BP, Standard Life and Jupiter Fund Management will be among the companies to face AGMs this week, with a shareholder spring so far failing to materialise this year.
FTSE 100 companies have won, on average, 93.1 per cent approval for their remuneration reports and 95 per cent on pay policy, up from 91.3 per cent and 93.6 per cent in 2016.
Research from Proxy Insight shows it has been a similar story across the FTSE 250, with reports winning 93.3 per cent approval, down slightly from 94.2 per cent, and policy backing up from 94.2 per cent to 94.6 per cent.
Proxy Insight’s pay tracker report last week noted that “several forecast rebellions failed to materialise”, as the likes of Royal Bank of Scotland, Lloyds, ITV, Barclays and Aviva came through exec pay voting unscathed.
Last year, around 60 per cent of investors voted down the exec pay of BP. But, after the oil giant cut chief executive Bob Dudley's remuneration by 40 per cent, a rebellion appears less likely when it hosts investors on Wednesday.
Shareholder advisory group Pirc has advised investors to reject BP’s pay policy and abstain from voting on the remuneration report. However, ISS has advised shareholders to back both the report and the policy.
Elsewhere, Standard Life is likely to face questions on its acquisition of Aberdeen Asset Management on Tuesday. On Wednesday, Jupiter may dodge a rebellion after cutting executive pay proposals on shareholder pressure.