Pension fund savers believe that voting at AGMs against the re-election of directors is an “effective way to communicate dissatisfaction with companies”.

The news comes after PensionBee, a pension management firm, polled 1,000 savers and found 61% in favour of shareholder proposals as a means of holding boards to account.

According to Clare Reilly, chief engagement officer at PensionBee,  the survey results show there is a “growing demand” for strong corporate governance among pension holders.

“With over six in ten respondents advocating for voting against directors where a company’s actions can pose a risk to the long-term profitability and performance of the company, the message is clear: shareholders are eager to wield their influence to drive accountability and effect change.” The survey also found just 15% of savers felt a challenge during AGMs was “unnecessary”.

The results come as the UK launches into the early segment of its AGM season. One issue that looms over this year’s annual meetings is an attempt by City figures to talk up the necessity of increased chief executive pay to compete with other markets.

Julia Hoggett, chief executive of the London Stock Exchange, kicked started a debate over pay last year with a blog calling for higher pay levels. She wrote: “We should be encouraging and supporting UK companies to compete for talent on a global basis, so we remain an attractive place for companies to base themselves, stay and grow.”

The idea has since been challenged by a number of observers, including City grandee Paul Drechsler and London School of Economics pay expert Sandy Pepper .

Recent stories have emerged of looming clashes over pay. Last week it was reported both proxy advisors, Glass Lewis and ISS, had recommended a vote against a new pay scheme at Ocado, the grocery delivery business, which would see chief executive Tim Steiner receive a bonus share award valued at nearly £15m. Ocado’s AGM will take place on 29 April. Elsewhere, Smith & Nephew chair Rupert Soames is on record describing UK pay rates as “not sustainable”.

Other campaigners, the Capital Markets and Industry Taskforce (CMIT), led by Julia Hoggett, has called for additional changes, in what it says is a “reset” for UK corporate governance.

This includes removing the requirement to post shareholder rebellions (votes of 20% or more) to the Public Register on the Investment Association website.

The register usually records significant votes against individual directors and issues such as remuneration policies. The CMIT argues the 20% threshold is “arbitrary and distorting”. One proxy advisor, Sarah Wilson at Minerva, called the CMIT proposal a “regression to the lowest common denominator”.

So far this AGM season, votes have been recorded against directors at Mitchells & Butlers and, this week, against three directors at Plus500, an online trading platform.

Last year, the largest vote against a director, 71.5%, opposed the re-election of Andrew Sutch, chair of Hipgnosis, the music investment fund.

There is an ongoing debate about the role and importance of governance in the UK. The PensionBee survey is reminder it is not just a row between boards, investors and policymakers but also involves the interests of pension fund savers.