Lessons for the 2015 Proxy Season

While concerns about shareholder activism and the influence of proxy advisor vote recommendations remained high, the 2014 proxy season continued the modest trend toward calmer, less contentious annual meetings. This is due in part to significant efforts by companies to actively engage with their shareholders and understand and respond to shareholder concerns. It may also reflect a modest waning of proxy advisor influence, as certain large institutional investors increase their capacity to make voting decisions and to engage directly with portfolio companies.