Seventy plus resolutions have been defeated since the new Companies Act was legislated. These and the steady increase in ‘against’ votes is a sign that investors have started to offer companies push-back on their decisions.
But the investor focus has remained on operations. It’s cannot be that they don’t have a view on other matters - it’s just that they are more comfortable voicing these in one-one-one conversations.
The coming AGM season is an opportunity for investors to signal how they view a broader set of developments, not merely through their reactions i.e. voting, but through shareholder resolutions they propose - change they will like to see.
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