The prospect of a second "shareholder spring" of investor revolts on executive pay at big firms this year seems slim.
Research by Capita shows that halfway through the annual general meeting season, no members of the FTSE 100 have lost votes on their directors' remuneration reports.
Some prominent firms suffered high-profile defeats on resolutions about their remuneration reports in 2012, in revolts that signalled deep unhappiness among shareholders about pay issues.
Andrew Moss resigned as chief executive of Aviva in May last year after 54% of shareholders voted against pay policies, and Edinburgh-based Cairn Energy suffered a 67% vote against its directors' remuneration report.
Corporate governance activists played an influential role in encouraging investors to make their views known but the mood seems to be much quieter this year.
Cairn Energy has maintained a dialogue with shareholders about corporate governance since last year's setback. The company, which left the FTSE 100 after distributing $3.5 billion from the sale of a controlling stake in its Indian arm to shareholders, won backing from 99.5% of votes cast on its directors' pay resolution at this month's AGM.
Mark Cleland, corporate services director of Capita Registrars, said: "While the AGMs of several companies such as Barclays, Prudential and Aviva have seen protest votes, it is the minority appealing against proposals. Without a groundswell of shareholder support, none have carried the day so far."
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