# kaal:claim:5583610-030

**Claim.** In ESG disputes, a board facing an aggressive shareholder proposal can deploy LER to distribute vouchers to shareholders who vote for management's competing proposal.

**Type.** design  **Support.** asserted

**Holds when.**

- contested ESG shareholder proposals

**Source quote.**

> In response, the board, favoring a more balanced ESG strategy, could deploy LER to distribute voucher rewards to shareholders who vote in favor of management's proposal.

**From.** Wulf A. Kaal, *Liquid Equity Rewards in Corporate America* (2025), 7.1. ESG Disputes and Shareholder Proposals, page 26

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards in Corporate America (2025). SSRN: https://ssrn.com/abstract=5583610

**Verify.** sha256 of source PDF `2d73609d95ddb1573acc2a9e7af617fbe6283d6e591deb6317f6d5d804517c62` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards%20in%20Corporate%20America.pdf

**Topics.** law-and-legal-systems, corporate-governance, risk-and-incentives, ai-and-agents

**Keywords.** esg-disputes, shareholder-proposals, vote-incentives, management-alignment

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