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There is a lot in play this proxy season in the US for shareholder resolutions: a captured SEC, a new ‘purpose’ for corporations, the fact that shareholder resolutions may be a thing of the past next year. So, activity – voting, withdrawals, engagements, BlackRock’s alleged increased levels of support and Vanguard even naming names – seems more furious than ever.
And there are a number of different perspectives from investors that make the picture a complex one.
Some investors say all their resolutions went to a vote; others that all their resolutions were withdrawn; while some say investors are down to dealing with the laggard companies on many of the issues that have been raised in resolutions over the years.
The complexity is encapsulated in the story of a single median gender pay gap resolution at Pfizer, the US p…