Strikes in 2025 

The pattern of strikes observed this year reinforces the ongoing use of remuneration report voting as a mechanism for shareholders to signal dissatisfaction with Board and Management performance. While remuneration structures themselves may be a contributing factor, the voting outcomes often reflect broader sentiment around governance, transparency, and accountability.

Despite the seriousness of this mechanism, spill resolutions continue to rarely succeed, suggesting that while shareholders use strikes to express frustration, they do not generally seek wholesale board turnover. In 2025, there were 32 strikes in total across the ASX 300, with 11 across our client base, demonstrating a continued, elevated focus on remuneration governance and performance alignment.