Business

UK government ends shareholder dissent register, raising concerns over transparency and corporate accountability

Sunday, 2 November 2025 5:04AM UTC

The UK government has quietly discontinued a publicly available list tracking shareholder revolts, prompting criticism from advocates who argue it undermines transparency and the ability of investors to hold companies accountable amidst ongoing debates over responsible investment practices.

The UK Government has quietly ended the publication of a public list that tracked companies facing major shareholder revolts, a move criticised by corporate governance advocates as a setback for transparency and shareholder rights. Originally established in 2017 under then-Prime Minister Theresa May, the list was maintained by the Investment Association (IA), a trade body representing fund managers, to highlight publicly when at least 20% of investors rebelled at a company’s annual meeting. This register was intended to enhance corporate accountability by "naming and shaming" firms over contentious issues like excessive executive pay.

Business Minister Blair McDougall recently instructed the IA to discontinue updating the register, citing a desire to reduce duplication and cut red tape as part of broader "pro-growth" government measures supporting business ease. The IA confirmed that no further updates to the register would be made, effectively ending the initiative. This decision reflects a shift away from measures aimed at improving corporate governance transparency that were put in place by previous administrations.

Critics have reacted strongly to what they see as a troubling erosion of governance standards. Catherine Howarth, CEO of the campaign group ShareAction, described the move as “another small but significant nail in the coffin of our reputation for high standards of corporate governance.” She expressed concern that corporate lobbyists have been successful in undermining protections meant to serve retail investors and pension savers alike. Howarth also decried the government’s pattern of disregarding shareholder rights, highlighting how the withdrawal of the register dilutes a valuable tool for investor scrutiny.

Corporate governance expert Tom Powdrill noted the irony of the Conservative government dropping an initiative originally introduced by their party, observing that Labour’s stance on the issue appeared less radical in comparison. Despite this governmental rollback, independent reporting on executive pay controversies will continue, with outlets like the Mail on Sunday pressing ahead with their “Fat Cat Files,” which expose companies facing significant shareholder dissent. For instance, Melrose, an engineering firm, faced a large revolt in which two-thirds of shareholders opposed a £45 million payout to their CEO, Peter Dilnot, a rebuke Melrose acknowledged seriously and committed to reviewing.

While companies remain obligated to respond to shareholder revolts within six months, campaigners fear this rule might also be on the chopping block, which would further diminish the power of shareholders to hold boards accountable.

The move also comes amid broader scrutiny of asset managers’ behaviour on shareholder rights and corporate responsibility. ShareAction has recently highlighted inconsistent and often ineffective stewardship by major asset managers, revealing poor disclosure and a lack of robust action on environmental and social issues. Data from ShareAction’s 2023 reports show a troubling decline in support for shareholder resolutions targeting these concerns, with backing falling from 14% in 2022 to just 1.4% in 2024 for such initiatives. The world's largest asset managers—BlackRock, Fidelity, State Street, and Vanguard—have been criticised for supporting a mere 7% of these resolutions on average, raising questions about their commitment to responsible investment practices.

Meanwhile, governmental focus continues on other aspects of shareholder rights. The Association of Investment Companies withdrew a petition calling for reforms to enable all investors to vote their shares, following the government’s commitment to recommendations from the Digitisation Taskforce aimed at improving retail shareholder voting processes. These measures contrast with the scrapping of the dissent register but reflect ongoing attention to certain areas of shareholder engagement.

Meanwhile, organizations like ShareAction remain active in advocating for more responsible investment practices, engaging with companies at annual general meetings and pushing for improvements on pressing environmental and social challenges. Their work underscores a persistent gap between public expectations for corporate governance and the current trajectory of government policy and asset manager behaviour.

In summary, the government’s termination of the shareholder dissent register has sparked debate about the future of corporate governance in the UK, discouraging transparency efforts at a time when scrutiny of executive pay and responsible investment practices is increasingly in the public eye. Critics warn this may serve to weaken investor influence just as broader societal calls for corporate accountability grow louder.

📌 Reference Map:

Paragraph 1 – ^[1] (Daily Mail), ^[2] (IPE)
Paragraph 2 – ^[1] (Daily Mail), ^[2] (IPE)
Paragraph 3 – ^[1] (Daily Mail)
Paragraph 4 – ^[1] (Daily Mail)
Paragraph 5 – ^[1] (Daily Mail)
Paragraph 6 – ^[1] (Daily Mail), ^[2] (IPE)
Paragraph 7 – ^[3] (FT Adviser), ^[6] (ShareAction Report)
Paragraph 8 – ^[5] (AIC), ^[1] (Daily Mail)
Paragraph 9 – ^[7] (ShareAction), ^[4] (ICAEW)
Paragraph 10 – ^[1] (Daily Mail), ^[2] (IPE), ^[3] (FT Adviser), ^[6] (ShareAction Report)

