Extant literature finds a puzzling lack of equity market reaction around shareholder meetings. In contrast, we document important second moment effects. We show that option implied volatility gradually declines by about 1.04 percentage points between record and meeting dates, consistent with the gradual release of information between those dates. The decrease in implied volatility is more pronounced for meetings with close-call shareholder proposals but occurs even if meetings do not have shareholder proposals or close votes. We also find that proposals on executive pay and proxy access are more impactful than ESG/CSR and political disclosure proposals. In general, our evidence indicates that investors anticipate meeting outcomes to affect stock prices-shareholder proposals are consequential but have heterogeneous value implications.​