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Minerva Proxy Update
May 15, 2026
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.
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UK Banks: Votes below FTSE 100 average
February 16, 2009
Read MoreTower Australia: performance shares spat
February 19, 2009
Read MoreStrong support for shareholder resolution at Novartis AGM
February 26, 2009
Read MoreEddington re-election concerns at Rio Tinto
April 3, 2009
Read MoreRBS Vote Result Analysis
April 3, 2009
The resolution on the remuneration report at Royal Bank of Scotland Group plc represents the highest ever "Total Dissent" vote on the remuneration report since the introduction of the requirement for the report to be put forward to a non-binding vote.
Read MoreEddington concerns resonate with shareholders
April 21, 2009
Read MoreHellenic Exchanges seek re-pricing of underwater options
April 22, 2009
Read MoreAgius against vote highest for FTSE 100 Chairman in over five years
April 24, 2009
Read MoreFortis Shareholder Revolt
April 29, 2009
Read MoreAGMs get heated: insults, eggs, now riots
May 14, 2009
Read MoreTUI's marathon AGM, Fredriksen rebuffed, again
May 14, 2009
Read MoreRyanair seeks pay cuts at Aer Lingus
May 21, 2009
Read MoreLloyds Directors - Duty of Care?
May 22, 2009
Read MoreOz Minerals AGM promises fireworks
May 27, 2009
Read MoreIreland 'Say-on-Pay' gathers momentum
June 1, 2009
Read MoreBig protest vote at Tomkins AGM
June 2, 2009
Read MoreLloyds: One-third of non-Government shareholders fail to support Blank
June 5, 2009
Read More18 Japanese companies disclose AGM voting results
July 3, 2009
Read MoreRebellions at 3 UK general meetings
July 3, 2009
Read MoreTesco rebuked by shareholders
July 3, 2009
Read MoreQuintain Estates leads by example at AGM
August 20, 2009
Read MoreDeutsche Bank 2008 AGM 'Void'?
September 4, 2009
Read MoreWhen shareholder meetings go wrong
September 11, 2009
Read MoreBoardroom warfare at Fairfax Media ahead of AGM
September 18, 2009
Read MoreRyanair directors receive almost double average dissent
September 24, 2009
Read MoreManifest wins voting disclosure battle against Ryanair
October 5, 2009
Read MoreAustralian shareholders rebel over pay
October 23, 2009
Read MoreCompanies upset by Australian remuneration report rebellions
November 13, 2009
Read MoreFeisty Goodman Group AGM
December 4, 2009
Read MorePunch Taverns shareholders reject remuneration report
December 18, 2009
Read MoreSecond Irish company proposes say-on-pay vote
January 8, 2010
Read MoreGerman companies engage on pay ahead of first say-on-pay votes
January 15, 2010
Read MoreWhen in Helsinki ... or the true meaning of 'Abstain'
January 22, 2010
Read MoreAGM turnout holds steady - pay still key issue
May 16, 2010
Read MoreWyser-Pratte challenges outcome of Lagardère AGM
June 18, 2010
Read MoreCentamin Egypt evades AGM remuneration report vote
October 29, 2010
Read MoreAustralia's Future Fund sends a message on pay as more remuneration reports defeated
October 29, 2010
Read MoreUK pay dissatisfaction trends revealed
July 1, 2011
Read MoreVoting Discretion: should the chairman have a say on say-on-pay?
August 12, 2011
Read MoreAMF Consults on French General Meetings
March 16, 2012
Read MoreBananarama knows what gets results...
January 29, 2014
Read MoreWhen is a shareholder announcement not a "Shareholder Announcement"?
January 31, 2014
Read MoreAustralian Institute of Company Directors calls for direct voting at AGMs
June 26, 2016
Read MoreSports Direct takes action to respond to criticisms of working practices and corporate governance
September 18, 2016
Read MoreSports Direct AGM: Chairman gains majority backing from independent investors
September 8, 2017
Read MoreAGM resolutions: what you see may not be what you get
May 22, 2018
Read MoreUK Governance Watch 26 Oct - 1 Nov 2018
October 26, 2018
Read MoreUK Governance Watch 2 Nov - 8 Nov 2018
November 2, 2018
Read MoreJD Wetherspoon Shareholders: Board independence concerns
November 9, 2018
Read MoreKier Group: Shareholders oppose to remuneration policy
November 16, 2018
Read MoreMJ Gleeson: Intention to address Governance Code’s requirements
December 3, 2018
Read MoreApplied Graphene Materials: compliance with codes is not the same as meeting investors' expectations
December 14, 2018
Read MoreITE Group to seek shareholder approval to amend remuneration policy
January 24, 2019
Read MoreCompass Group AGM: 37% dissent on “overboarded” NED
January 31, 2019
Read MoreTUI AG: Board view deviations from UK governance practice as necessary
February 7, 2019
Read MoreBoard chair tenure - how will companies respond?
February 15, 2019
Read MoreSage Group: pensions down, shareholdings up
February 21, 2019
Read MoreAIM & remuneration: room for improvement
March 11, 2019
Read MoreMore AIM remuneration disclosure deficits
March 25, 2019
Read MoreAudit-related voting still rare
March 25, 2019
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Shareholders record second strike against Westpac
December 20, 2019
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Australia shareholder activists poised for AGM season
October 8, 2021
With Australian AGM season around the corner, ESG issues look set to take centre stage as shareholder activism on environmental and social issues increases. This blog article is based on analysis from Minerva’s upcoming Australia Peak Season Preview briefing – contact hello@minerva.info for more information.
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Amazon shareholders vote against socially focussed resolutions
May 27, 2022
Fifteen investor-led resolutions that took aim at company policies ranging from mistreatment of workers to nondisclosure agreements, failed to pass after majority of Amazon shareholders voted against them.
