What is shareholder dissent?

Shareholder dissent occurs when a significant proportion of shareholders vote against management-proposed resolutions at annual general meetings. We track resolutions that failed entirely, and those that passed but with less than 90% support.

How many NZX resolutions have failed?

We have identified 50 resolutions that failed to pass across NZX-listed companies, including climate activism resolutions and contested director elections.

Which NZX companies face the most shareholder dissent?

ANZ Group Holdings Limited, Fonterra Co-operative Group Limited, Fonterra Shareholders' Fund are among the companies with the highest levels of shareholder dissent, based on failed and contentious resolutions.

Shareholder Dissent Tracker

Failed resolutions, contentious votes, and directors facing low shareholder support across NZX

Failed Resolutions

134

Contentious (<90%)

139

Directors <95%

Activism Resolutions

1722

Total Tracked

Vote Support Distribution

<50% support

50-75% support

103

75-90% support

126

90-95% support

362

95-99% support

1065

99-100% support

By Year

2026

8 votes · 0 failed · 1 contentious

2025

779 votes · 13 failed · 56 contentious

2024

501 votes · 8 failed · 37 contentious

2023

424 votes · 14 failed · 40 contentious

2022

6 votes · 0 failed · 0 contentious

2021

4 votes · 0 failed · 0 contentious

Failed Resolutions (50)

