UUCEF Proxy Voting Update
At the UU Common Endowment Fund (UUCEF), proxy voting is a key way we put our values into practice as investors. Our Investment Policy Statement emphasizes that active ownership – including proxy voting, corporate engagement, and filing shareholder resolutions – is essential to advancing environmental, social, and governance (ESG) priorities. We use the ISS( Institutional Shareholder Services) to cast votes across our public equity holdings, guided by our proxy voting guidelines and in alignment with UU values around racial equity, climate justice, human rights, and corporate accountability.
In the most recent proxy season (2024–2025), UUCEF cast votes on more than 2,200 proposals across over 160 shareholder meetings. We supported the majority of ESG-related proposals, especially those addressing climate action and board diversity, and opposed roughly 40% of executive compensation packages where pay practices raised concerns. Importantly, most of our votes aligned with ISS proxy policy recommendations rather than company management – reflecting a consistently active and values-driven approach.
How We Voted
The chart below highlights how often UUCEF voted against management across major issue categories. On climate and environmental issues, we opposed management 82% of the time, underscoring how seriously we hold companies accountable for climate action and demonstrating assertiveness.
While UUCEF broadly supports ESG proposals, there are rare cases where we abstained. For example, at the Walt Disney Company, there were multiple versions of a shareholder proposal on gender-based compensation and benefits inequities. In one instance, UUCEF did not vote, following ISS’s recommendation, and in another version, we voted against the proposal. This wasn’t a contradiction, but a reflection of how duplicative versions of proposals sometimes appear on the ballot.
Bottom Line
Even in today’s challenging proxy environment, where support for ESG proposals has declined across the broader market, UUCEF’s record shows steady leadership. We are demonstrating that proxy voting can be a powerful tool for values-based leadership, ensuring that our endowment not only delivers financial returns but also helps move corporate practices toward equity, sustainability, and accountability.