Anti-ESG Shareholder Proposals in 2025

Companies and investors use information related to environmental, social or governance (“ESG”) factors to provide a company-wide view of sustainability and other priorities. This includes how the company discloses, reacts to and manages ESG-related risks and policies, such as, for example, risks related to carbon emissions, as well as policies addressing diversity, shareholder rights and corporate social responsibility. These topics are often the subject of shareholder proposals advocating additional disclosure or policies in furtherance of ESG-related goals. In contrast, “anti-ESG proposals” are generally critical of, or question the value of, company policies or initiatives related to these topics. As of the midpoint of the 2025 proxy season, “anti-ESG” proposals have become more common, a trend mirroring that seen in recent years. In addition, proponents that, in past proxy seasons, submitted proposals on clearly anti-ESG topics, such as opposition to climate change-based initiatives, are now submitting proposals on a broader array of topics.

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