The
numbers.
What is publicly known about retail turnout, early IVRVP adoption and adjacent investor-choice growth.
Retail votes less often.
Broadridge’s ProxyPulse reports voting as a percentage of shares owned. The retail figure declined from 30.1% in 2021 to 28.0% in 2025; institutional participation declined from 83.0% to 76.6%.
ExxonMobil’s first disclosed snapshot.
ExxonMobil stated that enrolled shares represented more than 3% of shares outstanding. At the May 2026 meeting, a proposal to add independent voting options received 709.7 million votes, equal to 23.5% of votes cast for or against.
Investor Choice is scaling.
Vanguard Investor Choice is not an issuer IVRVP, but its sixfold participant growth provides adjacent evidence that investors will use persistent voting-policy choices when those choices are accessible.
What the data cannot yet tell us
Public reporting does not yet provide a standardized issuer-by-issuer measure of eligible holders, enrollments, cancellations, overrides, voting impact, demographic composition or cost. Early adoption at one issuer cannot establish the effect of a general framework.