Once a year, large, listed companies hold a mandatory annual general meeting (AGM). Here, company directors report on the previous year’s performance, answer questions, and hold votes on governance issues.
A company will release a proxy statement that provides investors with the agenda and essential information. Shareholders can then vote by proxy on these issues, allowing them to cast their votes without physically attending the meeting. These meetings usually occur around springtime, so it’s typically called proxy season.
Votes on the ballot focus on governance matters, including the election of board members, executive compensation packages, and sometimes sustainability issues. These issues are assessed within the context of the company’s performance and its strategic direction.
This article isn’t personal advice. If you’re not sure an investment is right for you, seek advice. Investments and any income from them will rise and fall in value, so you could get back less than you invest.
Why is proxy season important?
These meetings facilitate valuable direct engagement between a company and its shareholders, offering a platform to voice ideas and concerns.
Shareholders can even file resolutions (formal decisions) to be voted on at the meeting, provided certain conditions are met.
For investors focused on sustainability, this can be crucial for bringing environmental and social issues to the attention of directors and shareholders, promoting transparency and accountability.
Here are three proxy votes taking place this year that will be of particular interest to sustainability-minded investors.
BP
AGM date: 23/04/2026
Oil and gas companies are no strangers to shareholder resolutions. As a sector, it’s highly exposed to the risks associated with the energy transition, as well as pollution and safety concerns.
This year, BP has a few resolutions on climate-related issues. Here are some of the most notable.
1. To revoke former shareholder resolutions from 2015 and 2019, relating to climate reporting and strategic alignment with the goals of the Paris Agreement.
In 2015 shareholders voted for enhancing BP’s reporting in a variety of areas related to climate. This was followed by another successful vote in 2019 that required BP to report on the alignment of its strategy with the goals of the Paris Climate Agreement – an international accord aiming to limit global warming.
While retiring these goals would be a clear example of BP’s pivot back to oil and gas, it arguably threatens the credibility of the net-zero target the company is still standing by. Reports suggest some influential organisations offering proxy voting advice may recommend protecting the 2015 and 2019 resolutions. Shareholders will watch this with a keen eye as BP navigates life under new CEO Meg O’Neill.
2. Provide clarity on how oil & gas exploration creates long-term value for shareholders, including an analysis of cost-competitiveness.
Activist shareholder ACCR is requesting that BP improve transparency on how it allocates capital to new oil and gas projects, including project competitiveness, cost overruns, and value creation.
The proposal is driven by concerns over BP’s share price performance and increasing oil & gas-related spending. Its shareholders are seeking clearer evidence that its investments generate strong returns and are disciplined. There are also reports that a large proxy voting advisor will support this resolution.
3. Not appearing on the ballot: FollowThis resolution to disclose company’s strategy to create shareholder value under a scenario of declining demand for oil & gas.
Finally, a controversial decision from BP to exclude a shareholder proposal from the Dutch investor group FollowThis, has raised serious questions about transparency. Some groups have suggested they will vote against the re-election of BP’s Chair to express their concerns on this topic.
Coca-Cola
AGM date: 29/04/2026
Health is also a key theme for sustainability-focussed investors and one featuring on Coca-Cola’s ballot this year. The resolution requests greater disclosure of the company’s approach to assessing and managing the risks posed by chemicals and additives in its products to human health, company reputation and its financial position.
The health and safety of chemicals and additives have been longstanding issues for Coca-Cola shareholders. Historically, concerns related to synthetic substances and ingredients have been the focus of litigation, leading to ingredient reformulation.
Amazon
AGM date: 20/05/2026
The 2025 proxy season saw a noticeable shift of investors focussing on transition plan implementation rather than targets and disclosure. One of the reasons for this was the notable rise in energy demand, in part stemming from data centre usage and the artificial intelligence (AI) boom. It raised serious questions on the compatibility of data centre expansion and the net zero targets of users and suppliers of energy.
At Amazon’s AGM this year, shareholders have been given the opportunity to express their views on this exact topic. The proposal requests additional reporting on the impact of data centres on Amazon’s climate commitments.
While this is mostly relevant to Amazon shareholders, investors from across the technology, utilities and energy sectors will watch this vote with a keen eye.
Want to have your say?
Our online service lets you electronically give voting instructions or confirm you’re attending a meeting for UK, EU, US, and Canadian shares in your HL accounts.
How to give an instruction
Log in to your account using our website (it’s not possible to give instructions via the HL app)
Select ‘View shareholder meetings’
View your shareholder meetings and provide an instruction
You’ll be taken to a website managed by a third party called Broadridge to complete your instruction. HL is not responsible for the content on this website.
The deadline for each meeting will be displayed above the list of resolutions.
For UK stocks, this is generally 4 working days before the meeting. For EU and US stocks, the deadline could be as much as 10 to 15 working days before the meeting.