June 2025 Roundtable 

I. Voting on Shareholder Proposals and Directors: Mid-Season Review 

• Mid-Season Update: Shareholder Proposal Trends, No-Action Request Outcomes, and Voting Dynamics in the 2025 Proxy Season (Mayer Brown, June 17, 2025) 
• Top Five Takeaways From the 2025 Proxy Season (Teneo, June 15, 2025)
• ESG Proposals at Mid-Season 2025: Trends, Turbulence & Triumphs (As You Sow,  June 18, 2025)
• How DEI Shareholder Proposals Are Faring in 2025 (Fenwick, March 22, 2025)
• Anti-ESG Shareholder Proposals in 2025 (Mayer Brown,  June 18, 2025)

II. Compensation: Mid-Season Review 

A. Trends in Compensation Levels 

• The Resurgence of Executive Perquisites (GL, May 7, 2025)
• 2025 Filings Show Robust CEO Pay Increases at U.S. Large Cap Companies (ISS, May 8, 2025)
• CEO Pay Trends: A Post Proxy Season Recap (Equilar, June 17, 2025)

B. Trends in Pay Design 

• Are Executive Incentive Plan Payouts for AIP and PSUs Aligned with Shareholder Returns? (Pay Governance, May 2, 2025) 
• Unpacking the Differences in Relative TSR Design (Equilar, May 15, 2025) 
• Compensation Arrangement Considerations in Light of 2025 Tariffs (Cooley, May 20, 2025) 
• Refocusing on Fundamentals Amidst Disruption and Divergence (Semler Brossy, June 17, 2025) 
• Pulse on Pay: 12 Years of CEO Pay Long-term Trends in S&P 500 Executive Compensation (Semler Brossy, June 11 ,2025) 

C. Say on Pay Outcomes 

• 2025 Say on Pay Reports (Semler Brossy, May 29, 2025) 

III. Activism: Mid-Season Review

• Q1 2025 Review of Shareholder Activism (Barclays, April 8, 2025) 
• How Does Settling With an Activist Impact Shareholder Returns? (Edelman, April 3, 2025) 
• Five Ways Public Companies Can Prepare for Shareholder Activism in Times of Turbulence (Kirkland, May 12, 2025) 
• Shareholder Activism Developments in the 2025 Proxy Season (Schulte, June 18, 2025) 
• Fewer Campaigns, But Much to Observe from the 2025 Proxy Season (Sidley, June 18, 2025) 

IV. Issuer-Investor Engagement 

A. Submission, Inclusion, and Exclusion of Shareholder Proposals 

• 2025 U.S. Proxy Season: Midseason Review Finds Sharp Drop in Shareholder Resolutions on Ballot (ISS, May 26, 2025) 
• 2025 Shareholder Proposal Season: A First Glimpse at Key No-Action Request Results (Gibson Dunn, June 14, 2025) 

B. Compensation-Related Engagement 

• Evolving Shareholder Engagement Landscape and Bespoke Compensation Design (FW Cook, April 28, 2025) 
• Shareholder Engagement on Compensation Matters: Special Time-Sensitive Complications for the 2025 Proxy Season (Cooley, March 21, 2025) 

C. Pass-Through Voting 

• Remarks by Chair Atkins at the Meeting of the Investor Advisory Committee (SEC, June 6, 2025) 
• Remarks by Commissioner Peirce at the Meeting of the Investor Advisory Committee (SEC, June 6, 2025) 
• Opening Statement at Investor Advisory Committee Panel on Pass-Through Voting and Other Ways to Reach the Ultimate Beneficial Owner (Goodwin, June 18, 2025) 

D. Section 13(d) Filings by Passive Funds 

• Under Pressure”: Walking the Fine Line of Section 13(d) Passive Investor Status (White & Case, March 29, 2025) 

E. Proxy Advisors Reforms 

• Testimony in House Hearing: “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets” (Society for Corporate Governance, May 5, 2025) 
• Testimony in House Hearing: “Exposing the Proxy Advisory Cartel: How ISS & Glass Lewis Influence Markets” (ValueEdge Advisors, May 6, 2025) 

V. Corporate Law Developments 

A. Controlling Shareholders and Dual-class Structures

• Letter on Delaware Senate Bill 21 (CII, March 12, 2025) 
• Delaware and the Perils of Small Minority Controllers (Bebchuk, Kastiel, Rock, March 5, 2025) 
• Delaware Enacts Important Corporate Law Reforms (Sullivan, April 1, 2025) 
• Navigating the Post-SB 21 World of Conflict Transactions (Freshfields, May 27, 2025) 

B. Re-Incorporations and State Competition 

• Delaware Revamps Its General Corporation Law — Will It Stop Companies from Leaving? (Fenwick, April 6, 2025) 
• Delaware Tells Companies: ‘Let’s Stay Together’ (Skadden, May 23, 2025) 
• Nevada Amends Corporate Law to Attract Incorporations (Fenwick, June 4, 2025) 
• Lone Star Governance: Recent Amendments to the Texas Corporate Statute (Gibson, June 17, 2025) 

VI. Climate and DEI Practices

A. Climate Disclosures and Practices

• Corporate Climate Disclosures and Practices: Risk, Emissions, and Targets (TCB, May 3, 2025) 
• Streamlining Sustainability Reporting: Survey Reveals Top Priorities for Corporates (ISS, June 3, 2025) 

B. DEI 

• The Future of Board Diversity Disclosures (Mayer Brown, March 23, 2025) 
• Evolving DEI Disclosure Practices in SEC Filings (Orrick, June 10, 2025) 
• Understanding and Managing Legal Risk in Corporate DEI (TCB, March 30, 2025)