What's Happening

Portfolio Advisory Board Article
By Mary Minette, Mercy Investment Consultant

In proxy year 2025, shareholder proposal filings decreased from the previous year due to a variety of factors, including successful withdrawals in 2024; rising sentiment against the environmental, social, and governance (ESG) criteria for determining an organization’s social impact; and uncertainty about the Securities and Exchange Commission’s (SEC) approach to shareholder proposals in a new federal administration. 

The Interfaith Center for Corporate Responsibility (ICCR) estimates that member-filed shareholder proposals decreased 15 percent from the 2024 proxy season, with a 43 percent drop in climate proposals, a 38 percent decline in human rights and worker rights proposals, and a 25 percent drop in health-related proposals.

The rate at which companies challenged shareholder proposals at the SEC has also increased compared to previous years, due in part to a mid-year policy revision that included significant changes in how SEC staff interpreted the rules for the permitted content of proposals. In addition, the SEC invited companies to submit challenges even if the deadline to exclude a proposal from their proxy had expired at the time the new rules were issued.  

According to ICCR, about 17 percent of member filings were challenged in 2024, and nearly 47 percent of filings were challenged in 2025. The SEC allowed companies to omit 25 percent of the challenged proposals. 

In addition to these changes to the proposal process, the new SEC chair, Paul Atkins, has indicated that he would like to restrict or even eliminate the shareholder proposal filing process. A recent report from the Business Roundtable also supports substantial restrictions on shareholder proposals, claiming that they are time-consuming and costly to companies and often concern issues with no material financial impact. Finally, the legislature in Texas recently passed a law that will allow companies incorporated in that state to amend their by-laws to opt out of allowing shareholder proposals.

Companies are removing public disclosures on ESG programs and performance objectives to avoid being targeted by anti-ESG proponents. Other companies have announced rollbacks of climate commitments and diversity programs. Through dialogue, we have learned that many of these companies remain committed to progress in these areas, showing the importance of ongoing dialogue and strong relationships with companies to maintain progress on environmental and human rights issues.

The news is gloomy, but the Portfolio Advisory Board remains committed to our work in shareholder advocacy, engaging in dialogues with 42 companies and filing 10 shareholder proposals in the 2025 proxy season. We will continue to support the rights of shareholders to bring critical issues to the attention of the companies they own and to push companies to be transparent about their efforts to address issues such as human rights and climate change that pose a risk to their business, as well as to our communities and the Earth.

 

Feature image at top: "Shareholder" by 2210178venushree, CC BY-SA 4.0

September 11, 2025, Adrian, Michigan – The Adrian Dominican Congregation welcomed a new candidate during a prayer service at the Adrian Motherhouse September 8, 2025.

“I desire to grow in authenticity, speak my truth, share my gifts in service and prayer. I ask to walk together in community, in challenge that is mutual, caridad amistad, and to find friendships along the way,” said Elizabeth Guerrero during the Rite of Entrance into Candidacy. The rite is the first step in a formation process that could lead Elizabeth to taking her first profession of vows with the Adrian Dominican Sisters. 

As a symbol of her desire for entrance, Elizabeth knocked on the door of St. Catherine Chapel and was admitted by Sister Tarianne DeYonker, OP, Director of Candidacy. During a formal examination by Prioress Elise D. García, OP, Sister Tarianne attested to Elizabeth’s readiness to begin a year of discernment as a candidate. 

“In faithfulness you have listened to God’s call and have responded with a ‘yes’ to continue with us in a relationship of mutual discernment for vowed membership,” Sister Elise said to Elizabeth. “We welcome you into our midst to share faith and life in the mission of Jesus.” After accepting a copy of the Adrian Dominican Sisters’ Mission Statement from Sister Elise, Elizabeth joined the assembled Sisters in proclaiming the Mission Statement.

Elizabeth will spend her candidacy year volunteering at the St. Mary Food Pantry and Dire Needs program of Holy Family Parish in Adrian, tutoring at the Adrian Rea Literacy Center, helping set up new art displays for the art gallery in Madden Hall at the Motherhouse, visiting Sisters living at the Dominican Life Center, and studying Spanish and the history of the Adrian Dominican Sisters.

The fifth of the six children of Jesus L. and Élida C. Guerrero, Elizabeth was raised in Crystal City, Texas. There, she attended school during the school year and, in the summers, was a migrant worker with her family, working on farms in Minnesota, North Dakota, Wisconsin, and Indiana. She attended junior college and transferred to Minnesota State University in Moorhead, where she studied commercial art.

Elizabeth began her career working at a small boutique publishing agency; an advertising agency in San Antonio, Texas; as a freelance graphic designer and publisher; and for a small newspaper in her hometown. 

Eventually, that work “wasn’t fulfilling anymore,” Elizabeth said. “I was looking for something more.” She entered the Missionary Catechists of Divine Providence, a small congregation based in San Antonio. She was received into the novitiate in 2011 and made her first profession of vows in 2012. Her ministries included teaching, social services, and parish ministry.

Desiring a different expression of community life, Elizabeth left the Missionary Catechists and sought another congregation of Catholic Sisters. She visited several congregations before discerning her call to enter the Adrian Dominican Sisters.

Shortly before entering, Elizabeth completed her ministry as a lay woman as Executive Director of the Asociación de Hermanas Latinas Misioneras en América (AHLMA), a national organization, primarily for Sisters coming from Latin America and missioned to the United States. The organization is now open to U.S.-born Latinas and to U.S. Sisters who find themselves the only women of color in their community, Elizabeth said. As a representative of AHLMA, Elizabeth served on the Board of the Leadership Conference of Women Religious (LCWR), nominated by leaders from several congregations, including the Adrian Dominican Sisters, she said. She was involved in administration, but particularly enjoyed developing programs and meeting Sisters.

“I am very happy to be here with the Adrian Dominican Sisters,” Elizabeth said. “The welcome and reception have been warm and inviting, affirming that my gifts and presence matter. I see this community as a place where I can continue to grow in authenticity, service, and faith.”   
 

Caption for above feature photo: Prioress Elise D. García, OP, right, formally examines Elizabeth Guerrero about her intention to enter the Adrian Dominican Congregation.