The rise in shareholder protests against individual directors
shows the public register is having an impact
Statistics from the Investment Association (IA) show a sharp
increase in votes against individual directors at the mid-point of
the 2018 annual general meeting (AGM) season.
The IA, the trade body for UK investment managers, has reported
a 100% increase in votes from shareholders against directors
– with 54 individual director-related resolutions receiving a
vote of 20% or more against – at AGMs held before 8 June
2018.There was also a 62% rise in the number of companies facing
revolts on director-related resolutions.
The backdrop to this is the introduction last December of the
IA's public register. Developed as part of the response to the
government's green paper on corporate governance, the register
includes FTSE All-Share companies that have received votes of 20%
or more against any resolution, or withdrew a resolution prior to
their AGM.
