Spain saw the greatest opposition to remuneration-related resolutions, with 60.6% contested—an increase of 33.2% year on year.
The fund manager voted against the reappointment of 6,560 directors around the world between the beginning of July 2020 and end of June 2021.
In H1 there have been 38 significant shareholder votes against individual directors, the lowest six-month total in four years.
Report reveals that since 2019 only 32 companies have agreed to submit their climate action plans to a shareholder vote.
Legal and General Investment Management (LGIM) wants companies to put their climate policies to a vote for investors.
The Norwegian sovereign wealth fund cites greater transparency as the motive for the policy change, after an earlier pledge to publish voting rationales.
The Investment Association recommends all companies publish dividend policies after its research revealed 22% of FTSE-listed firms fail to seek an annual shareholder vote on distributions.
Large shareholders have had the right to challenge executive remuneration in the UK since 2013, but research shows that no pay policies in FTSE 100 companies have been defeated by investor votes since the law was introduced.
Research reveals that average backing for shareholder proposals is on the rise, indicating that institutional investors are giving them more support.
Both Legal & General Investment Management and The Investment Association have fired warning shots at FTSE 350 boards to improve gender diversity, or face the consequences.