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Woodside Energy withstands investor unrest at AGM
May 2, 2023
Woodside Energy has withstood investor backlash against inadequate climate policies at this year’s AGM.
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Glencore faces investor unrest at AGM
May 23, 2023
Mining company Glencore faces increased pressure from investors seeking greater transparency on how its thermal coal production aligns with the Paris Agreement.
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CCGG warns law firm’s proposed by-law weakens shareholder rights
October 20, 2023
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Starbucks: Proxy Contest 2023
December 1, 2023
Starbucks Corporation is set to become the latest company to face a proxy contest after a coalition of labour unions nominated directors for election to its board due to concerns over the firm’s approach to labour rights.
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Activist investor loses out to Disney in board election vote
April 4, 2024
Activist investor Nelson Peltz has lost his proxy fight against Disney after shareholders voted to re-elect the full board.
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Minerva data shows major Canadian banks set to vote on remuneration shareholder resolutions
April 5, 2024
Several major shareholder resolutions are set to be held in the coming weeks, including numerous Canadian banks voting on remuneration requests.
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Tesla shareholders re-vote on Musk’s pay after court decision
April 18, 2024
Tesla shareholders will once again vote on Elon Musk’s record-breaking $56 billion pay package after it was voided by a judge.
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Flatout at flatex? Demands for leadership change at June’s Virtual AGM
May 17, 2024
A high-stakes shareholder fight has broken out at Germany’s fintech brokerage flatexDEGIRO AG. After a flurry of senior management changes, twenty percent shareholder, GfBk is demanding the removal of supervisory board chair Martin Kombacher at the conclusion of the virtual AGM scheduled for June 4, 2024.
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More ESG proposals ahead for China’s AGM season
May 30, 2024
Read MorePortion of Tesla Shareholders Risk Being Unable to Vote at AGM
June 5, 2024
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Tesla shareholders approve Musk’s huge pay day
June 14, 2024
Tesla shareholders have approved CEO Elon Musk’s $56 billion pay package – the largest in US corporate history – after it was rescinded by a Delaware court in January.
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Upcoming Shareholder Proposals: Second Half of February 2025
February 19, 2025
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Support for shareholder resolutions hits all time low
February 21, 2025
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BP excludes vote on changes to climate strategy at AGM
March 7, 2025
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Raiffeisen Bank’s AGM disrupted by protests over ties to sanctioned Russian companies
April 3, 2025
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Nearly a quarter of BP of investors vote against re-election of chair
April 17, 2025
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AI and Accountability: The Emerging ESG Risk Institutional Investors Can’t Ignore
May 20, 2025
Read MoreName and shame: Nomura Shareholders to Vote on First Proposal Since 2012
May 30, 2025
Read MoreHitting the Brakes: Shareholders Heighten Pressure on Tesla and Toyota
July 11, 2025
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Shareholder Setback: Microsoft Excludes Proposal Despite Lacking ‘No Action’ Assent
November 5, 2025
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Minerva Proxy Update
May 8, 2026
This week’s key votes highlights that governance frameworks are as important as the substance of proposals themselves, with voting outcomes impacted by supermajority voting thresholds, no-action exclusions and major shareholders.
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Minerva Proxy Update
May 2, 2026
Investors are shifting from supporting transactions to directly challenging boards, using pay votes and director opposition to enforce accountability as formal shareholder channels narrow.
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BP’s AGM votes: governance opacity, not just protest
April 24, 2026
BP’s 2026 AGM should be understood first as the consequence of a mishandled governance issue, and only second as a response to activist campaigning.
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Minerva Proxy Update
April 24, 2026
This proxy update highlights key voting outcomes from the past few weeks of the 2026 proxy season and assesses key developments for the week ahead.
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ExxonMobil’s Retail Voting Programme, Texas Redomicile and the Architecture of Shareholder Disempowerment
April 13, 2026
On 27 May, ExxonMobil shareholders will vote on a ballot that includes a proposal to redomicile the company from New Jersey to Texas.
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Aviva’s York AGM and the quiet narrowing of physical accountability
April 10, 2026
Aviva plc, the UK‑listed insurer and asset manager, has confirmed that its 2026 Annual General Meeting will be held at its regional office in York on 6 May, starting at 9am.
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ExxonMobil: Redomicile, Proposal Control and the Re‑shaping of Shareholder Influence
March 13, 2026
A proposal from ExxonMobil to shift its legal domicile from New Jersey to Texas lands at a moment when shareholder proposals have all but disappeared from its annual meetings and the company has introduced new structures that reshape how shareholder votes are cast and counted.
Read MoreShareholder Rights Under Pressure: Three Developments to Watch
March 13, 2026
A clash over a BP shareholder resolution, the US Securities and Exchange Commission’s (SEC) retreat from traditional proposal review and ExxonMobil’s planned move to Texas all point to the same trend: management and regulators are testing the boundaries of shareholder scrutiny.
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Starbucks’ Shareholder Showdown: Investors Issue ‘Vote No’ Campaign Against Director Duo
February 23, 2026
Starbucks shareholders have called on their fellow investors to vote against the re-election of two company directors at its 25 March AGM due to “sustained oversight failures of labor relations”.
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Resolution Rejections: Amazon to Exclude at Least Seven Shareholder Proposals
February 12, 2026
Amazon looks set to exclude at least seven shareholder proposals from its 2026 proxy statement without formal assent from the US Securities and Exchange Commission
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Mixed Messages: Disney Accepts Resolutions from Anti-ESG Proponent Trio Amid Legal Uncertainty
January 28, 2026
Disney has revealed that three shareholder proposals from anti-ESG proponents will be voted on at its 2026 AGM amid concerns over litigation should resolutions be excluded following controversial changes to the ‘no action’ process.
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