FTSE 350: Snapshot of the key trends

Our latest snapshot charts the trends emerging from the 2026 AGM season so far.

Key Trends

1. Physical AGMs have remained the most common form of meeting this year. 85.4% of FTSE 350 companies have opted for an entirely physical AGM without any form of electronic engagement. 13.3% of companies have opted for a hybrid format (this includes digitally-enabled AGMs held under 'studio conditions', where meetings are held at a physical place, but shareholders are discouraged from attending in person (2.1%)).
2. Fully virtual meetings remained rare. Only 1.3% of meetings took place fully virtually. This largely mirrors the trend from last year and is unsurprising given the continued lack of any government legislation clarifying the legal validity of virtual meetings.  The same three companies (Clarkson plc, Aston Martin Lagonda Global Holdings plc and Haleon plc) held their AGMs in this format again in 2026, as they did in 2024 and 2025. The Department for Business, Innovation, Science and Trade in its long-awaited consultation on corporate reporting has proposed making it clear that, as a matter of law, AGMs can be held virtually. It remains to be seen whether consultation responses reveal any increased appetite for virtual AGMs.
3. A total of 10 climate-related resolutions have been tabled so far this year, including for Aviva plc and Ninety One plc. These resolutions approved (i) climate transition plans; (ii) climate-related disclosures; (iii) sustainability reports; (iv) ESG commitments in occupational pensions and (v) future ESG commitments. This is an increase from the total tabled in 2025, showing that UK climate-related resolutions are holding steady in contrast with the US, where filings roughly halved this season as companies negotiated more changes privately and regulatory changes gave companies greater ability to exclude proposals from a vote.¹
4. In line with predictions from earlier in the year, resolutions on directors' re-election were the most contested types of resolutions (making up 23.7% of resolutions with 20% or more votes against) in 2026. Comparatively, in 2025, directors' remuneration reports were the most contested type of resolution, with resolutions against director re-election ranking second. This is a significant trend as it suggests that shareholders are now more willing to challenge individual directors directly rather than register concerns solely through pay-related votes.
5. There has been a slight increase in the proportion of companies (58.8%) taking full advantage of the additional flexibility set out by the 2022 Pre-Emption Group guidelines. This year, 47.2% of FTSE 350 companies (compared to 45.6% in 2025) have adopted the 10% + 10% thresholds for disapplication of pre-emption rights and authority for related follow-on offers. An additional 11.6% adopted the 10% + 10% thresholds only. Notably, disapplication of pre-emption rights also attracted significant opposition elsewhere (making up 18.3% of resolutions with 20% or more votes against). This suggests that, although more companies are embracing the enhanced thresholds, boards should still be ready to explain their use of this flexibility to shareholders who remain cautious about dilution.
6. Most companies (81.1%) invited shareholders to submit questions in advance of the AGM (by email, post, website, written notice and/or the relevant online platform). This approach allows directors to provide responses ahead of the meeting, with companies expressly stating that they would aim to provide answers ahead of the proxy deadline. In addition, Marks and Spencer Group plc allowed shareholders to submit advance questions by video message, a notable new development which may signal a broader trend towards more innovative forms of shareholder engagement. It will be interesting to observe whether other companies follow suit in adopting similar approaches.

This Snapshot of AGM Key Trends covers 233 FTSE 350 companies whose AGMs were held between 1 January 2026 and 28 September 2026.

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_{1 See, Reuters article 'US ESG shareholder resolutions plunge in face of Republican pressure, report says', published 16 April 2026, available here.}

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_{This article is prepared for the general information of interested persons. It is not, and does not attempt to be, comprehensive in nature. Due to the general nature of its content, it should not be regarded as legal advice.}

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