Resolutions that did not receive sufficient shareholder support to pass

Date	Company	Resolution	Support
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Disclosure of financed deforestation Shareholder Request	22.7%
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Strategy to eliminate financed deforestation Shareholder Request	11.3%
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Disclosure of financed deforestation Other	FAILED
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Amend the company’s constitution Constitution Amendment	8.8%
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Customer Transition Plan Approach and Climate Commitments Other	18.6%
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Customer Transition Plan Approach and Climate Commitments Other	FAILED
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Spill Resolution Other	1.4%
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Spill Resolution Other	1.4%
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Strategy to eliminate financed deforestation Other	FAILED
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Amend the Company's Constitution Constitution Amendment	8.8%
11 Dec 2025	WBC WBC Westpac Banking Corporation	Amendment to the Constitution Constitution Amendment	6.3%
11 Dec 2025	WBC WBC Westpac Banking Corporation	Customer Transition Plan Approach and Climate Commitments Shareholder Proposal	FAILED
11 Dec 2025	WBC WBC Westpac Banking Corporation	Customer Transition Plan Approach and Climate Commitments Other	FAILED
11 Dec 2025	WBC WBC Westpac Banking Corporation	Amendment to the Constitution Constitution Amendment	6.3%
17 Sept 2025	LIC LIC Livestock Improvement Corporation Limited	Election of one Elected Director for the North Island Director Election	FAILED
15 Sept 2025	AFC AFC AFC Group Holdings Limited	Receive Annual Report Annual Report	FAILED
15 Sept 2025	AFC AFC AFC Group Holdings Limited	Re-elect Yang Xia Director Re-election	FAILED
15 Sept 2025	AFC AFC AFC Group Holdings Limited	Re-elect Bo Xian (Charles) Cao Director Re-election	FAILED
15 Sept 2025	AFC AFC AFC Group Holdings Limited	Re-elect Jianfeng (David) Chen Director Re-election	FAILED
22 Aug 2025	RAK RAK Rakon Limited	That the Board determine the constitutional settings required for Rakon Limited to include a minority investor voting regime within its Constitution Constitution Amendment	13.0%
22 Aug 2025	RAK RAK Rakon Limited	That a revised Constitution, including any amendments determined by the Board under Resolution 6, is tabled for consideration by shareholders as a special resolution at the next Annual Shareholders’ Meeting of Rakon Limited Constitution Amendment	11.6%
22 Aug 2025	RAK RAK Rakon Limited	That Brent Robinson be removed as a Director of Rakon Limited Director Removal	8.7%
5 Aug 2025	APL APL Asset Plus	That Paul John Duffy be re-elected as a Director of the Company. Director Re-election	FAILED
5 Aug 2025	APL APL Asset Plus	That Donald Bruce Cotterill be re-elected as a Director of the Company. Director Re-election	FAILED
5 Aug 2025	APL APL Asset Plus	That the Board be authorised to fix the auditor’s fees and expenses from time to time. Auditor Remuneration	FAILED
23 May 2025	CHI CHI Channel Infrastructure NZ Limited	That Mr. Karl Barkley, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company. Director Election	1.0%
19 Dec 2024	ANZ ANZ ANZ Group Holdings Limited	Grant of restricted rights and performance rights to Mr S C Elliott Other	50.1%
19 Dec 2024	ANZ ANZ ANZ Group Holdings Limited	Resolution requisitioned by members - Amendment to the Constitution Constitution Amendment	7.1%
19 Dec 2024	ANZ ANZ ANZ Group Holdings Limited	Resolution requisitioned by members - Transition Plan Assessments Other	27.2%
13 Dec 2024	WBC WBC Westpac Banking Corporation	Transition Plan Assessments Other	FAILED
13 Dec 2024	WBC WBC Westpac Banking Corporation	Amendment to the Constitution Constitution Amendment	6.6%
28 May 2024	MCK MCK Millennium & Copthorne Hotels New Zealand Limited	Election of Steven Zingel as a director Director Election	16.0%
30 Apr 2024	CHI CHI Channel Infrastructure NZ Limited	That all work on the decommissioning of the Marsden Point Refinery be suspended once the safety of staff and contractors have been addressed, pending the delivery of an independent report by an appropriately qualified engineering firm, on the costs, benefits and estimated schedule of reinstating the refinery to operating capability, assuming market conditions, including operating costs and customer demand, that were in effect across 2017. That such report be allocated a budget of NZ$100,000 with a delivery time of 6 months from the time the contract is let. That the Board direct management to issue a request for proposals and seek invitations for tender for consideration within 2 months of the meeting date (30 April 2024). That the report be provided to all Shareholders with a recommendation from Management for consideration at a Special Meeting to be called within 25 working days of receipt of the Report Other	1.1%
30 Apr 2024	CHI CHI Channel Infrastructure NZ Limited	That Mr Daniel Reurich, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company Director Election	0.9%
30 Apr 2024	CHI CHI Channel Infrastructure NZ Limited	That Mr Karl Barkley, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company Director Election	0.9%
14 Dec 2023	WBC WBC Westpac Banking Corporation	Transition Plan Assessments Other	FAILED
14 Dec 2023	WBC WBC Westpac Banking Corporation	Amendment to the Constitution Constitution Amendment	6.2%
9 Nov 2023	FCG FCG Fonterra Co-operative Group Limited	Mr Richard Dampney's fourth proposal Other	15.8%
9 Nov 2023	FCG FCG Fonterra Co-operative Group Limited	Mr Richard Dampney's second proposal Other	18.0%
9 Nov 2023	FSF FSF Fonterra Shareholders' Fund	Mr Richard Dampney's second proposal Other	18.0%
9 Nov 2023	FCG FCG Fonterra Co-operative Group Limited	Mr Richard Dampney's third proposal Other	15.5%
9 Nov 2023	FCG FCG Fonterra Co-operative Group Limited	Mr Richard Dampney's first proposal Other	15.2%
9 Nov 2023	FSF FSF Fonterra Shareholders' Fund	Mr Richard Dampney's first proposal Other	15.2%
9 Nov 2023	FSF FSF Fonterra Shareholders' Fund	Mr Richard Dampney's third proposal Other	15.5%
9 Nov 2023	FSF FSF Fonterra Shareholders' Fund	Mr Richard Dampney's fourth proposal Other	15.8%
6 Sept 2023	NTL NTL New Talisman Gold Mines Ltd	Director Election: John Wedde Director Election	8.9%
6 Sept 2023	NTL NTL New Talisman Gold Mines Ltd	Director Re-election: Victor Rabone Director Re-election	19.8%
15 Aug 2023	TAH TAH Third Age Health Services Limited	That Warren William Flaunty be elected as a director of Third Age Health Director Election	43.5%
1 Aug 2023	MPG MPG Metro Performance Glass	That Graham Stuart be elected as a Director of the Company. Director Election	21.5%
28 Jul 2023	ERD ERD EROAD	Non-Binding Say On Pay Vote: That EROAD's Remuneration Report for the year ended 31 March 2023, as set out in the FY23 Annual Report, be adopted Remuneration Report	48.5%

Shareholder Activism Resolutions (16)

