Stewardship in AQTION: How the World’s Largest Investors Handle Their Assets

AQTION, a subsidiary of our firm, has published its second annual review of how the world’s 65 largest investors—collectively managing close to USD 91 trillion in assets—approach corporate governance and sustainability. The study, which leverages AQTION’s proprietary database developed in collaboration with SquareWell Partners, has been featured by the Harvard Law School Forum on Corporate Governance.

Study Scope and Focus

The analysis maintains consistency with last year’s investor universe and methodology, with one change in investor coverage: Voya Investment Management replaced Baillie Gifford. It also includes new factors to reflect evolving investor views on emerging topics, including the governance of artificial intelligence (AI).

A key addition in this year’s report is an expanded focus on how investors voted in high-profile corporate situations, such as the 2024 board contest at Walt Disney and Elon Musk’s pay package at Tesla, offering practical examples of stewardship in action.

Select Findings from the 2025 Study:

• Voting Behavior and Transparency: 56 of the Top 65 investors disclose their voting records. Of these, nearly half provide rationales, and some—including CalPERS and Norges Bank Investment Management—pre-declare their votes in certain cases.
• Use of Proxy Advisors: While Institutional Shareholder Services (ISS) remains the primary proxy research provider, most investors apply their own voting guidelines. Only 9 investors show a high reliance on proxy advisor recommendations.
• Shareholder Activism: 39 of the Top 65 investors now incorporate criteria to evaluate activist campaigns, and 29 have communicated concerns publicly about portfolio company performance or governance.
• AI Governance: 26 investors have published dedicated position papers on AI, setting out expectations for governance frameworks, ethical considerations, and transparency in deployment.
• Regional Voting Patterns: European investors appear more likely than their U.S. counterparts to vote against management in high-profile shareholder meetings.

The full report is available here.
Harvard Law School Forum feature is available here.