An analysis by Manifest of voting trends on the remuneration report since its introduction in 2003 has revealed the FTSE 100 companies with the greatest level of shareholder dissatisfaction, on average, over the period.

The list includes some companies where there has been one very large dissenting vote, but the more interesting companies are perhaps those which have shown consistently high levels of dissent ("high" being considered to be 20% or more, double the typical average level). Of the four companies with the highest average dissatisfaction levels, none has lost the vote, although there have been some close votes among this group. Without the 34% stake of Glencore in Xstrata, the latter would certainly dominate the figures and indeed would have lost at least one vote.

An analysis of the shareholder profile of these companies would make for interesting reading. One of the more revealing statistics thrown up is the average dissatisfaction for Centrica, parent company of British Gas, is the lowest (excluding companies with controlling shareholders) with an average dissent of only 3.2%.

The figures also show that average dissent on remuneration reports for 2011 to date (9.5%) is only very slightly higher than the historical average of 9.4%.

Rank Company AGMs Avg Dissent 2011 AGM 2010 AGM High Dissent AGMs 1 Randgold Resources 9 23.3% 16.2% 34.2% 2006, 2008, 2009 and 2010. 2 Xstrata 9 23.1% 39.4% 35.9% 2004, 2005, 2009, 2010 and 2011. 3 Reckitt Benckiser Group 9 20.5% 33.6% 16.8% 2003, 2004, 2005 and 2011. 4 Autonomy Corporation 6 18.4% 1.9% 29.7% 2009 & 2010. 5 GlaxoSmithKline 9 17.7% 9.1% 2.9% 2003, 2008. 6 Royal Bank of Scotland Group 9 17.7% 1.0% 1.5% 2009 7 BP 9 17.4% 26.4% 16.1% 2007, 2008, 2009 and 2011. 8 WPP 9 16.8% 41.8% 21.8% 2003, 2010 and 2011. 9 Lonmin 8 16.5% 4.1% 27.5% 2005, 2007 and 2010. 10 Royal Dutch Shell 9 16.0% 4.2% 3.9% 2003, 2009. FTSE 100 Average 921 9.4% 9.5% 9.3%

Notes:

High dissent AGMs refers to remuneration report votes with dissent of 20% or more; defeated resolutions in red & bold.

Analysis of remuneration report votes based on the current constituents of FTSE 100. Some companies may not have been FTSE 100 constituents for the entire duration of the study. Some new entrants have yet to hold an AGM.

Figures for WPP and Reckitt Benckiser include previous holding company. Figures for Royal Dutch Shell include predecessor Shell Transport & Trading. Lonmin was a FTSE 250 constituent in 2005 when it lost the vote.

Figures for Randgold Resources exclude 2007 due to non-disclosure by company. Figures for Autonomy Corporation exclude 2006, 2007 and 2008 due to non-disclosure by company.