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Proxy Season 2023-2024

Voting Record

Boston Trust Walden votes on items in annual company proxy statements on behalf of our clients. Here is a summary of how we voted this season.

ISS Proposal CategoriesTotal Votes ForTotal Votes Against
Anti-Takeover Related133
Directors Related1490130
Remuneration Related19159
Strategic Transactions31
Shareholder Proposal - Compensation68
Shareholder Proposal - Corporate Governance & Company Articles192
Shareholder Proposal - Directors Related52
Shareholder Proposal - Environment113
Shareholder Proposal - Social3922
Shareholder Proposal - E&S Blended61
Shareholder Proposal - Environmental & Social Counterproposal024


Key Stats
  • We voted at 199 Annual General Meetings.
  • We voted against management or abstained from at least one ballot item at 123 companies.
  • At 62% of companies, we had at least one vote against management.
  • We supported nearly 58% of shareholder proposals at portfolio companies.

The annual election of directors to corporate boards is a critical mechanism for shareholders to influence corporate governance policies and practices, including those related to ESG. When evaluating the suitability of director nominees, Boston Trust Walden considers performance in relation to four broad principles:

  • Board accountability and transparency
  • Responsiveness to shareholders
  • Director independence
  • Board diversity and competency

In 2024, we voted against at least one director at 38% of companies for reasons including inadequate board diversity, problematic corporate governance practices, or demonstrable failures in ESG risk management.

Executive Compensation

Annual meetings routinely give us the opportunity to affirm company compensation programs for executives (“Say on Pay”) and provide a mechanism and impetus for constructive engagement between shareholders and directors on pay issues. Boston Trust Walden believes executive pay programs should be fair, competitive, and create appropriate incentives to promote long-term shareholder value. Our approach led to votes against executive compensation programs at 31% of companies, a slight increase from 28% in 2023.

The above data is for the Boston Trust Walden mutual funds (excluding the Walden International Equity Fund).
For a complete view of our mutual fund votes, please refer to our forthcoming 2024 Proxy Voting Record on

Shareholder Resolutions Filed

On behalf of our clients, we engage companies to strengthen business systems and decision-making practices. While direct engagement is always our first step, we employ shareholder resolutions when our attempts at engagement via dialogue are unproductive.

The ultimate goal of our engagement efforts is to observe a measurable improvement in a company’s ESG policies, practices, or performance. And while a resolution is a valuable tool, a successful company engagement may mean our shareholder resolution never makes it to the printed proxy statement but is instead withdrawn because the company agrees to take meaningful action. Moreover, a successful and constructive engagement may mean we avoid filing a resolution at all.

Here is a summary of resolutions we filed or withdrew this season. For a list of the hundreds of shareholder resolutions Boston Trust Walden has filed over the years, please refer to this page:

YearCompany NameProposal TopicBoston Trust Walden's RoleOutcomeFocus Area
2024Texas RoadhouseDemonstrate if and how the company is aligning its business and supply chain with the goals of the Paris AgreementLead filer28%Climate Risk
2024Expeditors International of WashingtonEstablish science-based GHG emissions reduction targets aligned with the goals of the Paris AgreementLead filer22%Climate Risk
2024Comfort SystemsEstablish science-based GHG emissions reduction targets aligned with the goals of the Paris AgreementLead filerWithdrawn with agreementClimate Risk
2024JPMorgan ChaseReport on the proportion of clients that are not aligned with a net zero pathway and subsequent efforts to meet financed emissions targetsCo-filer (As You Sow lead)SEC omittedClimate Risk
2024Valmont IndustriesCommit to annual disclosure of a comprehensive breakdown of the workforce by race, ethnicity, and gender according to the Equal Employment Opportunity Commission's defined job categories (EEO-1 Report)Lead filerWithdrawn with agreementEquality
2024ChemedIssue an annual report describing the company's environmental, social, and governance (ESG) policies, practices, and performance goals and metricsLead filerWithdrawn with agreementGovernance