Source: Noah Wire Services

More on this

https://www.dailymail.co.uk/money/markets/article-15248517/Ministers-axe-list-names-shames-fat-cats.html?ns_mchannel=rss&ns_campaign=1490&ito=1490 - Please view link - unable to able to access data
https://www.ipe.com/news/ia-drops-shareholder-dissent-register-on-government-instruction/10133360.article - The Investment Association (IA) has ceased updating its Public Register, which tracked shareholder dissent at listed companies, following a government directive to remove duplication and reduce red tape. This decision has been criticised by corporate governance experts and campaign groups, who view it as a setback for high standards in corporate governance. The IA confirmed that the register is no longer being updated, aligning with the government's pro-growth measures aimed at cutting red tape for firms.
https://www.ftadviser.com/investments/2023/12/15/shareaction-review-criticises-inconsistent-and-often-ineffective-escalation/ - ShareAction, a responsible investment charity, has criticised asset managers for their inconsistent and often ineffective use of escalation strategies in engaging with companies. A review of stewardship and sustainability reports from 50 of the world's largest asset managers revealed limited disclosure on the use and outcomes of escalation. ShareAction proposes a standardised framework for escalation to improve transparency and effectiveness in holding companies accountable on environmental and social issues.
https://www.icaew.com/insights/viewpoints-on-the-news/2025/apr-2025/asset-managers-support-for-ethical-shareholder-resolutions-crashes - A report by ShareAction indicates a significant decline in asset managers' support for shareholder resolutions addressing environmental and social issues. In 2024, only 1.4% of such resolutions received majority support, a decrease from 3% in 2023 and 14% in 2022. The world's four largest asset managers—BlackRock, Fidelity Investments, State Street Global Advisors, and Vanguard—supported an average of just 7% of these resolutions, raising concerns about the commitment to responsible investment practices.
https://www.theaic.co.uk/aic/news/press-releases/aic-withdraws-shareholder-rights-petition-as-my-share-my-vote-campaign - The Association of Investment Companies (AIC) has withdrawn its petition demanding changes to the law to ensure all investors can vote their shares. This follows the government's commitment to implementing recommendations from the Digitisation Taskforce, which aims to uphold shareholder rights and improve transparency in the voting process for retail shareholders.
https://shareaction.org/reports/voting-matters-2023 - ShareAction's 'Voting Matters 2023' report analyses how 69 of the world's largest asset managers voted on 257 shareholder resolutions related to environmental and social issues. The report found that only 3% of these resolutions received majority support, highlighting a downward trend in asset managers' support for such proposals. The findings underscore the need for more robust engagement and voting practices to address pressing global challenges.
https://shareaction.org/news/10-ways-that-shareaction-pushed-for-responsible-investment-in-2023 - In 2023, ShareAction engaged in various initiatives to promote responsible investment, including attending 99 annual general meetings (AGMs) to question board members on issues like climate change and access to healthy food. The organisation's efforts aim to ensure that the financial system serves both people and the planet, addressing challenges such as extreme weather events, biodiversity loss, and health inequalities.

Noah Fact Check Pro

The draft above was created using the information available at the time the story first emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed below. The results are intended to help you assess the credibility of the piece and highlight any areas that may warrant further investigation.

Freshness check

Score: 8

Notes: The narrative is recent, with the UK Government's decision to discontinue the Public Register announced on 21 October 2025. ([hansard.parliament.uk](https://hansard.parliament.uk/html/commons/2025-10-21/WrittenStatements?utm_source=openai)) The Investment Association confirmed this on 21 October 2025. ([theia.org](https://www.theia.org/news/press-releases/comment-discontinuation-public-register-0?utm_source=openai))

Quotes check

Score: 7

Notes: Direct quotes from Catherine Howarth and Tom Powdrill are not found in the provided sources. This suggests potential originality or exclusivity of the content. However, without direct verification, the authenticity of these quotes cannot be confirmed.

Source reliability

Score: 6

Notes: The narrative originates from the Daily Mail, a reputable UK newspaper. However, the specific article is not accessible due to website restrictions. The Investment Association's press release is available and provides corroborative information. ([theia.org](https://www.theia.org/news/press-releases/comment-discontinuation-public-register-0?utm_source=openai))

Plausability check

Score: 8

Notes: The decision to discontinue the Public Register aligns with the UK Government's broader regulatory reforms aimed at reducing administrative burdens on businesses. ([hansard.parliament.uk](https://hansard.parliament.uk/html/commons/2025-10-21/WrittenStatements?utm_source=openai)) The concerns raised by critics about transparency and shareholder rights are consistent with ongoing debates in corporate governance.

Overall assessment

Verdict (FAIL, OPEN, PASS): PASS

Confidence (LOW, MEDIUM, HIGH): MEDIUM

Summary: The narrative presents recent developments regarding the UK Government's decision to discontinue the Public Register, supported by official statements from the Investment Association. ([theia.org](https://www.theia.org/news/press-releases/comment-discontinuation-public-register-0?utm_source=openai)) While the Daily Mail's specific article is inaccessible, the information is corroborated by other reputable sources. The direct quotes from Catherine Howarth and Tom Powdrill cannot be verified, suggesting potential originality or exclusivity. Overall, the narrative appears credible, but the inability to verify certain quotes introduces some uncertainty.

UK politics
corporate governance
shareholder rights