The purpose of this paper is to provide a contextual overview of the state of play regarding natural capital reporting and developments in the proxy voting space. In recent years, there has been growing adoption of natural capital references among a wide array of stakeholders – from asset managers, asset owners, and companies, to voluntary disclosure standards-setting bodies, nonprofits, governments, and multilateral institutions. Two catalyzing factors behind the increasing acceptance of natural capital as a relevant consideration include: (1) the adoption of the Kunming-Montreal Global Biodiversity Framework in December 2022, and (2) the publication of the Taskforce on Nature-related Financial Disclosures’ (TNFD) final recommendations in September 2023. Though environmental and climate change issues have been at the forefront of much investor-issuer engagement for years, it has only been in the recent past that nature-related considerations have been more widely recognized as key components of managing environmental risks.