• Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics
• Lindsey Stewart, CFA, Director, Institutional Investor Content

• Angela Flaemrich, Director, Stewardship
• Matteo Felleca, Analyst, Stewardship
• Ignacio Garcia Giner, Senior Analyst, Stewardship

In this episode, recorded earlier this year, Lindsey sat down with Angela Flaemrich, Matteo Falleca and Ignacio Garcia Giner from Morningstar Sustainalytics’ ESG Proxy Voting Overlay team to discuss their insights from the most recent proxy season. Insights from the discussion include:

• The decline in the number of sustainability-focused resolutions
• Changes to the regulatory landscape
• Increasing support for resolutions related to shareholder rights
• Lower support for proposals related to climate and DEI issues

00:00:04

Introduction.

00:02:12

Highlights of the sustainability-related proposals from 2025 proxy season.

00:04:55

Insights on support levels for sustainability-related proposals.

00:08:31

Insights on the changing topic mix in the 2025 proxy season.

00:11:12

Overview of climate proposal trends.

00:14:52

Overview of social proposal trends.

00:19:04

Thoughts on the 2026 proxy season.

• Can Big Tech Keep Its Climate Commitments as Data Centers Scale?
• Investor Views on AI Oversight
• Voice of the Asset Owner Survey 2025 Qualitative Insights
• Voice of the Asset Owner Survey 2025 Quantitative Analysis

• Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics
• Lindsey Stewart, CFA, Director of Investment Stewardship Research, Morningstar Sustainalytics

• Ruthann Bartello, Senior Director, Global Lead, Stewardship
• Kevin Ranney, Senior Director, Sustainable Fixed Income Research

In this episode of ESG in Conversation, Melissa and Lindsey chat about the continued volatility in the sustainable investing market, as well as luxury brands’ focus on ESG and sustainable supply chains. To kick things off, Melissa interviews Kevin Ranney, Senior Director, Sustainable Fixed Income Research. He talks about the evolution of the sustainable fixed income market and shares insights on the latest enhancements to Morningstar Sustainalytics’ second-party opinion assessment framework. Later, Lindsey sits down with Ruthann Bartello, Senior Director, Global Lead, Stewardship, where they discuss Sustainalytics’ involvement in the Pact for the Future and the importance of bringing the investor voice to the conversation about funding the UN Sustainable Development Goals.

Please take a moment to share your thoughts on ESG in Conversation. You can email us at podcast@sustainalytics.com.

00:00:24

Introduction

00:06:25

Interview with Kevin Ranney on the evolution of sustainable fixed income investing and Morningstar Sustainalytics second-party opinion framework.

00:24:44

Interview with Ruthann Bartello about efforts to allocate more funding to the Sustainable Development Goals.

00:36:24

Closing remarks

• Sustainalytics Insight: Second Party Opinions a Primary Focus
• Webinar | Enhanced Assessment Framework for Use of Proceeds Second-Party Opinions

Listen to more episodes here.

• Melissa Chase, Senior Content Marketing Manager, Morningstar Sustainalytics
• Lindsey Stewart, CFA, Director of Investment Stewardship Research, Morningstar Sustainalytics

• Hortense Bioy, CFA, Head of Sustainable Investing Research
• Jackie Cook, Senior Director, Stewardship

ESG In Conversation welcomes Lindsey Stewart as the new co-host for the podcast. He and Melissa chat about current developments in the sustainable investment space and the uncertainties investors and companies face. This month’s episode includes three compelling interviews with some of Sustainalytics’ experts, including Lindsey. Tune in to hear perspectives on sustainable investing trends and the continuously changing regulatory landscape. The discussions also cover recent research examining patterns in investors’ proxy voting activities, how companies’ share structures can influence vote outcomes and how that plays out for certain ballot items like say on pay.

Please take a moment to share your thoughts on ESG in Conversation. You can email us at podcast@sustainalytics.com.

00:00:26

Introduction

00:03:32

Interview with Hortense Bioy on sustainable investing trends, regulatory changes and the impact on the investment funds landscape.

00:14:29

Interview with Jackie Cook covering recent research on the impact of dual class share structures on sustainability-focused shareholder resolutions.

00:28:42

Interview with Lindsey Stewart on the widening gap between European and US investors environmentally and socially focused shareholder resolutions.

00:36:24

Closing remarks

• Six Sustainable Investing Trends to Watch in 2025 Report
• Shareholder Democracy and the Challenge of Dual Class Share Structures
• Say on Pay: CEO Compensation and the Long Tail of Shareholder Dissent
• Voting on ESG: A Gap Becomes a Gulf

Ad: To learn more about the Morningstar Sustainable Investing Summit and to register visit https://www.morningstar.com/business/events/morningstar-sustainable-investing-summit