At the halfway mark of the U.S. 2025 proxy season, the total number of shareholder proposals filed has fallen to the lowest number seen in the last 8 years, looking back to 2018. There are, however, marked differences between the movement in numbers of proposals on governance-related topics and those on environmental and social (E&S)-related topics. In particular, in the last two years, the number of governance-related shareholder proposals filed has reduced less significantly, while shareholder proposals on environmental and social (E&S) topics have declined much more significantly, in spite of including a growing number of so-called anti-ESG proposals (referred to as “E&S-skeptic” herein). This report highlights the key U.S. shareholder proposal trends so far in 2025.