcex-heading.vcex_69e8f7e292bc7{font-size:16px;}}<\/style><h3 class=\"vcex-heading vcex-heading-plain vcex-module wpex-text-balance wpex-heading wpex-text-2xl wpex-max-w-100 wpex-mr-auto vc_custom_1775745578338 vcex_69e8f7e292bc7\"><a href=\"https:\/\/allianceadvisors.com\/staff-member\/shirley-westcott\/\" class=\"wpex-no-underline wpex-inherit-color-important\" target=\"_self\"><span class=\"vcex-heading-inner wpex-inline-block\"><span class=\"vcex-heading-icon vcex-heading-icon-left vcex-icon-wrap wpex-mr-5\">By<\/span>Shirley Westcott<\/span><\/a><\/h3><div class=\"vcex-spacing wpex-w-100 wpex-clear\" style=\"height:50px;\"><\/div>[\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo; css=&rdquo;.vc_custom_1776321345041{padding-top: 40px !important;}&rdquo;][vc_column][vc_column_text css=&rdquo;&rdquo; font_size=&rdquo;lg&rdquo;]As the 2026 annual meeting season unfolds, companies and investors are navigating a proxy environment marked by regulatory disruption, lower environmental and social proposal volume, more fragmented voting behavior, and the growing use of AI in proxy research and vote execution. Shirley Westcott&rsquo;s 2026 U.S. Proxy Season Preview highlights how the SEC&rsquo;s suspension of most substantive no-action review, the evolution of <a class=\"glossaryLink cmtt_Proxy Solicitation\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Shareholder Proposal&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A proposal submitted by a company&amp;#039;s shareholders for a vote at the company&amp;#039;s annual meeting....&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/shareholder-proposal\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/shareholder-proposal\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/shareholder-proposal\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">shareholder proposal<\/a> strategy, the expansion of retail voting tools, and the weakening grip of proxy advisors are reshaping the issuer-shareholder dynamic.[\/vc_column_text][vc_column_text css=&rdquo;.vc_custom_1776322737179{padding-top: 30px !important;padding-bottom: 20px !important;}&rdquo; font_size=&rdquo;lg&rdquo;]\n<h4>Key takeaways:<\/h4>\n[\/vc_column_text]<style>.vcex-bullets.vcex_69e8f7e29480d .vcex-bullets-icon{color:var(--wpex-palette-63604-color);}<\/style><div class=\"vcex-module vcex-bullets vcex-bullets--vertical custom-icon vcex_69e8f7e29480d\">\n<ul role=\"list\">\n<li><div class=\"vcex-bullets-ci-wrap wpex-inline-flex\"><span class=\"vcex-bullets-icon-wrap vcex-icon-wrap wpex-mr-10\"><span class=\"vcex-bullets-icon vcex-icon wpex-icon\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 512 512\"><path d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zM369 209L241 337c-9.4 9.4-24.6 9.4-33.9 0l-64-64c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0l47 47L335 175c9.4-9.4 24.6-9.4 33.9 0s9.4 24.6 0 33.9z\"><\/path><\/svg><\/span><\/span><div class=\"vcex-content wpex-flex-grow\">SEC no-action review remains largely suspended through September 2026.<\/div><\/div><\/li>\n<li><div class=\"vcex-bullets-ci-wrap wpex-inline-flex\"><span class=\"vcex-bullets-icon-wrap vcex-icon-wrap wpex-mr-10\"><span class=\"vcex-bullets-icon vcex-icon wpex-icon\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 512 512\"><path d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zM369 209L241 337c-9.4 9.4-24.6 9.4-33.9 0l-64-64c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0l47 47L335 175c9.4-9.4 24.6-9.4 33.9 0s9.4 24.6 0 33.9z\"><\/path><\/svg><\/span><\/span><div class=\"vcex-content wpex-flex-grow\">ES proposal volume is down and support remains weak.<\/div><\/div><\/li>\n<li><div class=\"vcex-bullets-ci-wrap wpex-inline-flex\"><span class=\"vcex-bullets-icon-wrap vcex-icon-wrap wpex-mr-10\"><span class=\"vcex-bullets-icon vcex-icon wpex-icon\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 512 512\"><path d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zM369 209L241 337c-9.4 9.4-24.6 9.4-33.9 0l-64-64c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0l47 47L335 175c9.4-9.4 24.6-9.4 33.9 0s9.4 24.6 0 33.9z\"><\/path><\/svg><\/span><\/span><div class=\"vcex-content wpex-flex-grow\">Retail voting tools are gaining relevance.<\/div><\/div><\/li>\n<li><div class=\"vcex-bullets-ci-wrap wpex-inline-flex\"><span class=\"vcex-bullets-icon-wrap vcex-icon-wrap wpex-mr-10\"><span class=\"vcex-bullets-icon vcex-icon wpex-icon\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 512 512\"><path d=\"M256 512A256 256 0 1 0 256 0a256 256 0 1 0 0 512zM369 209L241 337c-9.4 9.4-24.6 9.4-33.9 0l-64-64c-9.4-9.4-9.4-24.6 0-33.9s24.6-9.4 33.9 0l47 47L335 175c9.4-9.4 24.6-9.4 33.9 0s9.4 24.6 0 33.9z\"><\/path><\/svg><\/span><\/span><div class=\"vcex-content wpex-flex-grow\">AI is accelerating the shift away from proxy-advisor-centered voting models.<\/div><\/div><\/li>\n<\/ul>\n<\/div>[\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text css=&rdquo;&rdquo;]\n<h2>Overview<\/h2>\n<p>In what promises to be a groundbreaking year, the 2026 proxy season will play out alongside an ambitious SEC regulatory <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Agenda&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A structured outline of topics and activities to be covered during an AGM or EGM, including...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/agenda\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/agenda\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/agenda\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>agenda<\/a> with a focus on supporting innovation, capital formation, market efficiency and investor protection.<\/p>\n<p>The SEC&rsquo;s near-term priorities include establishing a regulatory framework for crypto assets, expanding investor access to private markets, easing compliance burdens, re-anchoring disclosures in materiality, and reforming securities <a class=\"glossaryLink cmtt_Activist Shareholder Campaign\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Litigation&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Legal action initiated by either the activist investor or the targeted company to resolve...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/litigation\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/litigation\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/litigation\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>litigation<\/a> to curb frivolous lawsuits<sup>1<\/sup>. &nbsp;The Commission is additionally fast-tracking a rule change to allow public companies to switch from quarterly to semi-annual earnings reporting.<\/p>\n<p>The <a class=\"glossaryLink cmtt_Proxy Solicitation\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Proxy Voting&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The process by which shareholders cast their votes on corporate matters by proxy, rather than...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/privacy-policy\/&amp;quot;&gt;Privacy Policy&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-voting\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-voting\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-voting\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>proxy voting<\/a> landscape is also being reshaped with the goal of &ldquo;depoliticizing&rdquo; shareholder meetings and restoring their focus to core corporate matters.&nbsp; This will include an SEC proposal this spring to modernize Rule 14a-8 and, per a recent White House executive order (EO), consideration of new rules to regulate proxy advisory firms.<\/p>\n<p>While these initiatives will not directly impact 2026 annual meetings, other trends and developments will inform contemplated regulatory actions and recast the company\/shareholder dynamic in the future:<\/p>\n<p><strong>Much ado about omissions:<\/strong> For this year&rsquo;s proxy season, the SEC made two significant regulatory shifts which will give companies more control over their annual meeting agendas: largely suspending its substantive review of no-action requests in favor of company discretion and restricting small investors from using Notices of Exempt Solicitation to promote activist campaigns.&nbsp; Despite the outcry&mdash;and even lawsuits&mdash;from some shareholder proponents, companies have been judicious in their exclusion decisions, which are tracking in line with the proportion of proposal omissions in 2025.<\/p>\n<p><strong>Shareholder proposal volume shrinks:<\/strong>&nbsp; After peaking in 2024, the overall volume of shareholder proposal submissions is continuing to contract, with environmental and social (E&amp;S) filings at their lowest level in 10 years.&nbsp; Proponents held back this year due to steadily declining support levels and last year&rsquo;s SEC guidance&mdash;Staff Legal Bulletin (SLB) 14M&mdash; which eliminated the significant social policy override that had previously made it difficult for companies to exclude proposals. Filings of traditional governance resolutions remain robust with this year&rsquo;s initial votes drawing strong investor support.<\/p>\n<p><strong>Less predictable voting outcomes:<\/strong>&nbsp; Companies will find it increasingly challenging to forecast proxy votes and gauge shareholder sentiment due to fractured voting and limitations on investor engagements.&nbsp; As a result of the SEC&rsquo;s revised guidance last year regarding Schedule 13G eligibility, investors&rsquo; engagement discussions have become more circumspect and their proxy voting policies have become more opaque in terms of their voting intentions.&nbsp; In addition, the Big Three&mdash;BlackRock, Vanguard and State Street&ndash;have split their <a class=\"glossaryLink cmtt_Institutional Shareholder\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Stewardship&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The responsible and active oversight of investment holdings by institutional shareholders to...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/stewardship\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/stewardship\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/stewardship\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>stewardship<\/a> teams which may lead to a divergence in their voting policies over time.&nbsp; They are also expanding their voting choice programs, which give their clients the ability to follow either in-house or third-party voting policies.<\/p>\n<p><strong>Diminishing <a class=\"glossaryLink cmtt_Proxy Solicitation\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Proxy Advisor&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Firms like ISS and Glass Lewis that provide institutional investors with research, analysis,...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-advisor\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-advisor\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/proxy-advisor\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>proxy advisor<\/a> influence:&nbsp;<\/strong> In the face of mounting regulatory and legal pressure at both the federal and state levels, <a class=\"glossaryLink cmtt_Institutional Shareholder Engagement cmtt_Institutional Shareholder\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Institutional Shareholder&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Institutional Shareholder is a large investor that owns significant amounts of stock in...