Fernando Rodríguez | Ibex 35 companies encountered symbolic opposition to their proposed resolutions at the shareholders’ meetings held this year, according to Georgeson’s annual report on the 2021 season. Only three companies saw an item on the agenda of their meetings held in 2021 defeated: Acerinox, in April, which failed to approve a debt issue for 600 million euros; Amadeus, which saw its remuneration report rejected with 61.48% of votes against; and IAG, which also failed to push through its proposal to reduce the deadline for convening extraordinary general meetings to 15 days.
The chapter on remuneration was, once again this year, the most contested by shareholders and investors. In fact, 46 proposals – 49% of the total – from Ibex 35 companies in this area – which includes the Remuneration Report itself, the one that explains the Remuneration Policy, or other related aspects – received more than 10% of votes against. This percentage almost doubles that of 2020, when 24 resolutions received similar responses.
Proxies working in Spain have also focused their negative opinions, above all, on remuneration: 50% of Corporance’s negative opinions on board proposals are related to this point, while this percentage is 27% in the case of Glass Lewis and 24% in the case of ISS.
Proposed resolutions on board appointments – 15% of the total with negative opinions of more than 10% of the votes – and the issuance of equity or debt – 25% of them with this level of opposition – have also received significant contestation in the 2021 AGM season.