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Investment Association publishes Public Register of shareholder dissent

The Investment Association has today published its “Public Register” recording significant shareholder dissent against proposed resolutions and where companies have withdrawn resolutions at a late stage. The Register was one of the measures in the Government’s corporate governance reform package published in August.

Significant shareholder dissent is defined in the methodology which accompanies the Register as a vote against of 20% or more, and a resolution counts as withdrawn if it was withdrawn between the announcement of the Notice of Meeting and the conclusion of the AGM.

The Register also provides a link to the AGM results announcement, including any statement made by the Board at the time of the meeting, and a link to any further announcements the company has made in response to the significant vote against.

The Investment Association has provided some analysis regarding the Public Register at the time of publication:

  • 143 companies, 22% of the FTSE All-Share, appear on the Register.
  • There are 249 resolutions on the Register, including 27 withdrawn resolutions.
  • 38% of the resolutions on the Register relate to pay.
  • 32% of the resolutions on the Register relate to director re-election.
  • 55% of the resolutions were acknowledged in the AGM results as having significant dissent.
  • 31% of companies on the Register have made an additional public statement demonstrating how they are addressing shareholder concerns.

The Investment Association’s Public Register is available here.

Our governance updates issued in the year can be found at www.deloitte.co.uk/governancelibrary.

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