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2026 Continental Europe Season Review

Below are key takeaways from ISS’ recently released 2026 Continental Europe Season Review.

The full report is available to institutional subscribers by logging into ProxyExchange then selecting the Knowledge Center and its Library tab and to corporate subscribers by logging into Compass then selecting Governance and the Governance Library or Governance Exchange tab.

Competitiveness and Governance Reform Remain in Focus

  • The debate over European competitiveness increasingly influenced governance discussions, including the SRD II review and the European Commission’s proposed “EU Inc.” framework.
  • Several policy initiatives sought to make European capital markets more attractive, while raising familiar questions around shareholder rights and governance safeguards.

AI governance is emerging as a significant risk oversight and stewardship issue but has not yet translated into a visible AGM-season theme

  • While investors are increasingly attentive to board oversight of artificial intelligence-related risks, AI governance did not appear prominently on ballots and did not materially shape voting outcomes during the AGM season.

Board Diversity Progress Remains Uneven

  • The June 30, 2026, compliance deadline marked a key milestone in the implementation of the Women on Boards Directive.
  • While several markets reported progress in female board representation, implementation remained uneven across the EU, with several jurisdictions still facing delays in transposition.

Executive Remuneration: Support Depends on Structure and Safeguards

  • Investors continued to support higher remuneration opportunities where companies presented a credible competitiveness rationale and retained robust governance safeguards.
  • However, weak performance linkage, excessive discretion, and departures from established European remuneration practices continued to attract significant shareholder dissent.

Meeting Formats Continue to Diverge Across Europe

  • Germany remained the leading market for virtual-only AGMs, although adoption showed signs of moderation after several years of growth, while Norway continued to demonstrate broad acceptance of the format among domestic investors.
  • By contrast, physical meetings remained the dominant format in Sweden, Denmark, Austria, the Netherlands, and Switzerland, while reforms in Italy continued to reshape shareholder participation rights and meeting practices

Management Climate Votes Slow, Shareholder Activism Rebounds

  • No company submitted a first-time Say-on-Climate proposal in 2026, while commitments to recurring climate votes continued to weaken.

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Authored By

European Research Team

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