Public shareholders in listed firms displayed an increasingly active role in the latter’s board decisions over the past week, reflecting an improvement in shareholder activism.
Proxy advisory firm Institutional Investor Advisory Services (IiAS) said in a report on Monday that multiple voting outcomes over the last week reveal the decisions of institutional investors on dozens of board resolutions. IiAS said it had sent out voting recommendations for 25 resolutions during the last week, and “all of them were approved".
Some resolutions faced strong opposition from institutional investors, indicating their dissent on certain key appointments and financial decisions taken by company boards.
The average percentage of voting by shareholders stood at 74.91% for the past week, with one resolution having more than 75% of the institutional investors voting against, and 11 resolutions with 100% of the institutional investors voting in favour.
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