2024 Proxy Season Review: Ireland

This analysis takes into account the AGM voting of issuers listed on the ISEQ 20 index in 2024, for meetings which occurred between January 1 and August 31, 2024. Whilst the sample does not capture historical index constituent movement, the data looks at the same group of companies across a three-year period of 2021, 2022 and 2023, and the updated constituents of 2024. We have focused on the most perennially contentious resolutions around remuneration reports (advisory) and policies (binding).

Average Vote Turnout

The concept of free float impacts widely on the vote participation in mainland European markets, but less so in the UK (FTSE 100) and the ISEQ 20.

Within the latter, AIB Group plc and Permanent TSB Group Holdings plc have continued to disclose ‘controlling shareholder’ positions that contribute to vote support year on year, and therefore impact on the overall, average turnout year on year.

Although slightly up on 2023, the average 2024 turnout retained its level of approximately 68% for the third year in a row.

Remuneration

Approval of the Remuneration Policy and the Remuneration Report

Average Support Level for Rem Report

Proxy Adviser Evolution on Rem Report

In 2024 only one Policy suffered dissent >10% despite a notable overall drop in support for the resolution type. The key areas of concern identified were that total pay was deemed excessive, variable remuneration lacks long-term value creation alignment, along with the award of a one-off retention award without any performance conditions attached. 

In 2024 two Reports suffered dissent >10% with support for the resolution type having increased significantly from 2023. The key themes that arose were a lack of disclosure and rationale to support remuneration decisions, year-on-year concerns with remuneration with insufficient response to shareholder concerns and a lack of prospective disclosure of LTI targets.