With the 2018 AGM season now completed, how have shareholders been voting at FTSE 100 and FTSE 250 AGMs, particularly on the high profile issue of remuneration?
Executive remuneration continued to feature in the press during the 2018 AGM season, with any pay packages deemed to be excessive put firmly on the spotlight. However, in overall terms the average level of support for the Directors’ Remuneration Report and Remuneration Policy resolutions in 2018 remained above 90% for both FTSE 100 and FTSE 250 companies and showed little change to average voting level seen in the 2017 AGM season.
Away from remuneration matters, shareholders appeared to be more willing to vote against the re-election of individual directors, albeit such instances remain quite rare. In particular, shareholders were concerned at circumstances where they believed that a director had too many commitments in respect of board appointments.