WSIB and Glass Lewis present proxy‑voting trends as SEC signals rule changes

Glass Lewis briefed trustees on U.S. proxy‑season trends through mid‑2026, including stable director support rates, a decline in environmental/societal proposals and rising attention to shareholder‑proposal exclusion processes after the SEC shifted away from routine no‑action letters.

"The SEC announced it would no longer provide responses to most no‑action requests to exclude shareholder proposals," Brianna Castro of Glass Lewis said, noting that the agency’s step back has led companies and investors to adapt and in some cases litigate exclusions. Glass Lewis presented data showing fewer proposals going to votes overall and a shifting mix of governance‑oriented items.

WSIB’s asset-stewardship staff (Bridget Murphy and Julian Hammett) then presented the board’s FY2026 voting record, discussed case studies where voting led to governance changes, and described how the program tracks director elections, say‑on‑pay votes and shareholder proposals. Staff flagged a rise in so‑called ESG‑skeptic proposals and described evolving priorities, including a renewed emphasis on physical‑risk climate analysis and shareholder rights.