To generate ‘healthy’ long-term returns for our clients, we must push for progress at the companies in which we invest.
Achieving progress requires an array of approaches. Voting is one tool in our toolbox and when used well, it can be a powerful driver of change. Voting well requires it to be situated in the wider stewardship work that we undertake.
These voting guidelines are reviewed and updated every year. We aim to be nimble in our approach and seek to step in where we believe corporate practice may be unjust or detrimental to shareholder value.
As institutional investors, we are in a unique position to be able to influence corporate actions, and our voting practice has long supported our wider engagement work. The 2025 proxy voting season evidenced clear shifts in shareholder sentiment around sustainability‑related topics, most likely in response to mounting political scrutiny – particularly in the US – and a rapidly changing regulatory environment.
In the US, the number of shareholder proposals saw a marked decrease, from 709 last year, to 470 this year. This came from recent changes to US Securities and Exchange Commission (SEC) guidance making it more difficult for shareholders to file proposals.
Support for the proposals that made it onto the ballot paper was muted; institutional support at US companies fell below 25%, reaching its lowest level in nine years.1 Core governance issues received the highest backing from institutional investors, with broader environmental and social proposals attracting only minimal support.2
By contrast, the number of proposals filed outside the US grew marginally year-on-year.3
There is a vital role for businesses to right the wrongs that exist in the world. Investors hold the key to progress at a global scale which is why our wider engagement priorities form a key part of our vote policy.
David Ellis
Director Governance and ESG Integration
March 2026