Editor’s Note: Matteo Tonello
is Managing Director of Corporate Leadership at The Conference Board, Inc. This post is based on a Conference Board working paper from Mr. Tonello and Melissa Aguilar
, Research Associate at The Conference Board, which is available here
In our paper, which was recently made publicly available on SSRN, we examine shareholder proposals submitted to business corporations registered with the U.S. Securities and Exchange Commission (SEC) that held their annual general shareholder meetings (AGMs) between January 1, 2011 and August 3, 2011 and, at the time of their AGM, were in the Russell 3000 Index. The total sample includes 2,511 companies.
Data reviewed includes proposal volume, topics, and sponsorship. The discussion of voting results is integrated with information on non-voted shareholder proposals—due to their withdrawal by sponsors, the decision by management to omit them from the voting ballot or other, undisclosed reasons.
Aggregate data on shareholder proposals is examined and segmented based on business industry and company size (as measured in terms of market capitalization). For the purpose of the industry analysis, the study aggregates companies within 20 industry groups, using the applicable Standard Industrial Classification (SIC) codes. In addition, to highlight differences between small and large companies, findings in the Russell 3000 sample are compared with those regarding companies that, at the time of their AGMs, were in the S&P 500.
…continue reading: Shareholder Proposals: Trends from Recent Proxy Seasons