During the US proxy season, shareholders vote on ESG issues and proposals listed on corporate proxy statements. The voting outcomes provide crucial evidence to help understand the current ESG topics of focus among investors.

Every year Morningstar Sustainalytics tracks and analyzes the volume and support for key shareholder resolutions — the proposals that are well supported by independent shareholders of U.S. companies – with a special focus on the evolving views on material ESG issues. 

This 2024 report sheds light on the voting trends observed among asset managers and showcases the voting records of the Big Three index firms. It also highlights how shareholders are responding to the growing volume of resolutions addressing ESG themes. 

Investors reading the report will learn about: 

• Which ESG-related disclosures remain center stage and why support for some environmental and social (E&S) resolutions have declined this year. 

• Asset manager voting trends and voting records for the Big Three index firms (i.e., BlackRock, State Street, and Vanguard). This is vital information for investors who want to ensure their asset manager’s voting patterns are consistent with the investor’s own environmental and social priorities. 

• The trends of key shareholder resolutions from 2020–2024. At a time when there are more poorly supported resolutions, including anti-ESG resolutions especially, the analysis of key resolutions provides a unique focus on important trends not surfaced by other commentators.