Shareholder dissent grew in Europe’s periphery nations this year as sovereign debt woes continue to plague the continent.
Companies in Greece, Portugal and Ireland saw a sharp uptick in dissent at annual meetings in 2011, according to research from Institutional Shareholder Services (ISS).
This shift reflects ‘both the economic background and the increasing standards expected by international shareholders in these markets’, states ISS.
Dissent is measured by adding up the number of abstain and against votes cast by shareholders on company proposals.
The research looked at voting results at companies across 17 European countries. Overall, it found that the average level of dissent has remained the same over the last four years.
In 2011, the uptick of dissent in Greece, Portugal and Italy was balanced out by falls in countries like Belgium, France and Denmark.
To download the full report, visit the ISS website.
[Article by Tim Human, Inside Investor Relations]
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