The climate-change related shareholder proposals popping up in 2022 proxies are far more prescriptive or “constraining” than the ones BlackRock supported last year, the asset manager said in a report earlier this month, noting they “may not promote long-term shareholder value.” Sources say that’s a key reason many climate proposals have struggled to get the same support levels seen in 2021.

Environmental protection and sustainability-related proposals at S&P 500 companies averaged 26% support as of May 17, down from 35% average support for all of 2021, according to public company intelligence provider MyLogIQ. Similarly, environmental and social proposals at companies globally as of May 17 averaged 25.3% support, down from 35.1% support during the same period last year, according to Insightia.