Introduction

While it goes without saying that the PRI is disappointed about the decision, we firmly believe that climate change momentum will continue and that investors will carry on being vocal and active on the issue.

And the investor voice is well and truly in the spotlight in this edition of RI Quarterly as we focus on proxy season.

First up, we examine the ExxonMobil climate vote, which passed with 62% of shareholders in favour of a proposal on transitioning to a low-carbon economy. It’s expected to usher in a sea change, both in terms of shareholder engagement and the attitude of big companies towards climate disclosure. We spoke to three of the biggest and most influential co-filers of the resolution before the AGM about their motivations, the outlook for climate disclosure and why it’s important to investors in their attempts to better understand the potential risks and opportunities in their investments.

Alongside this, we analyse proxy access with an op-ed from Mike McCauley, senior officer, investment program and governance at Florida SBA. Mike explains the recent shift in the US, which has seen proxy access resolutions receive broad shareowner support, making them the largest proportion of resolutions.

We take in board diversity next. It has been six years since the UK’s Davies report set a target of 25% female participation in FTSE100 and FTSE250 boards. Multi-year research Opening the Black Box of Board Appointments follows the fortunes of 30 male and female executives in their attempts to secure a seat as non-executive directors. It’s a fascinating report that reveals a lot about the different approaches that men and women both employ, but also have available to them, as they climb to the very top of the corporate ladder. It throws up key questions about diversity, the opacity of high-level hiring, and the need for broader talent management.

Talking to us about some of these issues are two leading female voices in the world of women and leadership; the report’s co-author, Professor Elisabeth Kelan, named among HR magazine’s most influential thinkers, and to discuss gender issues more widely, Professor Susan Vinnicombe who was a member of the Davies Steering Committee (2010-2015).

Executive remuneration is also under the microscope. We look at Say on Pay around the world in terms of its take up and impact.

Finally, we’re delighted to highlight the new members of the PRI’s Academic Network Advisory Committee who discuss the key challenges in responsible investment.

You may have also noticed that RI Quarterly’s publishing model has changed. We now release a series of topical articles regularly that are accessible online and on mobile and brought together at the end of every quarter into this magazine format. This gives you the choice of how you would like to stay up to date with news, insights and opinions from thought leaders.