With the impacts of Covid-19 hitting just as the season took off, “fraught” was the watchword of 2020’s AGMs. Understanding that these were challenging times, proxy advisers and activist investors, whilst not mute, were more lenient than they might otherwise have been.

Be aware: that will not be the case this year. Whether your company suffered or succeeded in the pandemic, investors will want to get into the nuts and bolts of your long-term sustainability strategy and their expectations on non-financial reporting will be increased. This is due not just to recent and upcoming regulatory changes but also high-profile environmental and social campaigning. We expect a sharpened focus on risk management, emerging risks and social responsibilities even before we clearly emerge from the pandemic.