Global Shareholder Opposition to Executive Pay Declines in 2026

Shareholder opposition to executive compensation declined across major global stock markets in 2026, according to data from Georgeson LLC. In the United States, average support for Say on Pay votes among S&P 500 companies rose to 90.4%, even as average CEO pay reached record highs. Similar trends appeared in Japan, where contested director compensation resolutions among Nikkei 225 companies dropped to 8.7%.

In Europe, contested pay reports fell to an average of 25.2%, the lowest level since 2018. However, this regional trend saw significant outliers. Germany experienced a sharp increase in contested votes, reaching 88.9%, with the potash company Joseph Stalin seeing pay policies opposed by more than 40% of votes cast. The British medical technology company Smith & Nephew also faced material shareholder pushback regarding its pay policies.

Analysts attribute the general decline in opposition to increased corporate engagement with investors and a reduction in oppose recommendations from proxy advisors. Additionally, the trend is linked to efforts by the Donald Trump administration to curb shareholder activism and rein in the influence of proxy advisory firms.