We are pleased to share our 2025 Silicon Valley 150 Corporate Governance Report, which reviews the corporate governance practices and disclosures of Silicon Valley’s largest public companies. The report includes information regarding board matters, officer matters, defensive measures, proxy statement disclosures, environmental, social, and governance (ESG) and sustainability reporting, stockholder proposals, activism, and executive compensation of the SV150 companies.

Among the key takeaways from this year’s report:

• Diversity disclosure in SV150 proxy statements dropped significantly this year to 57.3 percent compared to 92.0 percent last year. The decrease occurs not only amid the change in U.S. presidential administration and elimination of the Nasdaq diversity matrix, but also the consequent changes in some institutional shareholder voting policies regarding diversity, equity, and inclusion (DEI).
• After increasing prevalence over the last few years, ESG/sustainability disclosure in proxy statements has also trended down this year, although less significantly than DEI, from 80.7 percent in 2024 to 71.3 percent this year.
• After three years of increases, human capital disclosure decreased to 66.0 percent, down from 74.7 percent in the prior year.

The report uses the Lonergan SV150, which ranks the top 150 public companies with headquarters in the Silicon Valley by annual sales. For more information on the methodology used to prepare the Lonergan SV150, please visit https://lonerganpartners.com/assets/pdfsdownloads/2025-LSV-150-Company-Ranking.pdf.