Following the implementation of the 2024 UK Corporate Governance Code, investors are likely to look for clear and comprehensive reporting on chair tenure (provision 19), responsiveness to dissent (provision 4), and malus and clawback (provision 38).
Uncertainty remains as to the legality of wholly virtual general meetings. While 98% of FTSE 350 AGMs in 2025 allowed in-person participation, the government is reportedly “pushing ahead” with reforms to permit virtual AGMs.
With the deadlines for the FTSE Women Leaders Review and Parker Review now passed, companies that have not met gender and ethnic diversity targets may face investor dissent.
Remuneration
Approximately 100 FTSE 350 firms (excluding investment trusts) are expected to put their pay policies to a vote in 2026, with quantum increases, hybrid plans, and relaxation of bonus deferral provisions remaining key areas of focus for remuneration committees and investors.
Activism
Activist Saba Capital Management, L.P. is expected to continue pushing for board changes at London-listed investment trusts. Its approach of repeatedly requisitioning meetings has prompted the Association of Investment Companies to call for reform, questioning whether the current framework adequately protects shareholders.
