Board elections remained a point of stability. Support for SV 150 director slates averaged 92.2% of votes cast or withheld (median 94.9%), a marginal dip from 2024 but broadly consistent over the last five seasons, according to our analysis of 2025 proxy season results among the SV 150 and the S&P 100.
The S&P 100 posted even higher approval at 95.8% (median 96.6%). Despite robust outcomes, five SV 150 companies (one also in the S&P 100) had one or more directors receive more against/withheld than for votes under majority voting policies.
No contested board elections appeared in the 2025 dataset. The SV 150 continued to feature a high incidence of classified boards (54.7%, versus 5.0% among S&P 100 companies) driving smaller slates. The average number of nominees up for election was 5.6 in the SV 150 (median four), compared to 11.2 in the S&P 100 (median 11). The most common slate size in Silicon Valley was three directors, with a range of one to 16; for the S&P 100, it was 11 nominees, ranging from three to 18.
Stockholder participation held at strong levels. In the SV 150, an average 86.9% of eligible shares were represented at annual meetings, with 77.5% voting (excluding broker non‑votes). The S&P 100 saw 85.8% represented and 75.3% voting. Median representation dipped slightly in the SV 150 from 89.1% to 88.3%, while the S&P 100 ticked up from 86.1% to 86.4%. Auditor ratification remained routine (every SV 150 and 99 of 100 S&P 100 companies included the item and passed) with median approval of 99.1% in the SV 150 and 94.5% in the S&P 100.
The takeaway is continuity: broad support for board slates, high participation, and minimal contestation provided a steady governance backdrop for an otherwise activist‑heavy season.
Check out the full 2025 Proxy Season Results for more details and insights.