This year, shareholders filed 184 environmental, social, and sustainable governance (ESG) proposals as of March 17, 2026. Additional proposals will be filed as the year progresses, but the shape of the 2026 spring annual meeting season is now clear. The 2026 proxy season has seen a drop in proposals filed from 2025, primarily due to more companies reaching agreements through direct dialogue making escalation of filing a shareholder resolution unnecessary.

The total number of 2026 ESG resolutions are down 47% from 2025 when 355 proposals were filed by this date. Thus far, 42 proposals in the 2026 proxy season—22% of the total filed— were withdrawn. This is the same percentage we saw in 2025, but at a similar time in 2024, only 7.7% of proposals had been withdrawn.

It appears that rule changes at the Securities and Exchange Commission (SEC) have set the stage for more private negotiations and fewer public filings. This year saw changes in how the SEC makes no-action determinations and removed the ability of most shareholders to communicate material information through exempt solicitations. We have also seen an increase in broad political and legal attacks on sustainable investing, institutional investors, proxy analysts, and publicly traded companies that work with their investors openly to optimize their long-term business outcomes.