Insights on shareholder voting across the JSE Top 40
The 2025 South Africa AGM Season Review analyses developments across the JSE Top 40 – from rising contestation to the impact of regulatory reform and proxy advisor influence. This year saw increased dissent, a surge in contested remuneration items, new Social & Ethics Committee elections, and growing expectations for transparency and fairness.
What’s inside this report?
- Contested items increase: 110 contested resolutions vs 91 in 2024
- Remuneration scrutiny persists: 48.5% of remuneration policy votes and 47.4% of remuneration reports were contested
- Proxy advisor influence: ISS issued 46 negative recommendations; Glass Lewis issued 34
- Regulatory changes: New Companies Act amendments, Social & Ethics Committee elections, and forthcoming binding remuneration votes
- Governance evolution: King V introduces stronger governance outcomes and heightened disclosure expectations
- Capital authority sensitivity: Share issuance and buybacks remain closely scrutinised
Why it matters:
South African issuers are navigating rising shareholder expectations, intensified proxy advisor involvement, and rapid regulatory modernisation. This report offers the insights needed to prepare effectively for 2026 AGMs.
Who should read it:
- Company secretaries and governance professionals
- Investor relations teams
- Board members and executive leadership
- Legal and compliance advisors
Download the report
Get your copy of the 2025 South Africa AGM Season Review and stay ahead of investor expectations.