Climate, ESG, and shareholder-requisitioned resolutions

Date	Company	Resolution	Support	Result
18 Dec 2025	ANZ ANZ	Disclosure of financed deforestation	22.7%	FAILED
18 Dec 2025	ANZ ANZ	Strategy to eliminate financed deforestation	11.3%	FAILED
18 Dec 2025	ANZ ANZ	Disclosure of financed deforestation	—	Passed
18 Dec 2025	ANZ ANZ	Strategy to eliminate financed deforestation	—	Passed
18 Dec 2025	ANZ ANZ	Disclosure of financed deforestation	—	FAILED
18 Dec 2025	ANZ ANZ	Customer Transition Plan Approach and Climate Commitments	18.6%	FAILED
18 Dec 2025	ANZ ANZ	Customer Transition Plan Approach and Climate Commitments	—	FAILED
18 Dec 2025	ANZ ANZ	Strategy to eliminate financed deforestation	—	FAILED
11 Dec 2025	WBC WBC	Customer Transition Plan Approach and Climate Commitments	—	FAILED
11 Dec 2025	WBC WBC	Customer Transition Plan Approach and Climate Commitments	—	FAILED
22 Oct 2025	WIN WIN	Approve Climate-Related Disclosures	100.0%	Passed
19 Dec 2024	ANZ ANZ	Resolution requisitioned by members - Amendment to the Constitution	7.1%	FAILED
19 Dec 2024	ANZ ANZ	Resolution requisitioned by members - Transition Plan Assessments	27.2%	FAILED
13 Dec 2024	WBC WBC	Transition Plan Assessments	—	FAILED
14 Dec 2023	WBC WBC	Westpac Climate Change Position Statement and Action Plan	92.3%	Passed
14 Dec 2023	WBC WBC	Transition Plan Assessments	—	FAILED

Directors Facing Low Support (139)

Director election and re-election resolutions with less than 95% shareholder support

