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2023 European Proxy Season Review (United Kingdom edition)

2023 European Proxy Season Review (United Kingdom edition)

21 September 2023

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Morrow Sodali 2023 European Proxy Season Review
France | Germany | Greece | Ireland | Italy | PortugalSpainSwitzerland | United Kingdom

Morrow Sodali is pleased to share its review of the 2023 Proxy Season in the United Kingdom. This comprehensive review highlights several key trends in corporate governance and shareholder engagement.

Notably, the season saw a mix of in-person and hybrid meetings, with a strong preference for in-person or hybrid formats over virtual-only meetings. Investor support for directors remained consistent regarding board elections, but concerns such as poor succession planning and governance issues led to votes against directors and board members. The Review also emphasizes the growing importance of ESG metrics in remuneration policies, reflecting a trend towards sustainable business practices. Overall, the publication underscores the evolving corporate governance landscape and the ongoing debate over virtual-only AGMs.

The publication also delves into the debate around virtual-only Annual General Meetings (AGMs) and their impact on investor engagement. While many companies adopted virtual-only AGMs during the pandemic, some investors expressed concerns about the lack of proper engagement with the board. Regulators in various countries considered the possibility of making all AGMs virtual, but there has been a pushback from investors who believe that shareholder rights and access to directors should be preserved. The article suggests that hybrid AGMs, which combine virtual and in-person elements, could represent a compromise solution that is more widely accepted by stakeholders.

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