In its recent analysis of the 2013 AGM season, the National Association of Pension Funds (‘NAPF’) reports that the 2013 AGM season has been much quieter, in the FTSE 100 at least, than was the case in the so-called shareholder spring of 2012. Despite a small number of companies whose shareholders expressed their dissatisfaction for a second year running, NAPF considers 2013 overall to have been a year of ‘quiet diplomacy’. It notes that, in general, companies have been engaging more effectively with shareholders, while preparing for the changes to the executive remuneration regime. It notes, too, that investors have been showing interest in a broader range of issues, focusing not just on executive pay but on audit and other matters. However, NAPF anticipates a testing 2014 AGM season, for companies and investors alike, in light of the introduction of the new directors’ remuneration disclosure requirements.

The NAPF 2013 AGM Season Report is the first in what will be an annual monitoring exercise to be conducted by NAPF and will be published in addition to the Corporate Governance Policy & Voting Guidelines issued by NAPF each November.

NAPF’s 2013 AGM Season Report available at: media/Policy/Documents/0335_2013_NAPF_AGM_report_ DOCUMENT-3.ashx