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/institutional-shareholder\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/institutional-shareholder\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/institutional-shareholder\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">Institutional Shareholder<\/a> Services (ISS) and Glass Lewis are rethinking their business models in ways that will lessen their influence on shareholder meeting votes. This will become more pronounced in 2027 when Glass Lewis retires its benchmark voting policies and migrates its clients to customized guidelines reflecting their individual stewardship priorities.&nbsp; Several major asset managers are also distancing themselves from the proxy advisors by bringing their proxy research, data collection and voting in-house, aided by artificial intelligence (AI) technology.<\/p>\n<p><strong>Retail votes will become more consequential:<\/strong>&nbsp; Individual investors will gain in prominence in proxy votes and corporate communications as a result of pass-through and auto-voting programs.&nbsp; This season, Exxon Mobil will debut its retail voting program, which allows its retail shareholders to automatically cast their votes in line with the board&rsquo;s recommendations. Broader adoption by the corporate community could substantially diminish the influence of shareholder activists and special interest groups.<\/p>\n<p>This report delves further into these and other key issues that will impact the 2026 proxy season and beyond.<\/p>\n<h2>Shareholder Proposal Omissions<\/h2>\n<p>Shareholder proposal omissions are being closely tracked this season following the SEC&rsquo;s announcement last fall that, due to resource constraints following the government shutdown, it would not be adjudicating no-action requests through September 2026, other than those based on Rule 14a-8(i)(1) where the proposal is not a proper subject for shareholder action under state law.&nbsp; Companies are at their own discretion in deciding what resolutions to leave off ballots based on the provisions of Rule 14a-8, prior published guidance, and\/or judicial decisions.<\/p>\n<p>The SEC additionally revised its Compliance and Disclosure Interpretations (C&amp;DIs) on proxy rules and schedules, stating that it will object to &ldquo;voluntary&rdquo; Notices of Exempt Solicitation that are filed by persons owning less than $5 million of the company&rsquo;s shares, primarily to generate publicity for their shareholder resolutions and &ldquo;vote no&rdquo; campaigns.&nbsp; This has forced shareholder activists to come up with alternative communication channels to share their views on proxy ballot items with other investors<sup>2<\/sup>.<\/p>\n<h3>Omission Trends<\/h3>\n<p>Overall, companies have been cautious in their exclusion decisions to avoid investor backlash, which could take the form of opposition to directors, negative publicity and even litigation.&nbsp; Over half (58%) of the announced omissions were governance proposals, largely sponsored by John Chevedden, of which about one-third (35%) were flagged for procedural deficiencies and 19% were considered substantially implemented, primarily due to a management proposal on the ballot that essentially fulfilled the request.&nbsp; Nearly half (42%) of the E&amp;S resolutions scheduled for exclusion were regarded by companies as ordinary business (see Table 1).<\/p>\n<p>No company has yet sought no-action relief based on the SEC&rsquo;s state law carve-out.&nbsp; Last fall, SEC Chair Paul Atkins suggested that Delaware law does not accord shareholders with a fundamental right to submit precatory proposals<sup>3<\/sup><sup>1<\/sup>.&nbsp; If a company obtains a legal opinion that precatory proposals are not a proper subject for shareholder action under state law, the SEC staff will likely defer to that position.<\/p>\n<p>Atkins also said that a shareholder proposal that does not meet Texas&rsquo;s eligibility requirements may be excludable under Rule 14a-8(i)(1).&nbsp; Last year, the state amended the Texas Business Organizations Code (TBOC) to allow Texas corporations that opt into Section 21.373 to restrict the submission of shareholder proposals to a single or multiple holders of at least $1 million in stock or 3% of the voting shares, whichever is less.&nbsp; This ensures that shareholder proposals carry the backing of investors with significant, sustained financial interests in the company.&nbsp; Several companies&mdash;including Forward Industries and Texas Capital Bancshares&ndash;are availing themselves of this measure as part of their moves to Texas.&nbsp; At its April 21 annual meeting, Texas Capital Bancshares will hold a separate <a class=\"glossaryLink cmtt_&#8220;Say on Pay&#8221; provisions\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Advisory Vote&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A type of vote that is non-binding and serves as a recommendation or expression of shareholder...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2024-proxy-season-preview\/&amp;quot;&gt;2024 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/advisory-vote\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/advisory-vote\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/advisory-vote\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>advisory vote<\/a> on whether to be governed by the provision.<\/p>\n<h3>Investor and Proxy Advisor Reactions<\/h3>\n<p>Through April 10, none of the omissions sparked any strong repercussions from investors or proxy advisors in terms of opposition to directors at annual meetings (see Table 2).&nbsp; Glass Lewis indicated that it will not raise concerns regarding technical omissions, such as submission timeliness and proof of stock ownership, but it will review other types of exclusions case by case.&nbsp; ISS said that it will not substitute its judgment for that of the SEC in determining whether a proposal is properly excludable under Rule 14a-8.&nbsp; However, it expects companies to provide clear and compelling reasons for ordinary business and substantial implementation exclusions in their proxy statements<sup>3<\/sup>. Failure to do so may be regarded by ISS as a governance failure, which will be flagged in the proxy report or, in rare circumstances, result in a negative ISS recommendation against one or more agenda items, such as the election of directors.<\/p>\n<h3>Lawsuits Emerge<\/h3>\n<p>Some shareholder proponents are resorting to litigation to keep their proposals on proxy ballots or, in the case of the Interfaith Center on Corporate Responsibility (ICCR) and As You Sow, to block the SEC&rsquo;s continued implementation of its no-objection policy<sup>4<\/sup> ICCR also posted on its website examples of &ldquo;egregious&rdquo; unilateral omissions.<sup>5<\/sup><\/p>\n<p>Of the six lawsuits filed against companies, three have settled.&nbsp; AT&amp;T and PepsiCo reached agreements with the New York City Retirement Systems (NYCRS) and the People for the Ethical Treatment of Animals (PETA) Foundation, respectively, not to exclude their resolutions on workforce diversity and animal welfare.&nbsp; Axon Enterprise also settled a lawsuit filed by the Nathan Cummings Foundation by agreeing to provide detailed annual disclosure of its direct political spending over the next five years.<\/p>\n<p>Still pending are lawsuits against BJ&rsquo;s Wholesale Club, Chubb, and UnitedHealth Group, which plan to omit resolutions filed, respectively, by the New York State Retirement Systems (NYSCRF), As You Sow and ICCR member Fonds de Missions.&nbsp; The proposals, which were deemed to constitute ordinary business, deal with deforestation risk, subrogation claims against fossil fuel companies, and the impact of acquisitions on the healthcare system.&nbsp; In late March, a D.C. federal judge denied As You Sow&rsquo;s request for a preliminary injunction on the basis that it did not show any likelihood of prevailing on the merits.&nbsp; However, the judge also declined to dismiss the complaint at this early stage<sup>6<\/sup>.<br>\nThe legal actions appear to be having a chilling effect on some companies&rsquo; omission decisions.&nbsp; A number of firms, such as Goldman Sachs Group and Huntington Ingalls Industries, have chosen to include shareholder resolutions in their proxy materials, notwithstanding their view that they could have been properly excluded.<sup>7<\/sup>.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column]<\/p><div class=\"vcex-shortcode wpex-clr\"><div id=\"footable_parent_65429\" class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                    <h3 class=\"table_title footable_title\">Table 1: Omission Trends: 2026 (as of April 10) &ndash; 2025<\/h3>\n                        <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"65429\" data-filter-delay=\"1000\" aria-label=\"Table 1: Omission Trends: 2026 (as of April 10) &ndash; 2025\" id=\"footable_65429\" data-unique_identifier=\"ninja_table_unique_id_597884841_65429\" class=\" foo-table ninja_footable foo_table_65429 ninja_table_unique_id_597884841_65429 ui table  ninja_search_right nt_type_legacy_table striped vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                            <col class=\"ninja_column_4 \">\n                            <col class=\"ninja_column_5 \">\n                            <col class=\"ninja_column_6 \">\n                            <col class=\"ninja_column_7 \">\n                            <col class=\"ninja_column_8 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                                                                                                        <th scope=\"col\" class=\"ninja_column_0 ninja_clmn_nm_2026 \">2026<\/th><th scope=\"col\" class=\"ninja_column_1 ninja_clmn_nm_number_filed \">Number Filed*<\/th><th scope=\"col\" class=\"ninja_column_2 ninja_clmn_nm_number_omitted \">Number Omitted<\/th><th scope=\"col\" class=\"ninja_column_3 ninja_clmn_nm_percent_omitted \">Percent Omitted<\/th><th scope=\"col\" class=\"ninja_column_4 ninja_clmn_nm_substantially_implemented \">Substantially Implemented<\/th><th scope=\"col\" class=\"ninja_column_5 ninja_clmn_nm_ordinary_business \">Ordinary Business<\/th><th scope=\"col\" class=\"ninja_column_6 ninja_clmn_nm_economic_relevance \">Economic Relevance<\/th><th scope=\"col\" class=\"ninja_column_7 ninja_clmn_nm_procedural_defect \">Procedural Defect<\/th><th scope=\"col\" class=\"ninja_column_8 ninja_clmn_nm_other_or_multiple \">Other or Multiple<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"1108\" class=\"ninja_table_row_0 nt_row_id_1108\">\n            <td>Governance<\/td><td>320<\/td><td>88<\/td><td>28%<\/td><td>17<\/td><td>2<\/td><td><\/td><td>31<\/td><td>38<\/td>        <\/tr>\n            <tr data-row_id=\"1109\" class=\"ninja_table_row_1 nt_row_id_1109\">\n            <td>Compensation<\/td><td>24<\/td><td>6<\/td><td>25%<\/td><td>2<\/td><td><\/td><td><\/td><td>3<\/td><td>1<\/td>        <\/tr>\n            <tr data-row_id=\"1110\" class=\"ninja_table_row_2 nt_row_id_1110\">\n            <td>E&amp;S<\/td><td>289<\/td><td>59<\/td><td>20%<\/td><td>5<\/td><td>25<\/td><td>1<\/td><td>6<\/td><td>22<\/td>        <\/tr>\n            <tr data-row_id=\"1111\" class=\"ninja_table_row_3 nt_row_id_1111\">\n            <td>TOTAL<\/td><td>633<\/td><td>153<\/td><td>24%<\/td><td>24<\/td><td>27<\/td><td>1<\/td><td>40<\/td><td>61<\/td>        <\/tr>\n            <tr data-row_id=\"1113\" class=\"ninja_table_row_4 nt_row_id_1113\">\n            <td>2025<\/td><td>Number Filed*<\/td><td>Number Omitted<\/td><td>Percent Omitted<\/td><td>Substantially Implemented<\/td><td>Ordinary Business<\/td><td>Economic Relevance<\/td><td>Procedural Defect<\/td><td>Other or Multiple<\/td>        <\/tr>\n            <tr data-row_id=\"1114\" class=\"ninja_table_row_5 nt_row_id_1114\">\n            <td>Governance<\/td><td>336<\/td><td>100<\/td><td>30%<\/td><td>18<\/td><td>13<\/td><td>0<\/td><td>63<\/td><td>6<\/td>        <\/tr>\n            <tr data-row_id=\"1115\" class=\"ninja_table_row_6 nt_row_id_1115\">\n            <td>Compensation<\/td><td>73<\/td><td>13<\/td><td>18%<\/td><td>2<\/td><td>3<\/td><td>0<\/td><td>7<\/td><td>1<\/td>        <\/tr>\n            <tr data-row_id=\"1116\" class=\"ninja_table_row_7 nt_row_id_1116\">\n            <td>E&amp;S<\/td><td>489<\/td><td>103<\/td><td>21%<\/td><td>7<\/td><td>73<\/td><td>4<\/td><td>10<\/td><td>9<\/td>        <\/tr>\n            <tr data-row_id=\"1117\" class=\"ninja_table_row_8 nt_row_id_1117\">\n            <td>TOTAL<\/td><td>898<\/td><td>216<\/td><td>24%<\/td><td>27<\/td><td>89<\/td><td>4<\/td><td>79<\/td><td>16<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n<\/div>[vc_column_text css=&rdquo;&rdquo; font_size=&rdquo;sm&rdquo; font_style=&rdquo;italic&rdquo;]*Based on SEC filings, proponent websites and media reports.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column]<div class=\"vcex-shortcode wpex-clr\"><div id=\"footable_parent_65432\" class=\"ninja-footable-loader footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                    <h3 class=\"table_title footable_title\">Table 2: Director Votes Where Proposals Excluded (Jan. 1 &ndash; April 10, 2026)<\/h3>\n                        <table data-ninja_table_instance=\"ninja_table_instance_1\" data-footable_id=\"65432\" data-filter-delay=\"1000\" aria-label=\"Table 2: Director Votes Where Proposals Excluded (Jan. 1 &ndash; April 10, 2026)\" id=\"footable_65432\" data-unique_identifier=\"ninja_table_unique_id_2833595433_65432\" class=\" foo-table ninja_footable foo_table_65432 ninja_table_unique_id_2833595433_65432 ui table  ninja_search_right nt_type_legacy_table celled vertical_centered ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                            <col class=\"ninja_column_4 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                                        <th scope=\"col\" class=\"ninja_column_0 ninja_clmn_nm_company g24-bold \">Company<\/th><th scope=\"col\" class=\"ninja_column_1 ninja_clmn_nm_meeting_date \">Meeting Date<\/th><th scope=\"col\" class=\"ninja_column_2 ninja_clmn_nm_excluded_proposal \">Excluded Proposal<\/th><th scope=\"col\" class=\"ninja_column_3 ninja_clmn_nm_basis_for_exclusion \">Basis for Exclusion<\/th><th scope=\"col\" class=\"ninja_column_4 ninja_clmn_nm_director_votes \">Director Votes*<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"1133\" class=\"ninja_table_row_0 nt_row_id_1133\">\n            <td>Becton Dickinson<\/td><td>Jan. 27<\/td><td>Independent chair<\/td><td>Procedural defect<\/td><td>94.8% - 99.7%<\/td>        <\/tr>\n            <tr data-row_id=\"1134\" class=\"ninja_table_row_1 nt_row_id_1134\">\n            <td>Air Products and Chemicals<\/td><td>Jan. 28<\/td><td>Written consent<\/td><td>Procedural defect<\/td><td>93.8% - 99.6%<\/td>        <\/tr>\n            <tr data-row_id=\"1135\" class=\"ninja_table_row_2 nt_row_id_1135\">\n            <td>Emerson Electric<\/td><td>Feb. 3<\/td><td>Declassify board<\/td><td>Substantially implemented<\/td><td>88.2% - 97.3%<\/td>        <\/tr>\n            <tr data-row_id=\"1136\" class=\"ninja_table_row_3 nt_row_id_1136\">\n            <td>Amentum Holdings**<\/td><td>Feb. 6<\/td><td>Supermajority voting<\/td><td>Procedural defect<\/td><td>90.4% - 99.9%<\/td>        <\/tr>\n            <tr data-row_id=\"1137\" class=\"ninja_table_row_4 nt_row_id_1137\">\n            <td>Apple<\/td><td>Feb. 24<\/td><td>Customer subscription auto-renewals<\/td><td>Procedural defect<\/td><td>91.0% - 99.6%<\/td>        <\/tr>\n            <tr data-row_id=\"1138\" class=\"ninja_table_row_5 nt_row_id_1138\">\n            <td>Jewett-Cameron Trading***<\/td><td>Feb. 27<\/td><td>Nominations for director<\/td><td>Procedural defect<\/td><td>62.0% - 67.8%<\/td>        <\/tr>\n            <tr data-row_id=\"1139\" class=\"ninja_table_row_6 nt_row_id_1139\">\n            <td>F5<\/td><td>Mar-12<\/td><td>Political spending<\/td><td>Substantially implemented<\/td><td>95.1% - 99.4%<\/td>        <\/tr>\n            <tr data-row_id=\"1140\" class=\"ninja_table_row_7 nt_row_id_1140\">\n            <td>Walt Disney<\/td><td>Mar-18<\/td><td>1. Family-friendly content, theme parks, partnerships<\/td><td>Procedural defect, ordinary business, false and misleading, substantially implemented<\/td><td>93.1% - 99.6%<\/td>        <\/tr>\n            <tr data-row_id=\"1141\" class=\"ninja_table_row_8 nt_row_id_1141\">\n            <td><\/td><td><\/td><td>2. Global content management<\/td><td>Procedural defect, ordinary business<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1142\" class=\"ninja_table_row_9 nt_row_id_1142\">\n            <td><\/td><td><\/td><td>3. Shareholder communications<\/td><td>Procedural defect, ordinary business, personal grievance<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1143\" class=\"ninja_table_row_10 nt_row_id_1143\">\n            <td>Concentrix<\/td><td>Mar-25<\/td><td>Supermajority voting<\/td><td>Substantially implemented<\/td><td>98.5% - 99.6%<\/td>        <\/tr>\n            <tr data-row_id=\"1144\" class=\"ninja_table_row_11 nt_row_id_1144\">\n            <td>Cooper Companies<\/td><td>Apr-07<\/td><td>Independent chair<\/td><td>Substantially implemented<\/td><td>92.9% - 99.1%<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n<\/div>[vc_column_text css=&rdquo;&rdquo; font_size=&rdquo;sm&rdquo; font_style=&rdquo;italic&rdquo;]*Based on &ldquo;for&rdquo; votes as a percentage of &ldquo;for&rdquo; and &ldquo;against\/withhold&rdquo; votes.<br>\n**ISS recommended against the chair of the nominating\/governance committee at Amentum Holdings.<br>\n***ISS recommended against the board chair at Jewett-Cameron Trading for independence concerns.&nbsp; The low director votes likely reflect the company&rsquo;s poor financial performance over the past year.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column][vc_column_text css=&rdquo;&rdquo;]\n<h2>Governance and Compensation Proposals<\/h2>\n<p>For the first time in six years, the volume of governance and compensation-related resolutions may outflank E&amp;S filings, which as of April 10 stood at an estimated 344 and 289, respectively.&nbsp; First quarter votes also show that support for traditional governance measures will continue to far outpace that for E&amp;S resolutions, with majority votes already occurring at Keysight Technologies (special meeting rights), Zscaler (board declassification) and Starbucks (supermajority voting), where the board made no recommendation on the matter (see Table 3).<\/p>\n<p>Corporate gadfly John Chevedden continues to be the most prolific filer, having sponsored over two-thirds (68%) of the governance and compensation resolutions publicized to date.&nbsp; Indeed, ICCR reported that of the 415 proposals filed by its members this year, 255 were on governance matters, the majority of which were submitted by one member-Chevedden.<\/p>\n<p>This year, Chevedden has crafted new angles to his standard resolutions, though some may not reach ballots due to company omissions.<\/p>\n<ul>\n<li>Board declassification: This season&rsquo;s proposals include two variations, which are largely directed at companies where management resolutions have failed in the past.&nbsp; One version contains a requirement that the company adjourn the annual meeting for up to two weeks to seek more votes to reach the supermajority approval threshold.&nbsp; The other type asks the company to hold an annual advisory shareholder vote on each director that does not stand for election in a given year.&nbsp; Three targeted companies&mdash;Elevance Health, Eli Lilly and Emerson Electric&ndash;excluded the resolutions as substantially implemented or false and misleading.<\/li>\n<\/ul>\n<ul>\n<li>Majority voting: Chevedden is seeking an assurance that directors who fail to obtain majority support in an uncontested election leave the board within nine months. CSX and Expeditors International omitted the <a class=\"glossaryLink cmtt_Shareholder Vote Projection\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Resolution&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A formal proposal or decision put forward for consideration and vote by shareholders at an AGM...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/resolution\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/resolution\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/resolution\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>resolution<\/a> as substantially implemented, pointing out that the Chevedden proposal would actually allow a holdover director to remain on the board longer than their resignation policies allow&mdash;namely, within 90 days of the vote being certified. &nbsp;The proposal is scheduled for a vote at six other companies.<\/li>\n<\/ul>\n<ul>\n<li>Say on stock repurchases: A rekindled Chevedden effort asks Flowserve to hold an annual advisory vote on stock repurchases which, among other drawbacks, can artificially inflate earnings per share and boost executive pay.&nbsp; Previous requests of this nature were successfully challenged as ordinary business in 2019 and 2020.<\/li>\n<li>Say-on-pay (SOP) frequency: Chevedden is calling on Alphabet and Meta Platforms to initiate an annual SOP vote rather than continue their current triennial cycle.&nbsp; Alphabet omitted the proposal as substantially implemented because it provides shareholders with a frequency vote every six years.<\/li>\n<\/ul>\n<p>Proposals calling for an independent board chair are the most popular filing this year, despite rarely ever receiving majority support due to their inflexible approach to board leadership (see Table 4).&nbsp; These are being sponsored predominantly by Chevedden, the National Legal and Policy Center (NLPC) and The Accountability Board (TAB), in some cases at overlapping targets.&nbsp; TAB singled out several companies for having recently made or announced leadership changes that result in a non-independent chair.&nbsp; It additionally asked repeat target PepsiCo to simply separate the chair and CEO roles without imposing any independence requirement.&nbsp; In a novel supporting statement, TAB produced quotes from four PepsiCo directors that commended the independent chair leadership structure of the other boards they serve on.<\/p>\n<h3>Rule 14a-4 Proposals Reemerge<\/h3>\n<p>Deep-pocketed labor unions are once again resorting to Rule 14a-4(c)(2) solicitations to press for a variety of governance reforms at companies embroiled in labor disputes.