Core Insights - The white paper titled "Observation on Voting Trends of Shareholders' Meetings of A-share Listed Companies: Insights on Institutional Shareholders' Participation in Governance" was jointly released by Harvest Fund and Wind ESG, analyzing shareholder voting behaviors and institutional investor governance practices based on data from 2023 [2] Group 1: Shareholder Participation Trends - Higher institutional ownership correlates with increased shareholder meeting participation, with voting rights participation rates of 58.7%, 52.7%, and 51.6% for the CSI 300, CSI 500, and heavily held fund stocks respectively, significantly above the average participation rate of 48.8% for all A-shares [5] - The average voting rights participation rate for small shareholders in the three samples is 8.3%, 6.5%, and 8.7%, while the overall average for all A-share small shareholders is only 3.5% [12] Group 2: Rising Dissent in Proposals - The dissent rate for proposals across the market has been increasing, with 5.2% of proposals in the first three quarters of 2025 having dissent rates exceeding 5%, particularly in asset purchases and sales, as well as related party transactions [6] - Small shareholders and Hong Kong shareholders show a more pronounced tendency to dissent, with small shareholders dissenting over 12% on proposals related to rule establishment and amendments, guarantees, and financial support, while Hong Kong shareholders dissent over 20% on proposals regarding mergers and guarantees [6] Group 3: Future Directions and ESG Integration - The white paper aims to systematically outline the evolution of corporate governance in A-shares and clarify the core value and practical paths for institutional shareholders' participation in governance [8] - Wind ESG plans to continuously optimize its ESG rating system and data services to support institutional investors in managing responsibilities through diverse methods such as voting, communication, and proposals, promoting capital towards companies with strong governance and sustainable development capabilities [8]