Glass Lewis’ 2023 Australia & New Zealand Proxy Season Review and 2023 Australia Proxy Stats reports offer detailed analysis of the remuneration and governance issues that drove shareholder voting at annual general meetings (AGMs) this year.
Key Findings:
- Remuneration Strikes: The 2023 AGM season in Australia set a record with 41 S&P/ASX300 companies receiving strikes on their remuneration reports, the highest since the introduction of the two-strike rule in 2011.
- Election of Directors: A notable shift this year is how shareholders are increasingly voicing their dissatisfaction with subpar company performance by voting against remuneration reports and challenging directors during re-elections.
- ESG Shareholder Proposals: 2023 showed significantly less activity in terms of shareholder proposals and Say on Climate resolutions.
- Pay Votes Spread to New Zealand: In contrast to the increase in opposition at Australian AGMs, New Zealand appears to be a peaceful shore with fewer controversies and protest votes.
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