**2025 Proxy Season Highlights and Voting Insights**
*October 29, 2025 | 11:21 AM ET*
*By Pzena Investment Management*
For the second consecutive year, we voted against all members of the Swatch Board of Directors to signal our strong preference for board refreshment. This decisive action reflects our commitment to fostering effective governance and enhancing long-term shareholder value.
Executive compensation remains a hot-button issue every proxy season, even though average pay support levels have remained steady or are rising. This year, Pfizer made a notable change by extending the vesting cycle in its long-term incentive plan (LTI), giving executives two additional years to meet the required performance criteria. We believe such adjustments can better align executive incentives with long-term company performance.
Shareholder proposals related to environmental and social issues declined in both volume and support during this season. Despite this shift, these topics continue to be important considerations in our voting decisions and engagement efforts.
In this article, we highlight significant themes from the 2025 proxy season. Specific company examples illustrate how we develop our perspective on key issues and engage with companies to inform our voting decisions.
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### About Pzena Investment Management
Pzena’s investment philosophy is straightforward: we seek to buy good businesses at low prices. Our focus is exclusively on companies that are underperforming relative to their historically demonstrated earnings power. Through rigorous, fundamental, bottom-up research, we strive to determine whether the causes of earnings shortfalls are temporary or permanent.
For inquiries or communication, please use Pzena’s official channels.
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