Investor opposition tactics change to target multiple issues at specific companies

MELBOURNE, 16 February 2026 – Shareholder pushback against executive pay across S&P/ASX 300 companies eased slightly during 2025, although investors continued to target future remuneration through key equity grant votes, according to Georgeson’s 2025 Australian AGM Review.

After two consecutive years of heightened investor opposition, the number of remuneration report strikes across S&P/ASX300 companies fell to 33 in 2025: down seven from 40 in 2024 and eight from 41 in 2023.

Despite the slight decrease, executive pay remains a flashpoint for investors, with the top five Australian-listed companies that experienced strikes during 2025 recording more than 72% of votes against their remuneration reports.

Among the 33 companies that received a strike, nearly half (16) also experienced significant opposition — defined as 10% or more ‘against’ votes — to their equity grant proposals for key management personnel such as CEOs.

Scott Hudson, Managing Director of Australia and New Zealand at Georgeson, said: “Our data suggest that investors who are unhappy with past remuneration practices will often target future executive pay arrangements as well.

“While we’ve seen slightly less pushback across the S&P/ASX 300 in numerical terms, companies should not interpret this as investors easing their expectations but rather as a more nuanced phase of investor engagement.

“Shareholder scrutiny of pay structures and board composition as well as strategy and performance alignment remains strong, and investors increasingly expect boards to show clear, measurable responsiveness to their feedback.”

According to Georgeson, there were 81 instances of significant opposition to board-nominated candidates at 61 companies (down from the previous year’s 98 instances at 70 firms).

Despite the decline, the 2025 data revealed an unusual occurrence: three directors at one company failed to secure majority support and were subsequently voted off the board.

Paul Murphy, Head of Governance & ESG Advisory APAC at Georgeson, said: “We’re seeing investors consolidating their concerns and often pursuing those issues with companies on multiple fronts.

“Sometimes this is taking place outside the confines of the AGM, for example, through investor collaborations or advocating through the media and or public policy.

“While the overall volume of dissent has not changed, where and how it’s being applied has altered.”

The report further noted that the use of the ‘many to one’ approach — already established in other global markets and which involves investing in a diversified portfolio to manage risk and prioritise long-term growth — is accelerating in Australia.

Georgeson’s report also provides:

  • Trend data on key voting metrics spanning the seven calendar years from 2019 to 2025
  • Insight into Australia’s unique ‘two-strikes' remuneration vote rules, including the profound impact that strikes can have on corporate reputation
  • ‘Say on Climate’ proposals during 2025
  • Analysis of trends in shareholder activism, including some new approaches by ESG-focused activists
  • The rapidly evolving landscape of major investor and proxy advisor voting policies, frameworks and regulations

Download the full report at https://www.georgeson.com/au/insights/agm-review.