Key Takeaways
This article shares noteworthy trends to watch in the U.K. and Ireland’s upcoming 2026 proxy season. Glass Lewis clients can access our full U.K. and Ireland Proxy Season Preview report, which covers governance, compensation and activism trends, market and regulatory developments, via Viewpoint, our research portal and GovernanceHub.
Governance: Comprehensive Reporting, Virtual Meetings, and Diversity
Following the implementation of the 2024 UK Corporate Governance Code, investors are likely to look for clear and comprehensive reporting on chair tenure (provision 19), responsiveness to dissent (provision 4), and malus and clawback (provision 38).
Uncertainty remains as to the legality of wholly virtual general meetings. While 98% of FTSE 350 AGMs in 2025 allowed in-person participation, the government is reportedly pushing ahead with reforms to permit virtual AGMs. Over in Ireland, virtual and hybrid meeting formats were permanently enshrined into law in 2024, with protections to ensure that investors attending electronically retain all rights, including participating in discussions, casting votes, submitting proxies, and requesting polls.
With the deadlines for the FTSE Women Leaders Review and Parker Review now passed, companies that have not met gender and ethnic diversity targets may face investor dissent.
Remuneration: Voting on Pay Policies and Variable Pay
Approximately 100 FTSE 350 firms (excluding investment trusts) are expected to put their pay policies to a vote in 2026, with quantum increases, hybrid plans, and relaxation of bonus deferral provisions remaining key areas of focus for remuneration committees and investors.
Last October, the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) implemented reforms to the variable remuneration framework for UK-regulated financial institutions, effective immediately. The reforms introduce greater flexibility in how executive variable pay may be structured. It remains to be seen whether U.K. banks will move quickly to utilize the additional flexibility or adopt a more cautious approach while gauging shareholder expectations.
Activism: Calls for Framework Reform
Activist Saba Capital Management is expected to continue pushing for board changes at London-listed investment trusts. Its approach of repeatedly requisitioning meetings has prompted the Association of Investment Companies to call for reform, questioning whether the current framework adequately protects shareholders.
Notable Meetings to Watch
BP, Edinburgh Worldwide Investment Trust, Rolls-Royce Holdings, Shell
Download Glass Lewis’ 2026 UK and Ireland Proxy Season Preview for the full report.
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