SfC releases its Engagement Report 2025: Relaunching shareholder engagement in an age of backlash

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Shareholders for Change released its Engagement Report 2025, covering the network’s activities throughout the 2025 AGM season. 

In 2025, the 20 members of the network, representing over €50bn in assets under management, carried out 258 engagement initiatives, engaging with 223 companies, 78% of them based in Europe.

A defining feature of 2025 was the continued focus on so-called “Orphan Issues”, material ESG risks that receive limited attention in mainstream investor engagement. These included autonomous weapons, excessive heat at workplaces, and risks associated with cobalt supply chains. In a broader perspective, climate and environmental issues remained the most frequent topic (36% of total initiatives), followed by human and workers’ rights (24%), ESG policy (17%), and Governance/Remuneration (16%). 

During 2025, SfC has introduced a new dual evaluation system to measure engagement achievements, distinguishing between disclosure-oriented and action-oriented engagement. This innovation is expected to bring more transparency and better evaluate the effectiveness of members’ engagement. 

“In a context marked by geopolitical tensions and mounting pressure on sustainability standards” – says Ugo Biggeri, President of SfC – “our commitment is unchanged: to challenge companies and institutions where it matters most, uphold shareholder rights and contribute to a financial system aligned with social justice and environmental integrity. 2025 confirmed Shareholders for Change as a growing and increasingly influential network”.

Download the full report HERE