By Edd Micklem, Head of Strategic Partnerships, Tumelo.
"Tumelo's data shows that at 90% of all meetings, asset owners chose to diverge from their fund manager on at least one proposal."
On the surface, 2025 looked subdued. Fewer ESG proposals reached the ballot, support for them dipped, and political pressure kept the debate tense. Governance proposals saw slightly higher backing, but the overall picture seemed muted.
Yet beneath the headline figures, a more vibrant picture was emerging. Tumelo’s data shows that, compared with the 2024 season, pass-through voting surged:
Up 175% – more asset owners used pass-through voting.
Up 217% – the volume of ballots voted on more than tripled.
Up 58% – investors voted on far more proposals.
Interestingly, Tumelo's data shows that at 90% of all meetings, asset owners chose to diverge from their fund manager on at least one proposal — a clear sign that asset owners are leveraging voting choice to uphold their investment principles.
For years, pass-through voting (PTV) was seen as experimental. This season, it moved firmly into the mainstream. More asset managers and owners used PTV to ensure votes reflected the values of those whose capital is at risk. Tumelo’s technology helped power that shift. State Street Investment Management (SSIM) expanded its voting choice program to eight Luxembourg SICAV funds. Vanguard confirmed the trend, reporting that 58% of investors would prefer funds offering voting choice – and one in three would switch providers to get it. SSIM also saw US adoption climb by 63%.
As Yie-Hsin Hung, SSIM’s Chief Executive, put it:
“Our goal is to give the greatest number of investors the most opportunities to choose how to vote the shares held in funds they are invested in.”
Adding to the momentum, BlackRock has expanded its voting choice program into Switzerland, widening access for institutional clients in yet another key market. Tumelo has also partnered with an active manager in the US, marking an important step in extending voting choice beyond passive strategies. Together, these developments show how global appetite for voting choice is growing – and how quickly it is embedding across jurisdictions.
One of the clearest examples of voting choice driving meaningful stewardship came from Brunel Pension Partnership. After a series of engagements with Shell – including direct conversations with the Chair about business strategy, remuneration and climate transition – Brunel co-filed a special resolution at the company’s 2025 AGM calling for greater transparency on LNG growth ambitions, climate resilience and alignment with its net zero goals.
Using pass-through voting, Brunel was able to follow through on that engagement, ensuring its stance was reflected directly in the vote. This alignment of dialogue and action shows how PTV empowers asset owners not just to talk about change, but to back it up where it counts.
The breakthroughs came from asset owners wanting to take more control of stewardship.
LGPS Central, overseeing £43bn, unified its voting approach and gained what it described as “significant influence”.
LGT Wealth Management embedded PTV into its sustainability strategy, rolling it out seamlessly across portfolios.
The Local Authority Pension Fund Forum (LAPFF) enabled its £350bn in assets to apply its voting alerts directly to pooled funds.
Southwark Pension Fund embraced PTV, with Strategic Director Clive Palfreyman calling it “another tool to tackle the climate emergency”.
NILGOSC adopted PTV through Tumelo and LGIM, aligning its votes and amplifying its governance voice.
These were not just procedural tweaks. They set a new standard for what active stewardship can look like.
At Tumelo, our mission remains the same: to empower leaders in stewardship with the tools and technology to succeed. The question for next year is not whether voting choice will scale, but how quickly. Regulation, technology and collaboration will decide whether every investor – from the largest pension fund to the smallest saver – gets a seat at the table.