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This article first appeared on Diligent Market Intelligence's Voting newswire. To register for a demonstration and trial of the product, click here.
After several years of relatively stable investor support for executive pay, 2025 marked a turning point with a rise in the more severe pockets of dissent as more "say on pay" plans entered the "red zone". More than 180 companies received 30% or more opposition on pay globally last year, up from 158 in 2024 - a level of dissent that often prompts heightened scrutiny from institutional investors and proxy advisors with a push for greater disclosure and engagement. At the same time, the number of companies receiving less than 50% backing on pay also increased by over one-third. Strong market performance may have cushioned overall support levels but did not prevent rising pockets of discontent, particularly where pay growth outpaced investor expectations or local market norms. Against another proxy season marked by stock market volatility and inflation concerns, boards and investors alike may be asking: where is dissent building, and what themes are most likely to shape this year’s pay votes? Below, DMI examines how support has been trending by index: S&P 500 Support steady, but failures edge higher Overall, average support for "say on pay" plans in the S&P 500 held relatively flat in 2025 at 89.7%, down from 89.8% in 2024. However, the number of pay resolutions that were rejected by shareholders ticked up with seven securing less than 50% support in 2025, compared to six in 2024. There was also slight growth in the number of resolutions that fell below 70% support, with 27 in 2025 up from 25 the year before. It comes as executive pay has reached record levels in the U.S. over recent years. According to DMI’s most recent report, median CEO granted pay at the S&P 500 reached $17.2 million in 2024, up 8% from $15.9 million in 2023. Based on the 2025 filings released so far, with around a quarter of companies captured, median granted pay stands at around $19 million. The rise at the S&P 500 has been buoyed by one of the highest levels of total shareholder return** (TSR) at 17.9% in 2025 and 25% in 2024. Russell 3000 Largest rise in majority rejections Out of all indices examined, the Russell 3000 recorded the largest increase in the number of pay proposals to face more than 50% opposition in 2025, with 34 resolutions failing in the period, up from 23 in 2024. The index also saw a marked jump in the number of proposals that entered the 30%+ opposition "red zone", from 122 in 2024 to 144 in 2025. Overall, average support for pay proposals at the index declined from 91.1% in 2024 to 90.6% last year. Median granted CEO pay at the Russell 3000 reached $7.2 million in 2024, up 12.5% from $6.4 million in 2023. Based on the 2025 filings released so far, with almost 20% of companies captured, median granted pay stands at around $8.9 million. In 2025, the index recorded a TSR of 17.2% with 24% returns in 2024. FTSE 100 Support softens as competitiveness tensions rise After seeing a gradual uptick in support between 2022 and 2024, the average level of backing for advisory remuneration plans at the FTSE 100 dropped to 94.1% in 2025 - from 95% the year before as the U.K. market continues to face competition from the U.S. Three pay proposals received less than 70% support at London's premier index with investor concerns around fixed-pay uplifts and their knock-on impact on restricted share plans alongside policy and framework issues. Benchmarking, quantum, and pay-for-performance alignment were recurring secondary themes. Just one resolution failed to secure majority support, with no such rejections recorded at the index in 2024. The median CEO granted pay at the FTSE 100 reached 5.1 million pounds in 2024, up 4% on 2023. At the same time, the index delivered a strong TSR of 25.8% in 2025, up from roughly 10% in 2024. FTSE 250 Highest average support, but more flashpoints The FTSE 250 saw the highest level of support for pay proposals out of all indices examined in 2025, winning 96% backing, up from 95.4% in 2024. However, the number of proposals securing less than 70% support doubled to six. One resolution was rejected, with investor concerns centering on pay-for-performance alignment and disclosure practices seen to be misaligned with U.K. market standards. In the FTSE 250, median granted CEO pay has reached 2.7 million pounds, up from 2.5 million pounds in 2023 while the index posted a TSR of 13% in 2025. CAC 40 Support declines for fourth consecutive year In France, the average support given to advisory remuneration proposals at the CAC 40 dropped for the fourth consecutive year to reach 92.2% compared to 92.9% in 2024. The number of such pay proposals to win less than 50% backing from investors was flat on 2024 at just one, while two resolutions were met with over 30% opposition, up from one in 2024. For the companies in the "red zone" last year, investor rationales revealed concern over pay perceived as excessive and misaligned with performance, weak disclosure of targets and KPIs, heavy and poorly justified use of discretion and limited responsiveness to prior shareholder dissent. Median granted CEO pay in the CAC 40 edged up from 6.2 million euros in 2023 to €6.3 million in 2024, but both figures remain below the 2022 median of€6.4 million euros. In 2025, the CAC 40 saw returns hit 14.3%, compared to approximately 1% in 2024. DAX Support ticks up to almost 90% Germany's DAX, which tracks the performance of 40 of the largest companies on the Frankfurt Stock Exchange, saw the average support given to advisory remuneration proposals rise for the fourth consecutive year to reach 89% in 2025 - up from 88.3% in 2024 and 83.2% in 2022. The number of pay proposals that won less than 70% support declined, with just two in 2025, while the frequency of failed pay votes remained unchanged at just one with investors citing concerns over payouts under the short-term incentive plan and related performance criteria and caps. Median granted CEO pay at the DAX has reached 6.4 million euros, up from 6 million euros in 2023 and 6.2 million euros in 2022. In 2025, the DAX saw returns reach 39%, up from 11% in 2024. S&P TSX Lowest failure rate in four years At Canada's headline index, the S&P TSX, investor support for pay strengthened to reach an average of 93.1% in 2025, up from 92.3% in 2024. The number of proposals to receive less than 70% support from investors declined from eight in 2024 to five last year, while the number of revolts also fell to just two, the lowest failure rate at the index in the last four years. Those to face majority opposition to pay plans saw investors flag concern over pay viewed as excessive and misaligned with performance while also criticizing weak performance-based incentives, poor disclosure and objecting to discretionary awards. It comes as median CEO granted pay at the S&P TSX has reached CA$6.1 million, up 9% on 2023. Investors also benefited from robust performance, with the index returning 31.7% in 2025. S&P ASX 300 Pay jumps, spill votes taper off At Australia’s S&P ASX 300, where the jurisdiction's “two strikes” rule heightens the stakes for pay votes, support trends were mixed in 2025. Support for advisory remuneration proposals averaged at 90.9%, having grown for the third consecutive year and returning to levels last seen in 2022. 23 proposed remuneration reports faced upwards of 25% opposition – with the threshold considered a first strike. If the subsequent remuneration report faces 25% or more opposition, shareholders must then vote on a spill resolution which determines whether all directors - with the exception of the managing director - must stand for reelection at a spill meeting to be held within 90 days. According to DMI <i>Voting</i> data, 20 board spill resolutions faced a vote in 2025, down from 28 in 2024 with average support of just 3.3% based on available results. Meanwhile, the number of proposals rejected by a majority of votes cast rose from six in 2024 to seven last year. Median granted CEO pay at the S&P ASX reached almost AU$4.4 million in 2024, up over 25% on 2023. Based on the 2025 filings released so far, with around 60% of companies captured, median granted pay stands at around AU$4.1 million. In 2025, the S&P ASX returned 10.7% for investors. *For more, see DMI's latest Executive Compensation in 2025 report. **Source for TSR data: S&P Capital IQ
