CMi2i Major European Markets' Proxy Season Reviews 2022
CMi2i’s Proxy team has recently published reviews of the 2022 AGMs proxy season in major European markets, including UK, France, Germany, The Netherlands, The Nordics, Italy, Spain, BeLux and Ireland.
The 2022 AGM season was one of the most highly contested in Europe. As in previous years, Remuneration proposals remain the most challenged resolutions across Europe with increased shareholders’ dissent notably as a result of the current economic climate, high level inflation and the cost of living. This has led to the rising of new ESG activism in the UK, where new proposals in relation to human rights and human capital management issues were submitted.
In Italy, one of 2022’s most highly contested markets in Europe, 52 resolutions were contested by at least 10% of shareholders, and 21 by 20%+ of investors and on average, management proposals received 0.7% less support compared to the previous proxy season. In Germany, out of the 54 remuneration-related proposals, 21 / 39% received 10% or more shareholder dissent, while 8 resolutions, received at least 20% or more negative votes. In the Netherlands, remuneration-related proposals (87%) received the lowest levels of support, followed by bylaws amendments (92%) and capital issuance (96%). In Spain, 13 companies received significant dissent (20%+) on one or more of the proposals and will therefore be required to engage with their shareholders ahead of next year’s AGM season. In the Nordic market, the board and remuneration proposals both saw a decrease in approval by ca. 1% compared to 2021. This proxy season, 3 Swedish companies received over 20% shareholder opposition on their proposals, an increase of 2 since 2020.
With the key themes highlighted in each of our country / market reviews and the global impact of the ongoing war in Ukraine, we would expect 2023 to continue these trends with increased focus on executive remuneration in a recession-based climate, board oversight on ESG issues and a further rise in shareholders activism on climate and human rights issues.
To read the full review for each market, please click below.
Proxy Season Review 2022 – The Netherlands
Proxy Season Review 2022 – Germany
Proxy Season Review 2022 – The Nordics
Proxy Season Review 2022 – Italy
Proxy Season Review 2022 – Spain
Proxy Season Review 2022 - France
Proxy Season Review 2022 - United Kingdom