March 31: We are finalizing the last of Si2's Briefing Papers on the key topics for proxy season and have started issuing Action Reports on resolutions going to votes. The first majority vote of the season occurred at Starbucks on March 23 (52 percent) for a resolution asking about the company's adherence to international labor organizing norms.
At least 368 proposals are currently pending but we still expect to see many withdrawn proposals. It remains the case that companies are seeing little success in their efforts to exclude proposals by challenging them at the SEC, although this week a notable exception occurred at Chubb, where the SEC agreed a proposal to phase out underwriting of fossil fuel projects could be omitted because it was too detailed. Such proposals earned less last year than those that asked for reports on fossil fuel financing and were rephrased this year. Both types are still pending at several companies for votes this year.
