The Dutch Pension Fund for Healthcare and Welfare (PFZW) has expressed concern about shareholder rights in the United States, warning that shareholders are finding it increasingly difficult to make their voices heard.

As part of its Stewardship Report 2025, the pension fund noted that in the US shareholder proposals are “more frequently removed from the agenda”.

“Organisations that assist large investors with voting (proxy advisors) are also under political and legal pressure. As a result, it is becoming more difficult for shareholders to make their voices heard,” the pension fund stated.

PFZW said it does not consider strong shareholder rights "a luxury", but "a fundamental prerequisite for good governance, transparency and responsible corporate behaviour".

It warned that if shareholders are less able to scrutinise company directors, "the balance necessary for healthy financial markets is weakened".

The pension fund noted that the issue is particularly relevant because the United States is an important market for its investments.

It said developments relating to shareholder rights and corporate governance in the country could therefore have consequences for the fund and, ultimately, its members' pensions.

PFZW said it would continue to monitor these developments and remain committed to strong shareholder rights and the responsible use of voting rights.

As a shareholder, the fund said it uses its voting rights to influence how companies are managed, including on issues such as the appointment of directors, executive remuneration, climate policy and human rights, with the aim of encouraging companies to create long-term value responsibly.

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