The 2025 AGM season for ASX200 companies may look steady at first glance: strong director support, moderated remuneration strikes from recent peaks, and largely uninterrupted meetings.
Beneath this apparent stability, shareholders are sharpening their focus, engaging with greater technical precision, and challenging boards on governance, credibility and decision-making processes.
Climate and nature issues have also moved firmly into the mainstream of AGM discourse, with scientists and academics joining retail and activist voices to question boards, often drawing directly on published disclosures.
Our 2025 report unpacks these dynamics, where shareholder attention is converging, and explores what evolving voting behaviour means for companies preparing for the year ahead.
Format of AGMs
ASX 200 entities have reverted to the pre-pandemic norm of physical‑only AGMs in recent years. This is the most significant shift from hybrid to physical AGMs that we have observed in the past 5 years.
Pressure is yet to ease on remuneration
Media scrutiny and stakeholder activism on remuneration reports remain elevated against a backdrop of ongoing cost of living pressures, including a material increase in inflation during the second half of 2025.
Positive progress on gender and age diversity, but boards are less culturally diverse
Female directorships amongst the ASX200 plateaued below the 40% target proposed in the draft fifth edition of the ASX Corporate Governance Principles and Recommendations last year, although the percentage of female directors up for election or re-election increased in 2025.
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