&nbsp; This approach was taken two years ago by the AFL-CIO and United Mine Workers of America at Warrior Met Coal to bypass the one-proposal limit of Rule 14a-8.<\/p>\n<p>This year, the Communications Workers of America (CWA) submitted five governance proposals at Nexstar Media Group, which advocate for an independent board chair, proxy access, special meeting rights, <a class=\"glossaryLink cmtt_Activist Shareholder Campaign\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Poison Pill&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A defensive mechanism adopted by companies to deter hostile takeovers or activist investors by...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/poison-pill\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/poison-pill\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/poison-pill\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>poison pill<\/a> ratification, and shareholder approval of major transactions valued at more than 20% of the company&rsquo;s market capitalization.&nbsp; The National Association of Broadcast Employees and Technicians (NABET-CWA), which represents workers at Nexstar-owned television stations, takes issue with the company&rsquo;s $6.2 billion <a class=\"glossaryLink cmtt_Mergers &amp; Acquisitions\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Acquisition&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Acquisition is the purchase of one company, often referred to as the target company, by another...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-u-s-proxy-season-review\/&amp;quot;&gt;2023 U.S. Proxy Season Review&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/acquisition\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/acquisition\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/acquisition\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>acquisition<\/a> of TEGNA and union busting efforts at certain television stations<sup>8<\/sup>.<\/p>\n<p>Trillium Asset Management also threatened to utilize Rule 14a-4 to pressure BJ&rsquo;s Wholesale Club not to omit its greenhouse gas (GHG) emissions resolution.&nbsp; This would have included submitting and soliciting support for not only its GHG proposal, but additional &ldquo;good <a class=\"glossaryLink cmtt_Corporate Governance Advisory\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Corporate Governance&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The system of rules, practices, processes, and structures by which a company is directed and...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/corporate-governance\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/corporate-governance\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/corporate-governance\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">corporate governance<\/a>&rdquo; proposals as well<sup>9<\/sup>.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column]<\/p><div class=\"vcex-shortcode wpex-clr\"><div id=\"footable_parent_65435\" class=\"ninja-footable-loader footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                    <h3 class=\"table_title footable_title\">Table 3: Early Shareholder Proposal Votes (Jan. 1 &ndash; April 10, 2026)<\/h3>\n                        <table data-ninja_table_instance=\"ninja_table_instance_2\" data-footable_id=\"65435\" data-filter-delay=\"1000\" aria-label=\"Table 3: Early Shareholder Proposal Votes (Jan. 1 &ndash; April 10, 2026)\" id=\"footable_65435\" data-unique_identifier=\"ninja_table_unique_id_580051912_65435\" class=\" foo-table ninja_footable foo_table_65435 ninja_table_unique_id_580051912_65435 ui table  ninja_search_right nt_type_legacy_table celled vertical_centered striped ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                        <th scope=\"col\" class=\"ninja_column_0 ninja_clmn_nm_proposal \">Proposal<\/th><th scope=\"col\" class=\"ninja_column_1 ninja_clmn_nm_number_voted \">Number Voted<\/th><th scope=\"col\" class=\"ninja_column_2 ninja_clmn_nm_average_support \">Average Support*<\/th><th scope=\"col\" class=\"ninja_column_3 ninja_clmn_nm_majority_votes \">Majority Votes<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"1160\" class=\"ninja_table_row_0 nt_row_id_1160\">\n            <td><b>Governance<\/b><\/td><td><\/td><td><\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1161\" class=\"ninja_table_row_1 nt_row_id_1161\">\n            <td>Declassify board<\/td><td>1<\/td><td>51.50%<\/td><td>1<\/td>        <\/tr>\n            <tr data-row_id=\"1162\" class=\"ninja_table_row_2 nt_row_id_1162\">\n            <td>Cumulative voting<\/td><td>1<\/td><td>2.90%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1163\" class=\"ninja_table_row_3 nt_row_id_1163\">\n            <td>Supermajority voting<\/td><td>1<\/td><td>97.90%<\/td><td>1<\/td>        <\/tr>\n            <tr data-row_id=\"1164\" class=\"ninja_table_row_4 nt_row_id_1164\">\n            <td>Dual-class stock - recapitalization<\/td><td>1<\/td><td>36.80%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1165\" class=\"ninja_table_row_5 nt_row_id_1165\">\n            <td>Dual-class stock - vote reporting<\/td><td>2<\/td><td>20.40%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1166\" class=\"ninja_table_row_6 nt_row_id_1166\">\n            <td>Special meetings<\/td><td>4<\/td><td>47.10%<\/td><td>1<\/td>        <\/tr>\n            <tr data-row_id=\"1167\" class=\"ninja_table_row_7 nt_row_id_1167\">\n            <td>Written consent<\/td><td>3<\/td><td>36.70%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1168\" class=\"ninja_table_row_8 nt_row_id_1168\">\n            <td>Independent chairman<\/td><td>3<\/td><td>13.50%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1170\" class=\"ninja_table_row_9 nt_row_id_1170\">\n            <td><b>E&amp;S<\/b><\/td><td><\/td><td><\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1171\" class=\"ninja_table_row_10 nt_row_id_1171\">\n            <td>Waste lagoon harm<\/td><td>1<\/td><td>2.50%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1172\" class=\"ninja_table_row_11 nt_row_id_1172\">\n            <td>DEI report (disability inclusion)<\/td><td>1<\/td><td>5.00%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1173\" class=\"ninja_table_row_12 nt_row_id_1173\">\n            <td>Immigration risk assessment<\/td><td>1<\/td><td>2.70%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1175\" class=\"ninja_table_row_13 nt_row_id_1175\">\n            <td><b>E&amp;S - Conservative<\/b><\/td><td><\/td><td><\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1176\" class=\"ninja_table_row_14 nt_row_id_1176\">\n            <td>Charitable contributions<\/td><td>3<\/td><td>0.70%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1177\" class=\"ninja_table_row_15 nt_row_id_1177\">\n            <td>Risks\/costs of climate commitments <\/td><td>2<\/td><td>1.20%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1178\" class=\"ninja_table_row_16 nt_row_id_1178\">\n            <td>DEI risk <\/td><td>3<\/td><td>0.80%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1179\" class=\"ninja_table_row_17 nt_row_id_1179\">\n            <td>Gender dysphoria healthcare<\/td><td>3<\/td><td>0.80%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1180\" class=\"ninja_table_row_18 nt_row_id_1180\">\n            <td>China risk report <\/td><td>2<\/td><td>2.20%<\/td><td><\/td>        <\/tr>\n            <tr data-row_id=\"1181\" class=\"ninja_table_row_19 nt_row_id_1181\">\n            <td>AI-driven child sexual exploitation<\/td><td>1<\/td><td>8.10%<\/td><td><\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n<\/div>[vc_column_text css=&rdquo;&rdquo; font_size=&rdquo;sm&rdquo; font_style=&rdquo;italic&rdquo;]*Based on &ldquo;for&rdquo; votes as a percentage of &ldquo;for&rdquo; and &ldquo;against&rdquo; votes.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column]<div class=\"vcex-shortcode wpex-clr\"><div id=\"footable_parent_65438\" class=\"ninja-footable-loader footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui colored_table\">\n                    <h3 class=\"table_title footable_title\">Table 4: Top Shareholder Proposal Filings: 2026 (as of April 10) - 2025 (full year)<\/h3>\n                        <table data-ninja_table_instance=\"ninja_table_instance_3\" data-footable_id=\"65438\" data-filter-delay=\"1000\" aria-label=\"Table 4: Top Shareholder Proposal Filings: 2026 (as of April 10) - 2025 (full year)\" id=\"footable_65438\" data-unique_identifier=\"ninja_table_unique_id_1580731047_65438\" class=\" foo-table ninja_footable foo_table_65438 ninja_table_unique_id_1580731047_65438 ui table  ninja_search_right nt_type_legacy_table celled vertical_centered striped ninja_custom_color inverted footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                        <th scope=\"col\" class=\"ninja_column_0 ninja_clmn_nm_proposal \">Proposal<\/th><th scope=\"col\" class=\"ninja_column_1 ninja_clmn_nm_2026 \">2026<\/th><th scope=\"col\" class=\"ninja_column_2 ninja_clmn_nm_proposal_2025 \">Proposal<\/th><th scope=\"col\" class=\"ninja_column_3 ninja_clmn_nm_2025 \">2025<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"1214\" class=\"ninja_table_row_0 nt_row_id_1214\">\n            <td>Independent chairman<\/td><td>101<\/td><td>Special meetings<\/td><td>79<\/td>        <\/tr>\n            <tr data-row_id=\"1215\" class=\"ninja_table_row_1 nt_row_id_1215\">\n            <td>Special meetings<\/td><td>60<\/td><td>Supermajority voting<\/td><td>46<\/td>        <\/tr>\n            <tr data-row_id=\"1216\" class=\"ninja_table_row_2 nt_row_id_1216\">\n            <td>Written consent<\/td><td>48<\/td><td>Direct stock purchase plans*<\/td><td>44<\/td>        <\/tr>\n            <tr data-row_id=\"1217\" class=\"ninja_table_row_3 nt_row_id_1217\">\n            <td>Supermajority voting<\/td><td>32<\/td><td>GHG emissions reduction<\/td><td>41<\/td>        <\/tr>\n            <tr data-row_id=\"1218\" class=\"ninja_table_row_4 nt_row_id_1218\">\n            <td>Political contributions<\/td><td>27<\/td><td>Lobbying disclosure<\/td><td>38<\/td>        <\/tr>\n            <tr data-row_id=\"1220\" class=\"ninja_table_row_5 nt_row_id_1220\">\n            <td>Charitable contributions &ndash; conservative<\/td><td>22<\/td><td>DEI\/anti-discrimination report -conservative<\/td><td>37<\/td>        <\/tr>\n            <tr data-row_id=\"1221\" class=\"ninja_table_row_6 nt_row_id_1221\">\n            <td>GHG emissions reduction<\/td><td>19<\/td><td>Declassify board<\/td><td>29<\/td>        <\/tr>\n            <tr data-row_id=\"1222\" class=\"ninja_table_row_7 nt_row_id_1222\">\n            <td>Dual-class stock<\/td><td>17<\/td><td>Severance pay<\/td><td>29<\/td>        <\/tr>\n            <tr data-row_id=\"1223\" class=\"ninja_table_row_8 nt_row_id_1223\">\n            <td>Declassify board<\/td><td>15<\/td><td>Recycling<\/td><td>29<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n<\/div>[vc_column_text css=&rdquo;&rdquo; font_size=&rdquo;sm&rdquo; font_style=&rdquo;italic&rdquo;]*These proposals were filed by Chris Mueller and his affiliates regarding companies&rsquo; direct stock purchase plans offered through their <a class=\"glossaryLink cmtt_Registered Shareholders\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Transfer Agent&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A financial institution or company appointed by a corporation to maintain its shareholder list,...