Environmental and social shareholder proposals are gaining greater voting support from investors at U.S. public companies, according to a recently released survey by the Investor Responsibility Research Center Institute (IRRCi).

From 2005-2011, average support for these proposals more than doubled, from about 10 percent to more than 20 percent. During that same time period, the proportion of shareholder-sponsored resolutions on environmental and social matters grew by a third, from about 30 percent to 40 percent of all proposals going to a vote.

The study -- based on a review of roughly 1,300 shareholder-sponsored environmental and social proposals voted at Russell 3000 companies from 2005 to 2011 -- found various characteristics that appear to be connected with the most prominent votes. For purposes of the study, “prominent” shareholder-sponsored Environmental and social proposals were defined as specific initiatives with more than 40 percent support. Among the findings:

Proposals at companies where investors raised concerns over board performance received higher voting support. This reflected not only investor-perceived concerns over a related environmental or social issue, but also a perceived need for other governance-related change.

Proposals connected to current events gain prominence through their association with public awareness fueled by media headlines. Proposals also gain traction if related to industry-specific peers and "leading companies." For example, In 2010 and 2011, following the Supreme Court's Citizens' United decision, the number of proposals on political spending/lobbying – already one of the most heavily submitted proposal topics – rose 40 percent, to 53 proposals. In 2011, the Deepwater Horizon oil rig disaster in the Gulf of Mexico led to, among other things, a jump in prominent proposals related to operational safety/accident risk reduction.

Prominent proposals tended to be associated with, and supported by, Socially Responsible Investors (SRI), institutions that explicitly seek both investment returns and social impact, and public pension funds. By contrast, proposals submitted by special interest groups or individuals received lower levels of support.

The highest supported proposals received even more support the second time they were submitted at the same company, with investors inclined to adjust their votes to account for the sponsor's view. After the second time around, resubmissions resulted in mixed results as investors began to take into account company responses and evolving practices.

Proposals seeking enhanced reporting and disclosures generally received stronger support than those demanding a specific company action and change in existing policies or practices.

More than 60% of the total number of proposals voted were represented by only a handful of topics -- political spending, lobbying, human/labor rights, climate change, sustainability, EEO/diversity, animal testing, and animal welfare.

"Investor attitudes about extra-financial issues seem to be undergoing a sea change,” said Jon Lukomnik, IRRCi's executive director. “It wasn't that long ago that these were regarded by most mainstream investors as abstract issues, viewed as only tenuously linked to bottom line concerns. Today, however, an increasing number of investors seem to regard some environmental and social proposals as an early warning system for issues that will demand attention from corporate managements and boards because of the implications for corporate sustainability and long-term shareholder value."

IRRCi will hold a webinar to review the findings held on Wednesday, Feb. 20, at 1 p.m. Speakers will include representatives from  Ernst & Young, which provided information from its corporate governance database for the survey. Registration information for the event can be found here.

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