2025 Proxy Voting for Equity

The investment community increasingly recognizes inequality as a systemic risk that harms the economy and capital markets. In North America, systemic racism is a foundational driver of inequality. In the 2025 proxy season, fiduciaries will cast votes for or against a range of proposals to mitigate the risks of inequality and systemic racism. For more on proxy voting for inequality and systemic racism, see Majority Action’s Equity in the Boardroom 2024 (coming soon).

Majority Action will update this list as proxy statements are released and proposals make their way through the no-action and/or settlement process.

FREEDOM OF ASSOCIATION & COLLECTIVE BARGAINING PROPOSALS

Research shows that labor unions help reduce entrenched inequalities, including racial inequalities, in wages, healthcare access, and economic security. Supporting the right of workers to organize is also aligned with enhancing firm performance and long-term shareholder value. Unions help improve employee retention, increase productivity, and decrease turnover, enabling companies to weather economic shocks. At a time when U.S. public support for unions is at an all-time high, companies perceived to be interfering with union campaigns also face reputational risks and costs.

WORKER SAFETY PROPOSALS

A safe and healthy working environment is an internationally recognized right. Failures of occupational health and safety result in thousands of work-related deaths in the U.S. each year (5,283 in 2023). Corporate practice can guard against such failures, and protect shareholder value through retention of human capital.

RACIAL & GENDER EQUITY IN THE WORKPLACE PROPOSALS

Persistent racial and gender inequities in the workplace pose significant financial and reputational risks for companies and long-term investors alike. Discriminatory pay practices, inequitable promotion pathways, and failure to address workplace harassment contribute to turnover, litigation, and decreased productivity—all of which undermine shareholder value. Moreover, companies that fall short on racial and gender equity risk being out of step with growing market and regulatory demands for greater transparency and accountability. Shareholder proposals calling for enhanced pay gap disclosures, racial equity audits, and comprehensive diversity, equity and inclusion  practices offer investors a tool to mitigate systemic risks. Supporting these proposals advances workplace fairness, reduces legal and reputational exposure, and strengthens the long-term value of diversified portfolios.

Racial Equity Audits

Environmental Justice

Rollbacks of Diversity Policies and Practices

Workplace Equity Efforts

FUTURE OF WORK PROPOSALS

The evolving nature of work—driven by automation, remote labor, and shifting employment models—presents both opportunities and risks for companies and investors. Inadequate workforce practices, such as unstable gig employment, unsafe working conditions, and insufficient benefits, threaten long-term business sustainability and economic stability. Companies that fail to invest in equitable labor standards and worker protections face operational disruptions, legal liabilities, and diminished consumer trust. Shareholder proposals advocating for improved labor policies, fair wages, and health and safety standards help safeguard the workforce’s well-being and productivity. Supporting these proposals strengthens companies’ resilience and promotes sustainable economic growth that benefits long-term diversified investors.