Meta's May 27 AGM defeated every shareholder proposal, with its AI-data-governance measure topping out at ~27% — and even the world's largest fund couldn't move it. We read three signals off that vote: the structural ceiling on AI stewardship, the proxy-season pattern behind it, and how the AI capex owners can't out-vote is concentrating inside their bond portfolios.

Full brief and sources: https://www.universalassetowners.com