Executive pay remains top shareholder concern in Europe

Executive remuneration remains the primary source of shareholder dissent across nine European markets, according to research by Georgeson. During the 2026 annual general meeting season, opposition to remuneration reports and policies stood at 30.9% in the UK, Germany, France, Switzerland, the Netherlands, Italy, Spain, Belgium, and Ireland.

While this figure represents a decline from 34.5% in the previous year, pay continues to be the most contested resolution topic. The data indicates that investors are increasingly scrutinizing the design of future pay arrangements more closely than past decisions. Germany saw the highest proportion of contested remuneration policies at 88.9%, while the Netherlands recorded the lowest at 10.5%.

Other notable trends include a rise in opposition to director elections, which increased to 12.4% from 12.2% last year. Cas Sydorowitz, head of Georgeson Advisory, noted that voting outcomes are becoming less predictable due to a fragmented landscape of customized voting policies, changing proxy advisor models, and evolving internal stewardship frameworks.