Shareholder Proposals
Shareholder Proposals
Supported Proposal
Opposed Proposal
ENVIRONMENTAL
38 10
42% 36% 60% 91% 54% 80% 66%
53 18
58% 64% 40%
Climate Change
Environmental Report
3
2 1
Climate Lobbying
10
9%
SOCIAL
73 16 31
62
46% 20% 34%
Human Capital Management
4
Reviewing Political Spending or Lobbying
16
Report on EEO-1 Data
3
100%
0
0%
GOVERNANCE
166
42% 94% 71%
231
58%
Eliminating Supermajority Provision
17 27
1
6%
Separation of Chair and CEO
11 66
29% 92%
Right to Act by Written Consent
6 7
8%
Declassification of the Board
100% 100%
0 0
0% 0%
Majority Vote for Election of Directors
11
Source: Neuberger Berman. Data for the calendar year 2021.
While the overall number of shareholder proposals we voted on remained relatively consistent year-over-year, we continued to support resolutions that are both material across many sectors and have a high level of standardization. For example, we supported proposals pertaining to environmental reporting and workforce composition data leveraging EEO-1 data at a higher rate, signaling to companies the importance of providing disclosure on material ESG topics. Additionally, given the potential reputational impact of the use of company funds in relation to trade associations and political processes, we continued to support a high percentage of resolutions pertaining to political spending or lobbying activities, including ones focused on climate-aligned lobbying. Below we provide examples of key shareholder proposals to illustrate the factors considered and rationales that underpinned our vote decisions.
2021 ESG ANNUAL REPORT
59
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