The number of shareholder rebellions against executive pay doubled over 2025, according to an analysis of voting at the AGMs of FTSE100 companies.
The figures from corporate governance adviser Indigo Governance showed that there were rebellions at 10 AGMs this year, with more than 20 per cent of shareholders voting against executive pay deals. In 2024 this happened on only five occasions.
Indigo Governance says growing disquiet about pay levels helped drive an 88 per cent increase in the total number of FTSE100 companies facing shareholder rebellions this year — up to 15 in 2025 versus just eight in 2024.
High profile rebellions against pay packages included those at Centrica, Unilever, LSEG and Berkeley Group. There was also a shareholder rebellion at BP against the outgoing chair Bernard Looney.
Indigo co-founder and director Bernadette Young says: “The dramatic increase in shareholder rebellions in 2025 shows the continued rise in investor engagement with boards.
“But more than this, the doubling of shareholder revolts against executive pay deals has been a defining trend of the year. There has been much talk of how higher pay across the pond has tempted high-performing executives away from UK shores, but shareholders have shown little sign of changing their attitudes.
“With the cost-of-living continuing to rise for ordinary people, and market conditions remaining challenging for many companies, boards and their remuneration committees will remain under intense scrutiny in 2026.
“There is every chance that we could see shareholder rebellions across the blue-chip index increase again if boards fail to proactively engage with shareholders and advisors – both before and after any major changes are proposed to company policies. A more active dialogue ensures directors do not misread investor sentiment and are not forced into embarrassing climb downs or providing high profile justifications for their actions.”