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/proxy-logistics\/&amp;quot;&gt;&#50948;&#51076;&#51109; &#47932;&#47448; &#48143; &#44032;&#49345; &#51452;&#51452; &#54924;&#51032;&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/transfer-agent\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/transfer-agent\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/transfer-agent\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>transfer agent<\/a>, Computershare.&nbsp; All were omitted or withdrawn due to company challenges on ordinary business or procedural defect grounds.[\/vc_column_text][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo;][vc_column][vc_column_text css=&rdquo;&rdquo;]\n<h2>E&amp;S Proposals<\/h2>\n<p>The number of E&amp;S filings is continuing to decline after peaking in 2023-2024 following the SEC&rsquo;s release of SLB 14L, which made it harder for companies to omit proposals that had a broad societal impact.&nbsp; This was reversed by last year&rsquo;s guidance&mdash;SLB 14M&mdash;which likely dampened this year&rsquo;s submission volume.<\/p>\n<p>Investor and proxy advisor support for E&amp;S initiatives has also fallen substantially over the past five years due to the poorer quality and targeting of proposals.&nbsp; This year, proponents have slimmed down some of their requests so they are less prescriptive, including on climate change; diversity, equity and inclusion (DEI); lobbying disclosure; unionization and plastics recycling.<\/p>\n<p>The 2026 E&amp;S votes will also be impacted somewhat by ISS&rsquo;s policy change, which is shifting from generally supporting resolutions on climate change\/GHG emissions, diversity, human rights and political contributions to a case-by-case framework.&nbsp; The revision will mainly be felt on political spending proposals, which ISS backed 80% of the time in 2025.<\/p>\n<p>In addition to longstanding initiatives, new&ndash;and even curious&ndash;topics have emerged this season, including horseshoe crab harvesting, livestock waste lagoons, food additives and immigration enforcement.&nbsp; Those voted to date have generated only marginal support, though several were withdrawn following successful negotiations.<\/p>\n<h3>Climate Change<\/h3>\n<p>For a second year, AI data centers are a focal point of climate-related resolutions with various proponents questioning how&mdash;or if&mdash;Big Tech companies intend to fulfill their GHG emissions reduction goals in view of the massive energy demands from their data center buildouts.&nbsp; As You Sow is separately asking at least one electric utility&mdash;Southern&ndash;how it is shielding customers from the cost burdens of data center infrastructure&mdash;a concern the Trump administration is addressing with its &ldquo;ratepayer protection pledge&rdquo; requiring major technology companies to pay for their own power needs<sup>10<\/sup>.<\/p>\n<p>As You Sow has shifted the thrust of its financed emissions proposals by asking banks, such as Wells Fargo, to report on litigation risk arising from climate-related damages associated with their financing of high-carbon sectors.&nbsp; A separate type of proposal, which is the subject of an omission-related lawsuit, asked Chubb to consider the benefits of pursuing subrogation claims against oil and gas companies for catastrophic losses related to climate change.&nbsp; Prior climate finance resolutions, which saw declining levels of support, asked banks and insurers to report the GHG emissions from their lending, investing and underwriting activities.<\/p>\n<h2>DEI<\/h2>\n<p>Pro-DEI advocates have toned down their 2026 requests, which over the past six years asked companies to report on the effectiveness or outcomes of their DEI efforts by publishing quantitative data on workforce composition and on recruitment, retention and promotion rates of employees by gender, race and ethnicity.<\/p>\n<p>This year, proponents are presenting alternative types of resolutions.&nbsp; The first, sponsored by As You Sow, simply requests a report on companies&rsquo; diversity and inclusion policies and practices without asking for specific data.&nbsp; The targets&mdash;Coca Cola, Pilgrim&rsquo;s Pride, PulteGroup and Royal Gold&mdash;appear to have been selected for having low scores relative to peers on As You Sow&rsquo;s Racial Justice Scorecard, which assesses public companies&rsquo; policies and performance related to DEI and environmental justice.<\/p>\n<p>Another variation, filed by As You Sow, Amalgamated Bank and Clean Yield Asset Management, asks five companies to report their employee retention rates by the categories the company is required to track under applicable federal and state laws, such as age, gender, race, veteran status and disability status.&nbsp; Unlike workforce representation data, which is a static headcount, retention rate data shows whether any demographic group is leaving the company disproportionately.<\/p>\n<p>NYCRS separately targeted AT&amp;T and Fastenal with proposals to annually disclose their Consolidated EEO-1 reports to &ldquo;demonstrate their diversity performance.&rdquo;&nbsp; Both companies discontinued providing workforce diversity data in the last two years.&nbsp; NYCRS settled a lawsuit with AT&amp;T to keep the resolution on the ballot, while Fastenal&rsquo;s board has chosen to make no recommendation on it.<\/p>\n<p>The proponents&rsquo; shift in approach may have been prompted by companies&rsquo; reluctance to share workforce demographics due to heightened legal, reputational and enforcement risk following the Trump administration&rsquo;s 2025 EOs rolling back illegal DEI programs.&nbsp; According to a Conference Board study, there was a significant reduction in company disclosures of key diversity metrics between 2024 and 2025<sup>11<\/sup>. The share of S&amp;P 500 firms reporting the number of women in the workforce fell from 82.7% to 69.2% year over year, while those disclosing minorities in the workforce remained consistent at 16%.&nbsp; Among Russell 3000 firms, 62% disclosed women in the workforce in 2025, down from 75.2% in 2024, and 26.5% disclosed minorities in the workforce, down from 30.9% in 2024.<\/p>\n<h3>Immigration Risk Assessment<\/h3>\n<p>In a new campaign, a number of shareholder activists are taking issue with the Trump administration&rsquo;s immigration policies and enforcement, specifically the risk of workforce disruptions and labor shortages arising from deportations of illegal aliens and restrictions on work permits for foreign nationals.<\/p>\n<p>The Investor Advocates for Social Justice (IASJ) and several religious orders asked Tyson Foods to explain how the elimination of work authorizations under the Cuban, Haitian, Nicaraguan and Venezuelan (CHNV) parole program may exacerbate labor shortages in the company&rsquo;s meatpacking facilities.&nbsp; The Biden-era program was terminated in June 2025 and parole recipients were ordered to self-deport unless they had obtained lawful status to remain in the U.S.&nbsp; The proposal received only 2.7% support.<\/p>\n<p>In a similar vein, the SOC Investment Group is asking Alphabet, Amazon.com and Walmart, which are among the top recipients of H-1B visa petition approvals, how the higher fee structure will impact their workforce and operations.&nbsp; In September 2025, the Trump administration raised the annual fees for skilled foreign workers on H-1B visas from $215 to $100,000 to discourage companies from supplanting American workers with lower-paid foreign labor.&nbsp; Amazon.com omitted the resolution as ordinary business.<\/p>\n<p>Zevin Asset Management (ZAM) is focusing on data privacy and surveillance tools used by immigration, law enforcement and military actors, particularly at tech companies, such as Alphabet and Amazon.com, whose AI and cloud technologies can be used as surveillance pipelines.&nbsp; ZAM and the AFL-CIO are also targeting retailers Home Depot and Lowe&rsquo;s Companies regarding their use of third-party security systems, such Flock Safety&rsquo;s automated license plate recognition, which can aid U.S. Immigration and Customs Enforcement (ICE) in conducting raids at store locations where migrant day laborers often congregate in parking lots.<\/p>\n<h3>Lobbying Activities<\/h3>\n<p>The American Federation of State, County and Municipal Employees (AFSCME) is once again coordinating proposals on lobbying disclosure which have been reformulated for 2026 to avoid the sizable number of exclusions that occurred last year.&nbsp; In 2025, Air Products and Chemicals&mdash;followed by 14 other companies&mdash;successfully argued to the SEC that the 79 items sought in the request constituted micromanagement.&nbsp; This year&rsquo;s version has been scaled back to cover the following disclosures:<\/p>\n<ul>\n<li>Federal and state direct lobbying amounts, and<\/li>\n<li>Any indirect payments to trade associations or social welfare groups that are used for lobbying.<\/li>\n<\/ul>\n<p>The proposal also avoids references to specific trade associations or non-profit groups, such as the American Legislative Exchange Council (ALEC).<\/p>\n<p>AFSCME and its affiliates have filed only seven lobbying resolutions this year, including four resubmissions, of which one was withdrawn and one was omitted on technical grounds.&nbsp; One repeat target&mdash;Amazon.com&mdash;has already omitted the proposal as micromanagement citing last year&rsquo;s no-action letters.&nbsp; Several other companies, including Axon Enterprise, Cadence Design Systems, Fidelity National Financial and Huntington Ingalls Industries, also relied on the 2025 micromanagement precedents in their efforts to omit political spending proposals.<\/p>\n<h2>Conservative Proposals<\/h2>\n<p>Conservative-leaning investors have filed over 100 proposals so far this year, of which 84% cover E&amp;S issues, including charitable contributions, climate change, plastics, DEI, China business risk, abortion, gender ideology, and online child exploitation.&nbsp; This compares to 135 filings during 2025, of which 115 addressed E&amp;S topics.&nbsp; To date, 18% of their 2026 resolutions have been omitted&mdash;all on E&amp;S matters&mdash;which in about half of the cases were based on ordinary business grounds.<\/p>\n<p>Inspire Investing alone targeted 38 companies for 2026 proposals, of which nearly two dozen were withdrawn or not filed following constructive dialogue and negotiations with the companies.&nbsp; Roughly half of its proposals are specifically DEI-related, while others are aimed at employee free speech and corporate partnerships with outside activist organizations.<\/p>\n<h3>Return on Investment (ROI) Audit<\/h3>\n<p>The National Center for Public Policy Research (NCPPR) is taking a new approach to its anti-environmental, social and governance (&ldquo;anti-ESG&rdquo;) proposals by asking a number of companies to disclose ROI and net present value (NPV) calculations, factoring in cognizable litigation and reputational risk, to determine if their DEI and sustainability\/climate change commitments are creating or destroying value.