Executive pay revolts are gathering pace, governance rights are still winning support, and investors are taking a more selective approach to ESG proposals as the 2026 AGM season unfolds.

This week’s voting builds on themes that have featured consistently in Minerva’s proxy updates this season. Shareholder support for governance, remuneration and climate-related proposals remains resilient across multiple markets, but outcomes continue to be shaped by structural and procedural constraints. Supermajority voting requirements are again preventing reforms with majority backing, while the expanded use of SEC no-action relief is narrowing the range of proposals that reach the ballot, reinforcing a gap between investor sentiment and formal outcomes as peak season intensifies.

Minerva’s evidence shows that Europe continues to underperform on shareholder participation despite SRD II being fully in force.