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Public Register

The Public Register is an aggregated list of publicly available information regarding meetings of companies in the FTSE All-Share who have received significant shareholder opposition to proposed resolutions or have withdrawn a resolution prior to the shareholder vote. The aim of the Register is to highlight companies who receive a high vote against or withdraw a resolution, and to understand the process used by those companies to identify and address the concerns of their shareholders.

The Public Register was included in the IA’s response to the Government’s Green Paper on Corporate Governance Reform. In its final response in August 2017, the Government asked the IA to develop and maintain this Register.

The Register includes the following information:

  • key details about the resolution in question (resolution title, meeting date etc);
  • the results of the shareholder vote (percentage of votes cast for and against, number of votes withheld and percentage of the issued share capital voted);
  • a link to the AGM/GM results announcement including any statement made by the Board in response to the significant vote against at the time of the meeting as required under provision E.2.2. of the UK Corporate Governance Code; and
  • a link to any further announcement(s) the company has made in response to the dissent, including the views received from shareholders and what the company has done or proposes to do in response.

The new UK Corporate Governance Code states that an update should be provided within 6 months of the shareholder meeting. The Investment Association has produced guidance for companies, setting out what investors would like to see from these update statements. This guidance can be found here.

The IA also tracks companies appearing on the Public Register for consecutive years. The IA’s Repeated Dissent list captures all companies that appeared on the IA’s Public Register in two consecutive years, for the exact same resolution. Investors consider that a repeat appearance on the Register for the same resolution highlights that a company is either not responding sufficiently to investor views or the engagement process is not working effectively.

Further details regarding the methodology and approach can be found on the Methodology Page. Any further questions can also be addressed to public.register@theia.org. Media enquiries should be directed to press@theia.org

Last Updated: 20 March 2019

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