Shareholder Proposals in Canada: Trends, Investor Focus, and Implications for Boards 

The full paper is available for download from ISS-Corporate’s resources page. 

Key takeaways

• Proposal volumes have rebounded since 2023, exceeding 2022 levels but stabilizing from the 2024 peak indicating sustained shareholder use of proposals as an engagement tool.
• Banks remain the primary target for shareholder proposals with nearly half of all proposals directed at the financial sector, creating predictable areas of scrutiny for issuers.
• Activity has shifted from a governance-heavy volume in 2022 to an Environmental peak in 2023, followed by sustained governance-led enforcement as of 2024, reflecting investor emphasis on accountability.
• In recent years, investor focus has evolved from Environmental and Social themes to Governance oversight.

Shareholder proposals have become an increasingly prominent element of the corporate governance landscape for S&P/TSX Composite issuers, indicating growing Canadian investor interest in shaping corporate practices. Proposals serve as a key means through which investors signal expectations, highlight emerging risks and influence corporate behavior.

Over the last several years, both the volume and range of proposal topics have expanded. While shareholder proposals rarely receive majority support, they continue to drive outcomes such as targeted engagement, policy refinement and enhanced disclosure. As proposal themes evolve across categories, understanding these trends is crucial for boards and management, helping them anticipate shareholder priorities and adapt oversight accordingly.