<\/p>\n<p>Its initial ROI audit proposals focused on Intuit&rsquo;s and Visa&rsquo;s DEI programs, which received 0.8% and 0.9% support, respectively, and on Deere&rsquo;s GHG emissions reduction goals, which garnered 1% support.&nbsp; NCPPR reached settlements with five additional companies&mdash;AT&amp;T, Bristol-Myers Squibb, Chevron, Eli Lilly and PepsiCo&ndash;with most agreeing to update their disclosures affirming that their sustainability investments are rooted in rigorous financial analysis, such as ROI or NPV.&nbsp; Several other companies omitted the resolutions as ordinary business, including United Parcel Service where the request was framed as a bylaw amendment to appoint a risk committee charged with ensuring that the company&rsquo;s sustainability projects are supported by NPV and ROI analysis.&nbsp; Similar binding bylaw resolutions are on the ballots at Coca Cola and Ford Motor.<\/p>\n<h3>Women&rsquo;s Rights Audit<\/h3>\n<p>In a new initiative, NCPPR is asking several companies to conduct a women&rsquo;s rights audit to assess whether their business decisions involving transgenderism have been fully informed by the biological definition of a woman and by the risks to females of allowing biological males into women&rsquo;s private spaces and sports under the guise of &ldquo;transgender rights.&rdquo;&nbsp; The proponent noted in its proposal at CVS Health&mdash;which has been omitted&ndash;that the company likely has contracts with the federal government and the Trump administration&rsquo;s 2025 EOs made it unequivocal federal policy to recognize two sexes&ndash;male and female&ndash;based on immutable biological classifications.<\/p>\n<h3>Child Exploitation<\/h3>\n<p>Compared to other topics, conservative-oriented proponents have historically made a stronger showing on human rights issues, particularly child exploitation.&nbsp; Earlier this year, the Oklahoma Tobacco Settlement Endowment Trust (TSET) scored 8.1% support on a resolution at Visa to assess whether its payment systems facilitate the creation or distribution of harmful deepfake content, such as AI-generated child pornography.&nbsp; A similar resolution is pending at Mastercard.<\/p>\n<p>Concerns over online child safety may draw more attention this season following a recent $375 million jury verdict against Meta Platforms for misleading users about the safety of its platform and failing to protect children from online predators.&nbsp; Liberal and conservative proponents alike have been raising this issue with Meta since 2021, and this year Trillium Asset Management is asking the company to consider tying performance on child safety to its senior <a class=\"glossaryLink cmtt_Executive Compensation cmtt_&ldquo;Say on Pay&rdquo; provisions\" aria-describedby=\"tt\" data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Executive Compensation&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; Executive compensation is the financial compensation and benefits package provided to top-level...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/the-importance-of-pre-agm-shareholder-engagement-cornerstone-practices-for-greater-china-2023\/&amp;quot;&gt;The Importance of Pre-AGM Shareholder Engagement Cornerstone Practices for Greater China 2023&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/executive-compensation\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\" data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/executive-compensation\/\" href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/executive-compensation\/\" data-mobile-support=\"0\" data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex=\"0\" role=\"link\">executive compensation<\/a> program.<\/p>\n<h2>Proxy Voting in Transition<\/h2>\n<p>The proxy voting landscape is continuing to shift towards more decentralization, initially spurred by Republican officials concerned about the concentration of corporate voting power among several large index funds which has facilitated ESG and politically motivated agendas.&nbsp; In response, the Big Three asset managers initiated client-driven voting options and bifurcated their stewardship teams, allowing for voting divergence on issues such as sustainability.<\/p>\n<p>Two trends are poised to accelerate the decentralization process: greater retail participation in proxy voting and a shift away from standardized proxy advisor voting policies in favor of client customization.<\/p>\n<h3>Expansion of Retail Investor Voting<\/h3>\n<p>Retail investors will become more relevant in proxy votes due to the growth in flexible voting tools, such as the pass-through voting programs introduced by BlackRock, State Street and Vanguard several years ago.&nbsp; Vanguard has already announced the addition of 17 new funds to its program for 2026, including its flagship Vanguard 500 Index Fund, which will increase the number of eligible investors to approximately 22 million.&nbsp; It has also committed to expanding the program to at least 50% of the assets under management in its U.S. equity funds by 2027 and to add a board-aligned policy option as part of a settlement to an antitrust lawsuit by 13 Republican state<sup>12<\/sup>.<\/p>\n<p>This year marks the launch of Exxon Mobil&rsquo;s Voluntary Retail Voting Program, which was approved by the SEC last September.&nbsp; The opt-in plan allows Exxon&rsquo;s individual investors to provide standing instructions to vote their shares in line with the board&rsquo;s recommendations while retaining the ability to opt out or override votes at any time<sup>13<\/sup>.&nbsp; Exxon indicated that as of March 1, 2026, over 100,000 shareholders representing more than 3% of the outstanding shares have signed up for the program.<\/p>\n<p>The introduction of the program coincides with Exxon&rsquo;s proposal to redomicile from New Jersey to Texas at its May 27 annual meeting.&nbsp; Notably, the company does not plan to opt into provisions of the TBOC that would diminish shareholder rights, such as ownership requirements to initiate derivative proceedings or submit resolutions.<\/p>\n<p>One critic&mdash;NYCRS&mdash;characterizes the program as &ldquo;robo-voting&rdquo; in line with the board&rsquo;s recommendation and has countered with a proposal asking Exxon to modify it by providing multiple voting options, including an &ldquo;against management&rdquo; policy and\/or customized policies.&nbsp; As noted by Exxon, this would compel the company to include language or options in its solicitations that are against the board&rsquo;s recommendations, which is inconsistent with state law and the board&rsquo;s fiduciary duties.<\/p>\n<p>According to Broadridge Financial Solutions, other companies have expressed interest in pursuing similar retail voting programs.&nbsp; If they move forward, issuers will have an avenue for engaging with individual investors, facilitating the achievement of <a class=\"glossaryLink cmtt_AGM (Annual General Meeting) and EGM (Extraordinary General Meeting)\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;Quorum&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; The minimum number of shareholders required to be present, either in person or by proxy, to...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/south-korean-consumer-products-company\/&amp;quot;&gt;Case Study: Activism&lt;\/a&gt;&lt;\/li&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2023-proxy-season-preview\/&amp;quot;&gt;2023 Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/quorum\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/quorum\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/quorum\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>quorum<\/a>, and countering the influence of shareholder activists who often hold few shares.<\/p>\n<h3>Proxy Advisor Reset<\/h3>\n<p>Escalating regulatory, legal and competitive pressures, along with technological advances, are reshaping the proxy advisory industry, which will reduce the dominance of the major players&mdash;ISS and Glass Lewis&mdash;in the marketplace.<\/p>\n<p>The most significant undertaking is the Trump administration&rsquo;s December EO directing multiple agencies&mdash; the SEC, Federal Trade Commission (FTC) and Department of Labor (DOL)&mdash;to consider actions to curb their sizable influence over shareholder meeting votes, particularly as they pertain to ESG and DEI matters<sup>14<\/sup>. Under the directive, the SEC is tasked with doing the following:<\/p>\n<ul>\n<li>Enforce the anti-fraud provisions in securities laws with respect to material misstatements or omissions in proxy advisor recommendations,<\/li>\n<li>Assess whether proxy advisors should register as investment advisors,<\/li>\n<li>Consider requiring more transparency around conflicts of interest,<\/li>\n<li>Analyze the extent that &ldquo;robo-voting&rdquo; may constitute the formation of a Section 13(d) group, and<\/li>\n<li>Examine whether registered investment advisors breach their fiduciary duties by following proxy advisory advice that is based on non-pecuniary factors, such as ESG and DEI.<\/li>\n<\/ul>\n<p>ISS and Glass Lewis have also been facing an ongoing FTC antitrust investigation as well as state-level investigations, enforcement actions and litigation for potential violations of antitrust and consumer protection laws.&nbsp; In addition, 13 states are following Texas&rsquo;s lead by introducing legislation patterned after the &ldquo;Proxy Advisor Transparency Act&rdquo; developed by Consumers&rsquo; Research that would require proxy advisory firms to disclose a written financial analysis when their recommendations go against the board&rsquo;s position and judgment<sup>15<\/sup>. The Texas law (SB 2337) was temporarily enjoined last fall and is pending trial.<\/p>\n<p>Institutional investors are rethinking their reliance on proxy advisory firms as well.&nbsp; Earlier this year, the asset management units of JPMorgan Chase and Wells Fargo announced they were severing their ties to ISS and Glass Lewis and bringing their proxy research and voting in house.&nbsp; JPMorgan is transitioning to a proprietary AI-driven platform&mdash;Proxy IQ&mdash;to collect and analyze proxy data to inform its voting decisions at U.S. company annual meetings.&nbsp; Wells Fargo will use AI technology and policy engines developed by Broadridge to run its own proxy voting processes.<\/p>\n<p>So far, ISS and Glass Lewis are addressing these developments by repositioning their service offerings away from standardized voting recommendations.&nbsp; ISS has rolled out two new research services&mdash;Gov360 and Custom Lens&mdash;that will allow its clients to leverage ISS&rsquo;s data to make their own voting decisions.&nbsp; Glass Lewis plans to discontinue its benchmark voting policy altogether in 2027 and offer clients multiple AI-powered research perspectives calibrated to their specific investment and stewardship priorities<sup>16<\/sup>.<\/p>\n<p>For issuers, this transformation presents both benefits and challenges.&nbsp; The retreat from proxy advisor-aligned voting will alleviate &ldquo;best practice&rdquo; uniformity in favor of more nuanced, company-specific voting decisions.