ESG in Conversation: 2025 Proxy Season Review

Episode Summary Host:

• Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics
• Lindsey Stewart, CFA, Director, Institutional Investor Content

Guests:

• Angela Flaemrich, Director, Stewardship
• Matteo Felleca, Analyst, Stewardship
• Ignacio Garcia Giner, Senior Analyst, Stewardship

Bonus Episode: 20-25 Proxy Season Review

In this episode, recorded earlier this year, Lindsey sat down with Angela Flaemrich, Matteo Falleca and Ignacio Garcia Giner from Morningstar Sustainalytics’ ESG Proxy Voting Overlay team to discuss their insights from the most recent proxy season. Insights from the discussion include:

• The decline in the number of sustainability-focused resolutions
• Changes to the regulatory landscape
• Increasing support for resolutions related to shareholder rights
• Lower support for proposals related to climate and DEI issues

Key Moments

00:00:04

Introduction.

00:02:12

Highlights of the sustainability-related proposals from 2025 proxy season.

00:04:55

Insights on support levels for sustainability-related proposals.

00:08:31

Insights on the changing topic mix in the 2025 proxy season.

00:11:12

Overview of climate proposal trends.

00:14:52

Overview of social proposal trends.

00:19:04

Thoughts on the 2026 proxy season.

Links to Selected Resources

• Can Big Tech Keep Its Climate Commitments as Data Centers Scale?
• Investor Views on AI Oversight
• Voice of the Asset Owner Survey 2025 Qualitative Insights
• Voice of the Asset Owner Survey 2025 Quantitative Analysis