Glass Lewis’ 2024 Proxy Season Preview for the United Kingdom and Ireland provides an overview of local governance trends and regulatory updates, and explains how our updated Benchmark Voting Policy will be applied.

Key highlights from our report: 

• New FCA listing rules and diversity reporting: The upcoming proxy season will be the first where all main market companies must adhere to the new diversity reporting requirements, which should result in a greater standardisation of diversity data. 
• Bankers’ bonus cap: Remuneration arrangements at the largest UK banks will also be under the spotlight this year, following the removal of the so-called 'bonus cap'.
• Remuneration policy - focus on quantum: We anticipate that there will be a notable decrease in the number of FTSE 350 companies seeking approval for their triennial remuneration policies in 2024, with any increases heavily scrutinised against the backdrop of ongoing cost-of-living pressures.
• Capital management: 2023 marked the first full proxy season with increased capital flexibility under the best practice guidance provided by the Pre-emption Group (PEG). This year, shareholders will likely pay close attention to the quality of disclosures by companies and adherence to the PEG’s guidance.