D.F. King Ltd. AGM Season Review 2023

Each year, our specialist shareholder engagement experts, D.F. King, a part of MUFG Corporate Markets, a division of MUFG Pension & Market Services, publish their AGM Season Review report which looks at the highs and lows of the AGM season, unpicks trends in investor voting behaviour and provides unique insight into how the year has played out for European issuers.

So what are the key findings from the 2023 season? As well as the top predictions for 2024?

Our 2023 AGM Season Review highlights how much profitability is vital for healthy relations between boards and shareholders. This year, when boards have engaged with their investors over time on the most challenging AGM topics, such as remuneration, with detail and transparency, they have produced tremendous results. When they have encountered important resistance, whether through a poor resolution vote result or an activist campaign, the root cause has often been an inability to convince their investors that supporting the board was in their interest. In this context, a board’s ability to demonstrate alignment with its shareholders becomes tantamount.

David Chase Lopes, Managing Director, D.F. King Ltd., EMEA