2024 Continental Europe Proxy Review

Below are key takeaways from ISS’ recently released 2024 Continental Europe Proxy Review. The full report is available to institutional subscribers by logging into ProxyExchange then selecting the Knowledge Center and its Library tab and to corporate subscribers by logging into Compass then selecting Governance and the Governance Library or Governance Exchange tab.

• Executive remuneration: Following the second round of remuneration policy votes across most of the European Union (in line with the second Shareholder Rights Directive (“SRD II”)), pay remained a major source of shareholder dissent across the region in 2024.
• Meeting format: While companies in many countries returned to in-person AGMs, most Italian companies conducted closed-door AGMs, while over a third of German companies (including 70 percent of German blue-chips) held virtual-only AGMs.
• Climate-related proposals: Say-on-Climate proposals submitted in 2024 remained steady, wherin both the number of management say-on-climate proposals as well as average shareholder support were nearly identical to that in 2023. Meanwhile, several markets are continuing to take steps to improve their regulatory frameworks, particularly in connection with the rollout of the Corporate Sustainability Reporting Directive (CSRD).

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By: European Governance Research