Success is measured in doses of low percentages of the overall shareholder vote. South Africa proposals have earned the highest consistent support, but respectable scores on other issues have shown up as well, with the average for all resolutions hovering around 10 percent for the past two years. The corporate exodus from South Africa since 1985 is the most frequently cited example of shareholder victory. Restrictive contracting requirements by major U.S. cities and states have been at least as important as shareholder resolutions and adverse publicity. An overall picture of increased corporate responsibility in other areas is harder to draw and less encouraging for those wanting change across the board.
Activists measure their success in more ways than voting results, however.
A close look at the South Africa issue and its treatment in the corporate world provides a framework for assessing shareholder activism in general. Because South Africa illustrates the most fully developed instance of corporate reaction to pressure, it remains an example of how far an issue may go, given the right conditions. Then, many U.S. companies began to leave South Africa. The recent treason trial and conviction of South African anti- apartheid activists is a frightening example of the government's position, whatever positive image it tries to paint through apparently conciliatory regional moves. In sum, U.S. companies substantially reacted to anti-apartheid pressure, providing intermediate success for shareholder activists, but the dissidents' ultimate goal of changing the face of apartheid is still far from being realized.