Gain a clear view of how the largest asset managers voted across director elections, Say on Pay, and key shareholder proposals in the 2025 proxy season (July 1, 2024 – June 30, 2025). This data-driven report surfaces where support reached record highs, where it declined, and what boards should prioritize next.
Key highlights
- Director elections: Support continued to rise, averaging 95.3% in 2025 versus 94.8% in 2024; the Big Three showed strong backing across S&P 500 and Russell 3000 companies.
- Say on Pay: Approval remained robust. The Big Three supported approximately 96.0% of SOP proposals at Russell 3000 companies, led by Vanguard; support at S&P 500 was approximately 97.1%.
- Environmental proposals: Volume and support declined overall; Northern Trust remained the notable exception, providing the highest support and submitting the most split votes among major investors.
- Social proposals: Support fragmented. Northern Trust increased support to approximately 38.5%, while State Street and Fidelity each supported approximately 15.6%. Multiple AI-related proposals appeared for the first time.
- Governance proposals: 192 proposals went to a vote (excluding compensation). Support varied across investors; themes such as independent chair, board declassification, special meeting rights, and simple majority vote remained prominent.
- Board declassification and voting standards: Broad support for declassification and adoption of simple majority vote standards; special meeting proposals received mixed responses.