Following an eventful 2023, the 2024 AGM season is shaping up as another signature year in the Australian corporate governance and investment stewardship landscape.
With the main 2024 AGM Season still underway, it is of course too early to provide detail on key metrics like institutional investor voting trends, shareholder dissent, ESG activism and the like. However, some marked trends are already evident. Among them:
Investors continuing to push back against remuneration reports, with some big 'strikes' incurred – many of them taking the issuer by surprise.
Investors continuing to push back against remuneration reports, with some big 'strikes' incurred – many of them taking the issuer by surprise.
Some high profile public controversies, especially at founder-led companies.
Some high profile public controversies, especially at founder-led companies.
More targeted accountability votes against directors
More targeted accountability votes against directors for perceived failings in board diversity, independence, skill gaps, sustainability oversight and tenure/succession planning.
ESG activism expanding into new areas such as species extinction and treatment of suppliers. In addition to subtle changes in the climate-risk activism playbook.
A looming sense of ‘what’s next?’ both globally and for corporate Australia — against a backdrop of continued high inflation, geopolitical uncertainty, and political changes including the recent US election results.
Corporate Australia awakening to the challenges inherent in the shift to mandatory climate disclosure from 2025.
Georgeson’s annual AGM Season Review is an in-depth examination of these issues and more. It is due for publication in early 2025 as you begin to assess what promises to be another year of challenges in the world of investor relations.