IN FOCUS6-8 min read

This AGM season's shareholder resolutions: how we have voted

From our voting on climate change, human rights and data privacy, this is how we've responded to shareholder resolutions this year.



Kimberley Lewis
Head of Active Ownership
Hannah Simons
Head of Sustainability Strategy
Kate Rogers
Head of Sustainability, Wealth
Yousif Ebeed
Corporate Governance Analyst, ESG

We have taken action by voting against management and in favour of shareholder resolutions across a range of topics from racial equity to climate and lobbying disclosures this AGM season.

Now that this year’s voting and reporting season has come to an end, we thought it would be useful to highlight the main trends in our decisions and some key resolutions.

We have been publishing all votes on environmental and social resolutions and the rationales on the voting section of Schroders' website.

Below is our summary.

People issues we’ve voted on (social)

Diversity and inclusion

It has been a record year for diversity-related proposals and we’ve supported a number of them.

This AGM season we asked First Solar, the 20-year-old American manufacturer of solar panels and provider of solar power plants, for a plan on board diversity, for example.

First Solar accordion list block

We also asked for reports on workforce and diversity and inclusion initiatives at rail transport giant Union Pacific and UPS, the shipping and logistics service.  

UPS accordion list block

We’ve supported specific asks on pay disparity at Amazon and the US food company Mondelez, known for brands including Oreos, Belvita and Ritz biscuits and Cadbury, Milka and Toblerone chocolate.

Amazon accordion list block

Read more: Sustainable Investment Report Q3 2020: How we’re engaging to promote gender diversity

Racial equity

We believe that corporate diversity is a key driver of returns and we've taken action by asking for racial equity audits at Amazon, JPMorgan investment bank, American financial services business State Street Corporation and the US tech corporation Intel.

Intel accordion list block

The shareholder advocacy group As You Sow has said 70% of S&P500 companies published statements of commitment to workplace diversity, equity and inclusion in the wake of the murder of George Floyd.

Human rights

We’ve supported specific resolutions to combat potential human rights infringements, for example asking for more information on due diligence at Northrop Grumman, the global aerospace and defence business headquartered in Virginia, US.

Northrop Grumman accordion list block

The defence industry is failing to carry out effective human rights due diligence, according to a 2019 Amnesty international report.

Big tech

We have supported a range of resolutions at big tech companies calling for them to take on a greater responsibility for their impact on society. We voted on shareholder resolutions at the AGMs of Facebook, Amazon and Alphabet.

Big tech accordion list block


Planet issues we’ve voted on (environment)

Climate resolutions

When it comes to climate resolutions we’ve largely been asking for emissions reduction targets – particularly focused on significant emitters such as global shipping and logistics business UPS and the global machinery manufacturer Caterpillar; and large oil and gas companies like Conoco Phillips, Alaska’s largest crude oil producer; and oil & gas giants Exxon Mobil, Royal Dutch Shell and Chevron.

Chevron accordion list block

Read more: Q&A: the end of big oil?

Fossil fuel financers

At HSBC's AGM, for example, we voted in favour of a management resolution added to the ballot in a response to a shareholder resolution. The resolution passed.

Fossil fuel accordion list block(2)

Read more: How we’re engaging with banks on their fossil fuel financing

Governance issues we’ve voted on

Lobbying disclosures

We have asked for more details on lobbying payments and policies to ensure transparency.

Examples include resolutions at Uber, Netflix, the US home improvement company The Home Depot, Chevron, Exxon Mobil and JPMorgan. This includes some specific asks on climate related lobbying from companies like Norfolk Southern (US freight rail transportation company) and US energy companies Phillips 66 and Sempra Energy.

Lobbying accordion list block

Engagement escalation examples: voting against directors

At Chevron’s AGM we voted against the chair of the governance committee to show our disappointment at lack of progress on emissions targets.

At Amazon’s AGM we voted against lead director Jonathan Rubinstein to voice our concerns over a lack of transparency around labour standards and workforce structure (particularly over the use of subcontractors).

Read more: Sustainable Investment Report Q3 2020: Active ownership in practice: Amazon’s labour standards – escalating our concerns



The companies shown above are for illustrative purposes only and not to be considered as a recommendation to buy or sell.

Issued in the Channel Islands by Cazenove Capital which is part of the Schroders Group and is a trading name of Schroders (C.I.) Limited, licensed and regulated by the Guernsey Financial Services Commission for banking and investment business; and regulated by the Jersey Financial Services Commission. Nothing in this document should be deemed to constitute the provision of financial, investment or other professional advice in any way. Past performance is not a guide to future performance. The value of an investment and the income from it may go down as well as up and investors may not get back the amount originally invested. This document may include forward-looking statements that are based upon our current opinions, expectations and projections. We undertake no obligation to update or revise any forward-looking statements. Actual results could differ materially from those anticipated in the forward-looking statements. All data contained within this document is sourced from Cazenove Capital unless otherwise stated.



Kimberley Lewis
Head of Active Ownership
Hannah Simons
Head of Sustainability Strategy
Kate Rogers
Head of Sustainability, Wealth
Yousif Ebeed
Corporate Governance Analyst, ESG


In Focus

Cazenove Capital is a trading name of Schroders (C.I.) Ltd which is licensed under the Banking Supervision (Bailiwick of Guernsey) Law 2020 and the Protection of Investors (Bailiwick of Guernsey) Law 2020, as amended in the conduct of banking and investment business. Registered address at Regency Court, Glategny Esplanade, St. Peter Port, Guernsey GY1 3UF, (No.24546) . Schroders (C.I.) Limited, Jersey Branch is regulated by the Jersey Financial Services Commission in the conduct of investment business. Registered address at 40 Esplanade, St. Helier, Jersey JE2 3QB, (No.31076).

The value of your investments and the income received from them can fall as well as rise. You may not get back the amount you invested.