We are pleased to share our latest analysis of shareholder voting in three key markets: Europe, the United Kingdom and the United States. This briefing not only provides a retrospective look at what transpired in 2025 but also equips readers with the foresight needed to navigate the key voting trends for the upcoming 2026 AGM season.

Key voting trends

Geopolitical and economic turbulence has plagued the 2025 AGM season, with companies and investors having to navigate a rapidly changing, increasingly volatile and complex environment. Voting activity and company policy and disclosure have been impacted by the new Donald Trump-led US administration’s policy initiatives on climate change, diversity, equity and inclusion (DEI) and trade relations. New US Securities and Exchange Commission (SEC) guidance on shareholder engagement and shareholder proposals, which many see as hostile to shareholder rights, has resulted in more cautious voting activity. In the UK and Europe, shareholder rights are being impacted by the rising use of virtual-only and closed meeting formats, relaxed regulations on dual-class share structures (DCSS) and votes on material transactions. These developments have clearly impacted shareholder voting trends this year and will continue to be felt during next year’s season.