Over the 2014 AGM season, there was much media attention on the so-called ‘Shareholder Spring’. We have analysed the shareholder votes on resolutions to approve directors’ remuneration reports and remuneration policies during the 2014 AGM season (Report Votes and Policy Votes respectively) to ascertain the true extent of this ‘rebellion’.

Our analysis covers all votes held by FTSE 350 companies before August 2014 for which data is available – a total of 273 companies. We have also looked at the various concerns raised by shareholders on remuneration policies and reports, and have identified some recurring trends.

The 2014 AGM season saw the UK’s first round of binding Policy Votes. Notwithstanding the press predictions early on in the season of a second ‘Shareholder Spring’, prompted by sizeable levels of shareholder dissent at a small minority of companies, overall, levels of shareholder approval were strong. Note that only votes for or against are taken into account; withheld votes are disregarded.