&nbsp; At the same time, the growing dispersion in investor viewpoints and voting practices will necessitate wider reaching engagement efforts and more tailored communications on the part of companies.[\/vc_column_text][\/vc_column][\/vc_row][vc_row column_spacing=&rdquo;60&Prime; el_class=&rdquo;wpex-pt-60&Prime;][vc_column width=&rdquo;1\/3&Prime;]<style>.vcex-heading.vcex_69e8f7e2a05b6{color:var(--wpex-palette-63604-color);font-size:var(--wpex-text-3xl);font-weight:600;}<\/style><\/p><h2 class=\"vcex-heading vcex-heading-plain vcex-module wpex-text-balance wpex-heading wpex-text-2xl vc_custom_1776348038416 vcex_69e8f7e2a05b6\"><span class=\"vcex-heading-inner wpex-inline-block\">Frequently asked questions<\/span><\/h2>[\/vc_column][vc_column width=&rdquo;2\/3&Prime;]<style>.vcex-toggle-group.vcex_69e8f7e2a106b .vcex-toggle__trigger{color:var(--wpex-accent);}.vcex-toggle-group.vcex_69e8f7e2a106b .vcex-toggle__trigger:hover{color:var(--wpex-palette-63603-color);}.vcex-toggle-group.vcex_69e8f7e2a106b .vcex-toggle__trigger[aria-expanded=\"true\"]{color:var(--wpex-palette-63603-color);}<\/style><div class=\"vcex-toggle-group vcex-toggle-group--w-borders vcex-toggle-group--no-top-border vcex-toggle-group--no-bottom-border vcex-module wpex-mx-auto vcex_69e8f7e2a106b\" data-vcex-accordion=\"1\"><div class=\"vcex-toggle vcex-module\" data-animate=\"true\" data-duration=\"300\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"vcex-toggle__heading\"><a href=\"#what-is-changing-in-the-2026-proxy-season\" class=\"vcex-toggle__trigger wpex-transition-colors wpex-flex wpex-items-center wpex-gap-10\" aria-expanded=\"false\" aria-controls=\"what-is-changing-in-the-2026-proxy-season\"><div class=\"vcex-toggle__icon wpex-flex wpex-items-center wpex-justify-center\" aria-hidden=\"true\"><div class=\"vcex-toggle__icon-open wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-open\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13h-6v6h-2v-6H5v-2h6V5h2v6h6v2z\"><\/path><\/svg><\/div><div class=\"vcex-toggle__icon-close wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-close\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13H5v-2h14v2z\"><\/path><\/svg><\/div><\/div><h4 class=\"vcex-toggle__title\" itemprop=\"name\">What is changing in the 2026 proxy season?<\/h4><\/a><\/div><div id=\"what-is-changing-in-the-2026-proxy-season\" class=\"vcex-toggle__content wpex-clr wpex-last-mb-0 wpex-my-10\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>The 2026 proxy season is unfolding against an unusually active SEC agenda, including potential changes to disclosure, earnings reporting, proxy rules and proxy advisor oversight. It is also marked by the SEC&rsquo;s suspension of most substantive no-action review, a continued decline in environmental and social proposal volume, and a shift toward more decentralized, customized proxy voting by institutional and retail investors.<\/p>\n<\/div><\/div><\/div> <div class=\"vcex-toggle vcex-module\" data-animate=\"true\" data-duration=\"300\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"vcex-toggle__heading\"><a href=\"#how-is-the-secs-no-action-pause-affecting-proposal-exclusions\" class=\"vcex-toggle__trigger wpex-transition-colors wpex-flex wpex-items-center wpex-gap-10\" aria-expanded=\"false\" aria-controls=\"how-is-the-secs-no-action-pause-affecting-proposal-exclusions\"><div class=\"vcex-toggle__icon wpex-flex wpex-items-center wpex-justify-center\" aria-hidden=\"true\"><div class=\"vcex-toggle__icon-open wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-open\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13h-6v6h-2v-6H5v-2h6V5h2v6h6v2z\"><\/path><\/svg><\/div><div class=\"vcex-toggle__icon-close wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-close\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13H5v-2h14v2z\"><\/path><\/svg><\/div><\/div><h4 class=\"vcex-toggle__title\" itemprop=\"name\">How is the SEC&rsquo;s no-action pause affecting proposal exclusions?<\/h4><\/a><\/div><div id=\"how-is-the-secs-no-action-pause-affecting-proposal-exclusions\" class=\"vcex-toggle__content wpex-clr wpex-last-mb-0 wpex-my-10\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>Because the SEC is largely not opining on no-action requests through September 2026 (except for limited state-law issues), companies have more discretion, and more responsibility&mdash;over whether to omit shareholder proposals under Rule 14a 8. In practice, omission levels so far are broadly in line with 2025, with many exclusions grounded in procedural defects, substantial implementation and ordinary business arguments, but issuers are treading carefully to avoid investor backlash and litigation.<\/p>\n<\/div><\/div><\/div> <div class=\"vcex-toggle vcex-module\" data-animate=\"true\" data-duration=\"300\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"vcex-toggle__heading\"><a href=\"#why-are-retail-investors-becoming-more-important-in-proxy-voting\" class=\"vcex-toggle__trigger wpex-transition-colors wpex-flex wpex-items-center wpex-gap-10\" aria-expanded=\"false\" aria-controls=\"why-are-retail-investors-becoming-more-important-in-proxy-voting\"><div class=\"vcex-toggle__icon wpex-flex wpex-items-center wpex-justify-center\" aria-hidden=\"true\"><div class=\"vcex-toggle__icon-open wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-open\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13h-6v6h-2v-6H5v-2h6V5h2v6h6v2z\"><\/path><\/svg><\/div><div class=\"vcex-toggle__icon-close wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-close\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13H5v-2h14v2z\"><\/path><\/svg><\/div><\/div><h4 class=\"vcex-toggle__title\" itemprop=\"name\">Why are retail investors becoming more important in proxy voting?<\/h4><\/a><\/div><div id=\"why-are-retail-investors-becoming-more-important-in-proxy-voting\" class=\"vcex-toggle__content wpex-clr wpex-last-mb-0 wpex-my-10\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>Retail investors are gaining influence due to the expansion of pass through and auto voting tools that make it easier for individuals to participate consistently in proxy votes. Programs such as Vanguard&rsquo;s voting choice expansion and Exxon Mobil&rsquo;s new voluntary retail voting program, which allows investors to give standing instructions to vote with the board while preserving override rights, are early examples of how issuers and intermediaries are activating the retail vote at scale.<\/p>\n<\/div><\/div><\/div> <div class=\"vcex-toggle vcex-module\" data-animate=\"true\" data-duration=\"300\" itemscope itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><div class=\"vcex-toggle__heading\"><a href=\"#how-is-ai-being-used-in-proxy-voting-and-stewardship\" class=\"vcex-toggle__trigger wpex-transition-colors wpex-flex wpex-items-center wpex-gap-10\" aria-expanded=\"false\" aria-controls=\"how-is-ai-being-used-in-proxy-voting-and-stewardship\"><div class=\"vcex-toggle__icon wpex-flex wpex-items-center wpex-justify-center\" aria-hidden=\"true\"><div class=\"vcex-toggle__icon-open wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-open\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13h-6v6h-2v-6H5v-2h6V5h2v6h6v2z\"><\/path><\/svg><\/div><div class=\"vcex-toggle__icon-close wpex-flex wpex-flex-col wpex-items-center\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" height=\"1.5em\" viewbox=\"0 0 24 24\" width=\"1.5em\" fill=\"currentColor\" class=\"vcex-toggle__icon-close\"><path d=\"M0 0h24v24H0V0z\" fill=\"none\"><\/path><path d=\"M19 13H5v-2h14v2z\"><\/path><\/svg><\/div><\/div><h4 class=\"vcex-toggle__title\" itemprop=\"name\">How is AI being used in proxy voting and stewardship?<\/h4><\/a><\/div><div id=\"how-is-ai-being-used-in-proxy-voting-and-stewardship\" class=\"vcex-toggle__content wpex-clr wpex-last-mb-0 wpex-my-10\" itemscope itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\"><p>AI is beginning to power new proxy research and voting platforms that enable investors to move away from one size fits all proxy advisor recommendations. For example, large asset managers are developing or adopting AI driven systems that aggregate and analyze proxy data, support policy based decisioning and generate customized vote recommendations aligned to their own stewardship priorities, rather than relying solely on benchmark policies from ISS and Glass Lewis.<\/p>\n<\/div><\/div><\/div><\/div>[\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&rdquo;true&rdquo; wpex_bg_color=&rdquo;accent&rdquo; el_class=&rdquo;wpex-p-30&Prime;][vc_column]<style>.vcex-heading.vcex_69e8f7e2a373b{color:var(--wpex-palette-62329-color);font-size:var(--wpex-text-3xl);font-weight:600;}<\/style><h2 class=\"vcex-heading vcex-heading-plain vcex-module wpex-heading wpex-text-2xl wpex-mb-20 wpex-text-center vcex_69e8f7e2a373b\"><span class=\"vcex-heading-inner wpex-inline-block\">成人视频 can help you<\/span><\/h2>[vc_column_text css=&rdquo;&rdquo; text_align=&rdquo;center&rdquo; width=&rdquo;600px&rdquo; color=&rdquo;#ffffff&rdquo; bottom_margin=&rdquo;30px&rdquo;]To discuss how these trends may affect your company&rsquo;s annual meeting strategy, <a href=\"https:\/\/allianceadvisors.com\/shareholder-engagement-solicitation\/\">shareholder engagement<\/a> approach or <a href=\"https:\/\/allianceadvisors.com\/proxy-logistics\/\">proxy communications<\/a> planning, contact 成人视频.[\/vc_column_text]<style>.vcex-button.vcex_69e8f7e2a4bc0{background:var(--wpex-palette-62329-color);color:var(--wpex-accent)!important;padding-block:12px;padding-inline:25px;font-weight:600;}.vcex-button.vcex_69e8f7e2a4bc0:hover{background:#ffffff!important;color:var(--wpex-accent)!important;}<\/style><div class=\"theme-button-wrap textcenter wpex-clr\"><a href=\"https:\/\/allianceadvisors.com\/contact\/\" class=\"vcex-button theme-button align-center inline vcex_69e8f7e2a4bc0\"><span class=\"vcex-button-inner theme-button-inner wpex-flex wpex-flex-wrap wpex-items-center wpex-justify-center\">Get Started<span class=\"vcex-button-icon vcex-icon-wrap theme-button-icon-right\"><span class=\"wpex-icon wpex-icon--bidi\" aria-hidden=\"true\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 320 512\"><path d=\"M310.6 233.4c12.5 12.5 12.5 32.8 0 45.3l-192 192c-12.5 12.5-32.8 12.5-45.3 0s-12.5-32.8 0-45.3L242.7 256 73.4 86.6c-12.5-12.5-12.5-32.8 0-45.3s32.8-12.5 45.3 0l192 192z\"><\/path><\/svg><\/span><\/span><\/span><\/a><\/div> [\/vc_column][\/vc_row][vc_row][vc_column]<div class=\"vcex-spacing wpex-w-100 wpex-clear\"><\/div>[\/vc_column][\/vc_row][vc_row css=&rdquo;.vc_custom_1753787606989{padding: 20px !important;background-color: #F1F1F1 !important;}&rdquo;][vc_column][vc_column_text css=&rdquo;&rdquo; font_size=&rdquo;13px&rdquo;]\n<h3>Citations<\/h3>\n<p><sup>1<\/sup> See the SEC&rsquo;s Spring 2025 Regulatory Agenda at <a href=\"https:\/\/www.reginfo.gov\/public\/do\/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&amp;currentPub=true&amp;agencyCode&amp;showStage=active&amp;agencyCd=3235\" target=\"_blank\" rel=\"noopener\">https:\/\/www.reginfo.gov\/public\/do\/eAgendaMain?operation=OPERATION_GET_AGENCY_RULE_LIST&amp;currentPub=true&amp;agencyCode&amp;showStage=active&amp;agencyCd=3235<\/a>.<\/p>\n<p><sup>2<\/sup> For example, The National Legal and Policy Center (NLPC) is posting lengthy proxy memoranda on its website to rally support for its proposals.