The 2025 AGM season tells a subtle but important story
On the surface, shareholder dissent across the S&P/ASX300 softened with fewer remuneration strikes, and fewer directors facing significant opposition. But the data shows this was not a retreat by investors. It was a year where pressure was applied earlier, more selectively, and often before the AGM.
Boards that engaged early and credibly largely avoided public escalation. Those that misjudged investor expectations were met with swift and decisive action. The result is a governance landscape that looks calmer in the numbers — yet more exacting in practice.
This review brings together seven years of AGM voting data (2019–2025) to separate genuine improvement from temporary quiet, and to highlight where scrutiny is likely to sharpen next. Download the Australian AGM Season Review to understand what really moved the dial — and why.
Download the Australian AGM Review
In this year’s report we provide deep analysis of topical issues that were especially prevalent in the 2025 AGM season. Here is a preview of some of the key insights:
1. Investor scrutiny didn’t ease – it became more selective
Headline opposition eased in 2025, but investor expectations did not. The data suggests many concerns were resolved before they reached the AGM floor, reinforcing that year round engagement — not AGM strategy — is now the critical control point.
2. Remuneration remains the sharpest trigger, even with fewer strikes
Remuneration strikes fell from recent highs, yet support levels remain below historic norms and extreme dissent persists in high profile cases. Proxy advisor influence also remained material, underlining that pay misalignment is still the fastest way to attract investor escalation.
3. Climate votes reveal a fragmenting investor mindset
‘Say on Climate’ votes continued to attract strong headline support, but rising abstentions and diverging proxy advisor positions signal a shift. For many investors, these votes are no longer endorsements of strategy, but assessments of disclosure quality and governance discipline.
To accompany the report, we have prepared a series of ‘deep dive’ articles on our website, to take our analysis further and provide a platform for updated content as the year progresses. We encourage you to read these items in tandem with this report.
Proxy Advisor deep dive
Remuneration vote deep dive
What you’ll gain from the full report
- Seven year voting trends across remuneration, director elections, climate and activism
- Clear evidence of where investor pressure is easing — and where it is intensifying
- Practical insight into how proxy advisors and institutional investors are reshaping engagement
- Case studies that show how isolated controversies can reset market-wide expectations
Let’s talk
Speak to one of our experts today about how we can help you prepare for shareholder meetings.