Navigating AGM Season: Key Insights from AIRA’s Sydney Conference

At the recent AIRA Trends in AGM Practice, Proxy Voting, and Shareholder Engagement Conference in Sydney, industry leaders discussed the evolving dynamics shaping the 2025 AGM season. 

Aldi Djajaputra shared insights from the Australia 2025 Year in Review. The findings underscored the growing intensity of strikes against remuneration reports, increasingly positioning them as focal points for activist shareholder campaigns. This theme was further explored in a panel discussion featuring Matthew Gregorowski, Co-Head of Investor Relations. 

A Practical Playbook for Activism Preparedness 

The panel outlined a clear and pragmatic approach for companies navigating activist pressure: 

• Adopt a defense mindset: Approach activism with the same rigor as a takeover defense, supported by an internal task force and experienced external advisors.  

• Break down internal silos: Ensure seamless communication across teams to maintain alignment and responsiveness.  

• Know your shareholder base: Develop a deep understanding of key shareholders and where influence sits.  

• Ensure consistent messaging: Appoint a single, credible spokesperson, typically the Chair, to engage with shareholders.  

• Address vulnerabilities early: Proactively resolve governance concerns ahead of the AGM to reduce activist leverage.  

• Strengthen Board feedback loops: Provide timely and accurate insights from shareholder engagement, reinforcing the critical role of Investor Relations teams.  

Broader Industry Themes 

The conference also featured perspectives from proxy advisors, market commentators, and corporate practitioners, highlighting several important trends: 

• Hybrid AGMs remain the norm: While in-person attendance is gradually recovering, it remains below pre-2020 levels. Retail participation continues to be subdued, reinforcing the need for more effective digital engagement strategies.  

• Evolving proxy voting landscape: With increasing focus on voting infrastructure and the influence of AI, global asset managers are reassessing traditional proxy models. The rise of pass-through voting among larger institutions is introducing greater complexity, including fragmented voting outcomes and reduced participation, making it critical for companies to understand where voting power resides and to engage proactively with stewardship teams.  

• Shifting ESG expectations: Investors and proxy advisors are placing greater emphasis on the credibility of ESG disclosures, seeking clearer evidence of how ESG considerations are embedded operationally within organizations.  

• The importance of preparedness: Clear, disciplined disclosure is more important than ever. Companies must communicate transparently, avoid obscuring material information, and provide robust context around resolutions, particularly director elections, which are increasingly under scrutiny amid broader governance concerns.  

Looking Ahead 

For Investor Relations teams, success in the current environment hinges on a deep understanding of shareholder voting behavior and how governance decisions resonate across an increasingly diverse investor base. 

Proactive engagement well ahead of the AGM is essential, not only to drive better outcomes but also to mitigate activist risk. Ultimately, trust is built through consistent, ongoing dialogue with shareholders, not just on the day of the AGM.