Market, regulatory, and geopolitical trends are influencing the way investors are engaging with investee companies. In 2025, shareholders sponsored fewer resolutions, while large institutions withdrew from some large collaborative initiatives, causing them to be restructured or cancelled.
We believe these can support more targeted, out-come oriented engagements. While we have not reduced our participation in large, high-profile collaborative initiatives, it may be harder for these to be as effective as they had been in prior years.
Our philosophy is that governance is the framework for translating corporate objectives into long-term sustainable financial results. Oversight and accountability must be in place first.
And the next goals? Climate mitigation -- maintaining active dialogue in an uncertain world; increasing recognition of biodiversity, natural capital, and human capital as financial and investment risks. Human capital, for example, gained importance as a risk during the Covid period – and we have engaged with rapidly-growing firms on the growth risks and opportunities of managing their human capital. We also take the financial and other risks of doing business in Conflict-Affected Areas seriously. Supply chains, AI, workforce availability – investors need transparency.
For the first time, our Annual Engagement and Voting Report includes an outlook for the coming year as a part of our structured engagement approach. By setting out the sub-trends and themes linked to the broader priorities defined in our engagement policy, and where we expect to focus our stewardship, we aim to give our clients greater transparency on how dialogue and voting support our investment decisions.
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