Reports

Climate on the Proxy Ballot: A Decade in Review (2016-2025)

Climate remains a material issue on corporate ballots—but the landscape is shifting. After peaking in 2023, climate‑related proposals have declined in number, losing momentum in the U.S. and the energy sector, aside from fossil‑fuel‑financing resolutions, which have remained comparatively resilient, while internationally they have taken on heightened salience through Say on Climate votes and targeted activism. Overall climate‑related ballot items fell from 186 in 2023 to 134 in 2025, while average support for shareholder climate proposals dropped from 18.3% to 12.1%. This report—part of an ongoing series that began with the 2020 ISS Climate & Voting Report, followed by the 2021 edition released in May 2022 and the 2023 edition published in July 2024—focuses on climate‑related resolutions that were formally submitted to, and voted on by, shareholders. It highlights where pressure is easing, where it is intensifying, and what these shifts signal for the future of corporate climate governance worldwide.

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