&nbsp;See <a href=\"https:\/\/nlpc.org\/nlpc-resolutions\/\" target=\"_blank\" rel=\"noopener\">https:\/\/nlpc.org\/nlpc-resolutions\/<\/a>.&nbsp; The Interfaith Center for Corporate Responsibility (ICCR) is encouraging its members to continue drafting exempt proxy solicitations and is posting them on its website.&nbsp; See <a href=\"https:\/\/www.iccr.org\/vote-your-proxies-see-2026s-proxy-memos-and-exempt-solicitations\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.iccr.org\/vote-your-proxies-see-2026s-proxy-memos-and-exempt-solicitations\/<\/a>.<\/p>\n<p><sup>3<\/sup> See Atkins&rsquo; speech at <a href=\"https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-10092025-keynote-address-john-l-weinberg-center-corporate-governances-25th-anniversary-gala\" target=\"_blank\" rel=\"noopener\">https:\/\/www.sec.gov\/newsroom\/speeches-statements\/atkins-10092025-keynote-address-john-l-weinberg-center-corporate-governances-25th-anniversary-gala<\/a>.<br>\n<sup>4 <\/sup><a href=\"applewebdata:\/\/5C6C2832-A451-48EE-B6CB-DFF3E166EDF2#_ftnref3\" name=\"_ftn3\">[3]<\/a> See ISS&rsquo;s 2026 FAQs at <a href=\"https:\/\/www.issgovernance.com\/file\/policy\/latest\/americas\/US-Procedures-and-Policies-FAQ.pdf?v=2025.1\" target=\"_blank\" rel=\"noopener\">https:\/\/www.issgovernance.com\/file\/policy\/latest\/americas\/US-Procedures-and-Policies-FAQ.pdf?v=2025.1<\/a>.<\/p>\n<p><sup>5<\/sup> See Democracy Forward&rsquo;s press release and the complaint against the SEC at <a href=\"https:\/\/democracyforward.org\/news\/press-releases\/investor-representatives-file-lawsuit-challenging-unlawful-restriction-of-shareholder-rights\/\" target=\"_blank\" rel=\"noopener\">https:\/\/democracyforward.org\/news\/press-releases\/investor-representatives-file-lawsuit-challenging-unlawful-restriction-of-shareholder-rights\/<\/a> and <a href=\"https:\/\/democracyforward.org\/wp-content\/uploads\/2026\/03\/SEC-Complaint-031926.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/democracyforward.org\/wp-content\/uploads\/2026\/03\/SEC-Complaint-031926.pdf<\/a>.<\/p>\n<p><sup>6<\/sup> See ICCR&rsquo;s post at <a href=\"https:\/\/www.iccr.org\/spotlighting-corporate-governance-failures\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.iccr.org\/spotlighting-corporate-governance-failures\/<\/a>.<\/p>\n<p><sup>7<\/sup> See the judge&rsquo;s memorandum opinion at <a href=\"https:\/\/cases.justia.com\/federal\/district-courts\/district-of-columbia\/dcdce\/1:2026cv00734\/289962\/23\/0.pdf?ts=1775058866\" target=\"_blank\" rel=\"noopener\">https:\/\/cases.justia.com\/federal\/district-courts\/district-of-columbia\/dcdce\/1:2026cv00734\/289962\/23\/0.pdf?ts=1775058866<\/a>.<\/p>\n<p><sup>8<\/sup> See the CWA&rsquo;s press release at <a href=\"https:\/\/cwa-union.org\/news\/releases\/cwa-union-notifies-nexstar-plan-undertake-independent-solicitation-shareholders\" target=\"_blank\" rel=\"noopener\">https:\/\/cwa-union.org\/news\/releases\/cwa-union-notifies-nexstar-plan-undertake-independent-solicitation-shareholders<\/a>.<\/p>\n<p><sup>9<\/sup> See Trillium&rsquo;s press release at <a href=\"https:\/\/www.trilliuminvest.com\/newsroom\/with-protections-for-shareholders-under-pressure-trillium-takes-innovative-action-to-defend-shareholder-rights\" target=\"_blank\" rel=\"noopener\">https:\/\/www.trilliuminvest.com\/newsroom\/with-protections-for-shareholders-under-pressure-trillium-takes-innovative-action-to-defend-shareholder-rights<\/a>.<\/p>\n<p><sup>10<\/sup> See the Ratepayer Protection Pledge at <a href=\"https:\/\/www.whitehouse.gov\/releases\/2026\/03\/ratepayer-protection-pledge\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.whitehouse.gov\/releases\/2026\/03\/ratepayer-protection-pledge\/<\/a>.&nbsp; It has been signed by Alphabet, Meta Platforms, Microsoft, OpenAi, Oracle and xAI.<\/p>\n<p><sup>11<\/sup>&nbsp;See the Conference Board&rsquo;s report at <a href=\"https:\/\/corpgov.law.harvard.edu\/2025\/08\/20\/dei-in-transition-2025-corporate-diversity-disclosure-trends\/\" target=\"_blank\" rel=\"noopener\">https:\/\/corpgov.law.harvard.edu\/2025\/08\/20\/dei-in-transition-2025-corporate-diversity-disclosure-trends\/<\/a>.<\/p>\n<p><sup>12<\/sup> See the terms of the settlement agreement at <a href=\"https:\/\/ago.mo.gov\/wp-content\/uploads\/Settlement-Agreement_Clean_Signed_02.25.26.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/ago.mo.gov\/wp-content\/uploads\/Settlement-Agreement_Clean_Signed_02.25.26.pdf<\/a>.&nbsp; State Street added a fully board-aligned policy option to its program in 2023.&nbsp; See <a href=\"https:\/\/www.ssga.com\/library-content\/assets\/pdf\/global\/proxy-voting\/vote-with-company-board-recommendation-policy.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ssga.com\/library-content\/assets\/pdf\/global\/proxy-voting\/vote-with-company-board-recommendation-policy.pdf<\/a>.<\/p>\n<p><sup>13<\/sup> See Exxon&rsquo;s press release at <a href=\"https:\/\/corporate.exxonmobil.com\/news\/news-releases\/2025\/0915_ensuring-retail-investors-are-heard\" target=\"_blank\" rel=\"noopener\">https:\/\/corporate.exxonmobil.com\/news\/news-releases\/2025\/0915_ensuring-retail-investors-are-heard<\/a> and Davis Polk&rsquo;s press release at <a href=\"https:\/\/www.davispolk.com\/insights\/client-update\/new-exxonmobil-program-retail-shareholders-aims-promote-greater\" target=\"_blank\" rel=\"noopener\">https:\/\/www.davispolk.com\/insights\/client-update\/new-exxonmobil-program-retail-shareholders-aims-promote-greater<\/a>.<\/p>\n<p><sup>14<\/sup> See the Dec. 11, 2025, EO, &ldquo;Protecting American Investors from Foreign-Owned and Politically-Motivated Proxy Advisors&rdquo; and related fact sheet at <a href=\"https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/12\/protecting-american-investors-from-foreign-owned-and-politically-motivated-proxy-advisors\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.whitehouse.gov\/presidential-actions\/2025\/12\/protecting-american-investors-from-foreign-owned-and-politically-motivated-proxy-advisors\/<\/a> and <a href=\"https:\/\/www.whitehouse.gov\/fact-sheets\/2025\/12\/fact-sheet-president-donald-j-trump-protects-american-investors-from-foreign-owned-and-politically-motivated-proxy-advisors\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.whitehouse.gov\/fact-sheets\/2025\/12\/fact-sheet-president-donald-j-trump-protects-american-investors-from-foreign-owned-and-politically-motivated-proxy-advisors\/<\/a>.<\/p>\n<p><sup>15<\/sup> See Consumers&rsquo; Research&rsquo;s model legislation at <a href=\"https:\/\/consumersdefense.com\/model-legislation\/proxy-advisor-transparency-act\/\" target=\"_blank\" rel=\"noopener\">https:\/\/consumersdefense.com\/model-legislation\/proxy-advisor-transparency-act\/<\/a>.&nbsp; The states include Arizona, Iowa, Kansas, Mississippi, Nebraska, Oklahoma, South Carolina, Tennessee, West Virginia, Wisconsin and Wyoming.&nbsp; Legislation has already passed in Kentucky and Indiana.&nbsp; See Glass Lewis&rsquo;s response at <a href=\"https:\/\/www.glasslewis.com\/article\/thirteen-states-work-to-silence-proxy-advisors\" target=\"_blank\" rel=\"noopener\">https:\/\/www.glasslewis.com\/article\/thirteen-states-work-to-silence-proxy-advisors<\/a>.<\/p>\n<p><sup>16<\/sup> See Glass Lewis&rsquo;s <a class=\"glossaryLink cmtt_Activist Shareholder Campaign\"  aria-describedby=\"tt\"  data-cmtooltip=\"&lt;div class=glossaryItemTitle&gt;White Paper&lt;\/div&gt;&lt;div class=glossaryItemBody&gt; A detailed report or analysis prepared by activist investors to outline their strategic vision,...&lt;\/div&gt;&lt;div id=&amp;quot;cmtt_related_articles&amp;quot; class=&amp;quot;cmtt_related_articles_wrapper&amp;quot;&gt;&lt;div class=&amp;quot;cmtt_related_title cmtt_related_articles_title&amp;quot;&gt;Related Articles: &lt;\/div&gt;&lt;ul class=&amp;quot;cmtt_related&amp;quot;&gt;&lt;li class=&amp;quot;cmtt_related_item&amp;quot;&gt;&lt;a href=&amp;quot;https:\/\/allianceadvisors.com\/ko\/2026-u-s-proxy-season-preview\/&amp;quot;&gt;2026 U.S. Proxy Season Preview&lt;\/a&gt;&lt;\/li&gt;&lt;\/ul&gt;&lt;\/div&gt;&lt;div class=glossaryTooltipMoreLinkWrapper&gt;&lt;a class=glossaryTooltipMoreLink href=https:\/\/allianceadvisors.com\/ko\/glossary-index\/white-paper\/ &gt;Read more...&lt;\/a&gt;&lt;\/div&gt;\"  data-link=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/white-paper\/\"  href=\"https:\/\/allianceadvisors.com\/ko\/glossary-index\/white-paper\/\"  data-mobile-support=\"0\"  data-gt-translate-attributes='[{\"attribute\":\"data-cmtooltip\", \"format\":\"html\"}]' tabindex='0' role='link'>white paper<\/a>, &ldquo;AI and the Fiduciary Test,&rdquo; at <a href=\"https:\/\/www.glasslewis.com\/ai\/fiduciary-test\" target=\"_blank\" rel=\"noopener\">https:\/\/www.glasslewis.com\/ai\/fiduciary-test<\/a>.[\/vc_column_text][\/vc_column][\/vc_row]\n<\/p><\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row css_animation=&#8221;fadeIn&#8221; content_placement=&#8221;bottom&#8221; column_spacing=&#8221;0px&#8221; wpex_bg_image_source=&#8221;featured&#8221; css=&#8221;.vc_custom_1740765101116{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; min_height=&#8221;450px&#8221;][vc_column wpex_bg_image_source=&#8221;featured&#8221; css=&#8221;.vc_custom_1738695614909{background-position: center !important;background-repeat: no-repeat !important;background-size: cover !important;}&#8221; wpex_bg_position=&#8221;center center&#8221;][\/vc_column][\/vc_row][vc_row remove_bottom_col_margin=&#8221;true&#8221; css=&#8221;.vc_custom_1776321345041{padding-top: 40px !important;}&#8221;][vc_column][vc_column_text css=&#8221;&#8221; font_size=&#8221;lg&#8221;]As the 2026 annual meeting season unfolds, companies and investors are navigating a proxy environment marked by regulatory disruption, lower environmental and social proposal volume, more fragmented&hellip;<\/p>\n","protected":false},"author":15,"featured_media":64814,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[236],"tags":[],"post_series":[],"ppma_author":[463],"class_list":["post-65547","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-whitepapers-ko","entry","has-media"],"authors":[{"term_id":463,"user_id":15,"is_guest":0,"slug":"shirley","display_name":"Shirley Westcott","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/791f096a465d2b60d28c5dbbeae347131fa69393350b87e61a282f5b71333b61?s=96&d=mm&r=g","0":null,"1":"","2":"","3":"","4":"","5":"","6":"","7":"","8":""}],"_links":{"self":[{"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/posts\/65547","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/comments?post=65547"}],"version-history":[{"count":0,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/posts\/65547\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/media\/64814"}],"wp:attachment":[{"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/media?parent=65547"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/categories?post=65547"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/tags?post=65547"},{"taxonomy":"post_series","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/post_series?post=65547"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/allianceadvisors.com\/ko\/wp-json\/wp\/v2\/ppma_author?post=65547"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}