Global Shareholder Opposition to Executive Pay Declines in 2026

In 2026, shareholder resistance to executive compensation fell across most major markets. In Europe, contested pay votes—defined as receiving at least 10% opposition—dropped to 25.2%, the lowest level recorded since 2018, according to Georgeson Advisory data. Opposition to future remuneration policies slipped to 36.6% from 37.9%, with the Netherlands seeing the sharpest decline (from 25% to 10.5%). By contrast, Germany recorded a rise in contested votes to 88.9% from 47.6%. In the United States, support for “Say on Pay” votes rose to 90%, while the share of “failed” votes (under 50% support) edged up to 1.4% from 1.2%. Japan’s contested director-compensation resolutions fell to 8.7% from 12.4%.

Reuters

The trend follows a broader shift toward fragmented voting environments. Asset managers are increasingly returning voting authority to end-investors, and companies are engaging shareholders pre-emptively to mitigate dissent at annual general meetings. Fewer “oppose” recommendations from proxy advisory firms have contributed to the lower opposition rates, even as overall dissent remains modest.

Reuters

• Europe: Contested votes = 25.2% (down ~6 points YoY).

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• Netherlands: Opposition to future policies = 10.5% (down from 25%).

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• Germany: Contested votes = 88.9% (up from 47.6%).

Reuters

• U.S.: “Say on Pay” support = 90%; failed votes = 1.4%.

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• Japan: Contested resolutions = 8.7% (down from 12.4%).

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• Companies facing notable pushback: Smith & Nephew (UK) and K+S (Germany), each receiving over 40% opposition to their pay policies.

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Cas Sydorowitz, head of Georgeson Advisory, described the environment as “more fragmented,” noting that voting outcomes have become less predictable despite low overall dissent. Sarah Wilson of Minerva Analytics observed that European investors remain more skeptical of proposed remuneration designs than of actual outcomes, indicating lingering concerns about future pay structures. Rajeev Kumar, senior managing director at Georgeson, linked the modest rise in U.S. “Say on Pay” support to stronger corporate performance and a generally favorable market backdrop.

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• “The result is a more fragmented environment in which voting outcomes can be less predictable, even when overall dissent levels remain relatively low,” — Cas Sydorowitz, head of Georgeson Advisory

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• “Investors in the UK and Europe remained noticeably more sceptical of proposed remuneration policies than of remuneration outcomes, suggesting continued concern about the design of future pay arrangements rather than simply their implementation,” — Sarah Wilson, at Minerva Analytics

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• “The modest increase in support for Say on Pay during 2026 likely reflects a combination of stronger corporate performance and a generally favorable market environment,” — Rajeev Kumar, senior managing director at Georgeson

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