This is the second annual report from the NAPF looking back at the AGM season just gone and in advance of updating its Corporate Governance Policy & Voting Guidelines for the subsequent year.

This year saw AGM turnout remain static and shareholder support lingered at 97%. Behind these headline statistics, this year has been far busier and more eventful than most.

Recent regulatory change in the areas of remuneration and audit means these were the topics of recurring interest in the past AGM season, and consequently are prominent in our report this year. The NAPF looked in particular at those companies which received successive years of dissent on remuneration. We urge these companies in particular, along with all those which have received significant dissent this year, to reflect upon the concerns expressed by their owners and respond accordingly.

The NAPF will continue to assess how companies are matching up against its corporate governance policy, monitor developments in good practice and seek improvements from both companies and investment managers in the best interests of our pension fund members.

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