Here are some “way-too-early” proxy season stats from Proxy Analytics’ Steve Pantina, some of which were mentioned during last week’s “Proxy Season Preview” webcast (the video archive for that program will be available and mentioned in this blog soon). Here is the shareholder proposal activity tracked through November 30th:

  • Approximately 160 shareholder proposal submissions tracked, generally on par with numbers from last season.  Breakdown of proposals tracked is as follows:
    • Pre-Proxy – 70
    • Rule 14a-8 No-Action Letters – 35 submitted, 2 included in proxy statements.  Total unique proposals – 33
    • Proxy Statements – 58 
  • Support for proposals submitted is down approximately 4% vs. same time last season
    • Governance (21) – Average support was 47%
    • Environmental and Social (32) – Average support was 21%
    • Majority-supported proposals – 6, all traditional governance items
  • Rule 14a-8 No-Action Letters
    • Letters submitted – 30 vs. 27 during the same period last year
    • Increase in requests under Rule 14a-8(i)(7)
    • Vast majority of requests were either withdrawn or are still pending
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Photo of Broc Romanek Broc Romanek

As a strategist for the firm’s Corporate & Securities practice, Broc Romanek has a deep understanding of the regulatory and environmental, social, and governance (ESG) marketplace. Prior to joining Perkins Coie, Broc served as editor at TheCorporateCounsel.net, CompensationStandards.com, and DealLawyers.com, where he oversaw…

As a strategist for the firm’s Corporate & Securities practice, Broc Romanek has a deep understanding of the regulatory and environmental, social, and governance (ESG) marketplace. Prior to joining Perkins Coie, Broc served as editor at TheCorporateCounsel.net, CompensationStandards.com, and DealLawyers.com, where he oversaw and managed coverage on issues related to ESG, corporate governance, executive pay, deals, and market trends and analysis.

In addition to his nearly two decades of working as a journalist and publisher, Broc served as assistant general counsel at a Fortune 50 company, worked in the Office of Chief Counsel of the U.S. Securities and Exchange Commission’s (SEC) Division of Corporation Finance, was a counselor to former SEC Commissioner Laura Unger, and worked in private practice. He also is the author, or co-author, of four legal treatises, and has authored several books focused on the legal industry.