The Most Active Shareholder Proponents

In a recent Financial Times article, Anna Bianca Roach explores the increasingly complex landscape of shareholder proposals and the individuals and organizations driving them. As the volume and politicization of proposals continues to grow—up nearly a third since 2020—directors are being urged to look beyond the text of each submission to better understand the motivations behind them.

Carmen Ng, Director at SquareWell Partners, provided key insights into this evolving space. While identifying the ideological slant of a proposal used to be relatively straightforward, Ng notes that has become more difficult in recent years. “Proposals from both sides often mirror one another in language,” she said, adding that some investors have inadvertently supported proposals that contradict their stated values. This can lead to confusion, unintended endorsements, and ultimately, a more fractured proxy season.

Ng emphasized that values-based asset managers, in particular, are strategic about the companies they target—often choosing large firms in hopes of setting a precedent that cascades through the market. As boards navigate proposals coming from both ends of the political spectrum—sometimes on the same issue—the ability to parse the source becomes critical. Ng’s comments underscore the need for boards and investors to engage more deeply with proponents and not take proposals at face value.

You can access the article here (subscription required).