New research from Manifest's US partner ProxyGovernance Inc reveals just how rapidly support is growing for E&S votes at US companies. For the first time, E&S resolutions have represented the largest portion of shareholder proposals. Although the number of resolutions has remained below 200, those resolutions with more than 30% support have seen an 8 fold increase from 4% in 2005 to 32% in 2010.

2005 2006 2007 2008 2009 2010 # of Resolutions 171 190 198 197 181 163 >30% Support 4% 9% 17% 15% 20% 32% # Majority Support - - 3 2 2 2

Key issues for US companies attracting shareholder support:

Company

Issue

Support

Layne Christensen Co

Sustainability

60%

Massey Energy Co

GHG Reduction Goals

53%

Gardner Denver Inc

EEO Policy/Sexual Orientation

49%

KBR Inc

Political Contributions

49%

Federal Realty Investment Trust

Sustainability

46%

Boston Properties Inc

Sustainability

44%

CMS Energy Corp

Coal Ash

43%

St Jude Medical Inc

Sustainability

43%

KBR Inc

Global Labor Practices

42%

While the E&S votes are moving ahead, the number of Majority Supported Shareholder Resolutions have dropped markedly from 28% across 157 meetings in 2009 to 20% across 114 meetings so far this year. Proxy contests have dropped by more than half with just 11 voted this year compared to 26 in 2009.

Although the US proxy season is now drawing to a close, not all voting results are yet available, however if you would like a copy of the PGI's presentation of the results so far please email info@manifest.co.uk to get a personal copy.