Stockholders submitted more proposals at Silicon Valley’s 150 largest public companies this year, but those proposals were less successful, according to our analysis of 2025 proxy season results among the SV 150 and the S&P 100.
Across the SV 150, average support for stockholder proposals declined from 20.4% in 2024 to 18.0% in 2025. Governance proposals saw the sharpest drop, falling from 44.2% average support to 29.8%, even as compensation-related proposals ticked up in average support from 9.5% to 22.5%. Nationwide, the S&P 100 experienced an even steeper slide, with average support dropping from 17.1% to 12.5%.
The proposal pipeline shifted as well. SV 150 companies voted on 67 stockholder proposals, up slightly from 65 last year, while S&P 100 companies saw a notable contraction from 309 to 204 proposals, largely due to fewer governance and policy proposals. In Silicon Valley, activism remained heavily concentrated at the top: approximately 65.7% of stockholder proposals were voted on at the top 15 companies, and only four proposals reached companies outside the top 50.
Pass rates were weak. Just two stockholder proposals passed in the SV 150, down from five last year; only one passed in the S&P 100. The season also featured more prescriptive submissions and a visible wave of anti‑ESG proposals (11 in the SV 150 and 44 in the S&P 100) that garnered very low support and weighed on overall averages. The most common topics in the SV 150 were shareholder ability to call special meetings (10 proposals; one passed) and anti‑discrimination/diversity (10 proposals; none passed). Environmental/sustainability, anti‑discrimination/diversity, and human rights dominated in the S&P 100, but none passed.
One striking pattern: support was significantly lower at the very largest Silicon Valley companies. Median support for stockholder proposals at the SV 150 top 15 was 8.5%, compared to 34.7% among the remaining 135 companies. The same gradient appeared across the top/middle/bottom 50 cohorts. In short, proposals were plentiful at the biggest names, but they rarely succeeded.
Check out the full 2025 Proxy Season Results for more details and insights.
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