Date	Company	Director	Type	Support	Result
30 Apr 2024	CHI CHI	Mr Daniel Reurich That Mr Daniel Reurich, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company	Director Election	0.9%	FAILED
30 Apr 2024	CHI CHI	Mr Karl Barkley That Mr Karl Barkley, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company	Director Election	0.9%	FAILED
23 May 2025	CHI CHI	Mr. Karl Barkley That Mr. Karl Barkley, who is nominated as a director by a Shareholder of the Company in accordance with Listing Rule 2.3.1, be elected as a Director of the Company.	Director Election	1.0%	FAILED
6 Sept 2023	NTL NTL	Director Election: John Wedde	Director Election	8.9%	FAILED
28 May 2024	MCK MCK	Steven Zingel Election of Steven Zingel as a director	Director Election	16.0%	FAILED
6 Sept 2023	NTL NTL	Director Re-election: Victor Rabone	Director Re-election	19.8%	FAILED
1 Aug 2023	MPG MPG	Graham Stuart That Graham Stuart be elected as a Director of the Company.	Director Election	21.5%	FAILED
12 Oct 2023	LIC LIC	one Elected Director for the North Island Election of one Elected Director for the North Island	Director Election	42.8%	Contentious
15 Aug 2023	TAH TAH	Warren William Flaunty That Warren William Flaunty be elected as a director of Third Age Health	Director Election	43.5%	FAILED
12 Oct 2023	LIC LIC	one Elected Director for the South Island Election of one Elected Director for the South Island	Director Election	52.8%	Contentious
17 Dec 2025	CVT CVT	Greg Barclay Election of Greg Barclay as a Director	Director Election	53.3%	Contentious
26 Aug 2024	ARB ARB	David Knott That David Knott be re-elected as a director of the Company	Director Re-election	55.5%	Contentious
17 Dec 2025	CVT CVT	Bob Major Re-election of Bob Major as a Director	Director Re-election	59.4%	Contentious
11 Dec 2025	WBC WBC	Peter Nash To Re-elect Peter Nash as a Director	Director Re-election	60.2%	Contentious
11 Dec 2025	WBC WBC	Peter Nash To Re-elect Peter Nash as a Director	Director Re-election	60.2%	Contentious
10 Dec 2024	HLG HLG	Graeme Popplewell Re-elect Graeme Popplewell as a Director	Director Election	61.2%	Contentious
10 Dec 2024	HLG HLG	Warren Bell Re-elect Warren Bell as a Director	Director Election	61.2%	Contentious
19 Oct 2023	THL THL	Catherine Agnes Quinn Re-election of Catherine Agnes Quinn as Director	Director Re-election	68.1%	Contentious
10 Sept 2025	ARB ARB	George Adams That George Adams, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company	Director Re-election	71.0%	Contentious
2 May 2024	NZX NZX	John McMahon ( That John McMahon (appointed by the Board as a director with effect from 12 May 2023), who retires and is eligible for election, be elected as a director of NZX Limited.	Director Election	72.4%	Contentious
18 Apr 2024	NZX NZX	John McMahon ( That John McMahon (appointed by the Board as a director with effect from 12 May 2023), who retires and is eligible for election, be elected as a director of NZX Limited	Director Election	72.4%	Contentious
31 Oct 2025	SKC SKC	Kate Hughes Re-election of Kate Hughes as Director	Director Re-election	73.7%	Contentious
16 Nov 2023	ATM ATM	Warwick Every-Burns That Warwick Every-Burns, who will retire at the meeting by rotation in accordance with the Company's constitution, be re-elected as a Director of the Company.	Director Re-election	75.3%	Low Support
23 Aug 2024	TAH TAH	Bevan John Walsh Re-election of Bevan John Walsh as Director	Director Re-election	76.5%	Low Support
9 Nov 2023	FCG FCG	Cathy Quinn Re-election of Cathy Quinn as Director	Director Re-election	77.1%	Low Support
9 Nov 2023	FSF FSF	Cathy Quinn Re-election of Cathy Quinn as Director	Director Re-election	77.1%	Low Support
23 Oct 2024	FBU FBU	Cathy Quinn That Cathy Quinn be re-elected as a director of the Company	Director Re-election	77.3%	Low Support
14 Sept 2023	PYS PYS	having retired, Michael O'Donnell That having retired, Michael O'Donnell be re-elected as a Director of PaySauce	Director Re-election	77.8%	Low Support
21 May 2024	VGL VGL	Claudia Batten That Claudia Batten be re-elected as a Director of Vista Group.	Director Re-election	78.4%	Low Support
24 May 2024	NZL NZL	Tia Greenaway Re-Election of Tia Greenaway	Director Re-election	79.4%	Low Support
27 Jul 2023	MFT MFT	Bryan Mogridge That Bryan Mogridge, who retires at the annual meeting and is eligible for re-election, be re-elected as a Director of the Company.	Director Re-election	80.4%	Low Support
20 Nov 2025	SDL SDL	Mr Julian Beavis That Mr Julian Beavis who is retiring by rotation as required by Listing Rule 2.7.1 of the NZX Listing Rules and in accordance with the Company’s constitution, and being eligible, be re-elected as a director of the Company.	Director Re-election	80.7%	Low Support
20 Nov 2025	SDL SDL	Mr Elmar Toime To re-elect Mr Elmar Toime as a director	Director Re-election	80.7%	Low Support
20 Nov 2025	SDL SDL	Mrs Lee Eglinton To re-elect Mrs Lee Eglinton as a director	Director Re-election	80.7%	Low Support
27 Oct 2023	FBU FBU	Barbara Chapman That Barbara Chapman be re-elected as a director of the Company	Director Re-election	81.2%	Low Support
28 Aug 2024	FPH FPH	Graham McLean To elect Graham McLean as a Director	Director Election	81.2%	Low Support
31 Oct 2025	SKC SKC	Glenn Davis Re-election of Glenn Davis as Director	Director Re-election	81.4%	Low Support
10 Dec 2025	HLG HLG	Malcolm Ford To re-elect Malcolm Ford as a Director.	Director Re-election	81.4%	Low Support
9 Dec 2025	HLG HLG	Malcolm Ford Re-elect Malcolm Ford as a Director	Director Election	81.4%	Low Support
26 Jun 2024	ERD ERD	Director: David Green Election of Director: David Green as a Director of EROAD Limited	Director Election	81.6%	Low Support
27 Jul 2023	RYM RYM	Ms Claire Higgins That Ms Claire Higgins, who retires, is re-elected as a director of Ryman	Director Re-election	82.0%	Low Support
10 Dec 2025	HLG HLG	Joanne Appleyard To re-elect Joanne Appleyard as a Director.	Director Re-election	82.4%	Low Support
9 Dec 2025	HLG HLG	Joanne Appleyard Re-elect Joanne Appleyard as a Director	Director Election	82.4%	Low Support
26 Jun 2024	ERD ERD	Director: Cameron Kinloch Election of Director: Cameron Kinloch as a Director of EROAD Limited	Director Election	84.1%	Low Support
14 Nov 2024	FCG FCG	John Nicholls to the Fonterra Board Election of John Nicholls to the Fonterra Board	Director Election	84.9%	Low Support
14 Nov 2024	FSF FSF	John Nicholls to the Fonterra Board Election of John Nicholls to the Fonterra Board	Director Election	84.9%	Low Support
11 Dec 2025	FSF FSF	Michelle Pye Election of Michelle Pye as Director	Director Election	84.9%	Low Support
27 Aug 2024	GMT GMT	Re-appointing Leonie Freeman as a Director of the Manager	Director Re-election	85.2%	Low Support
16 Aug 2023	RAK RAK	Keith Oliver Re-elect Keith Oliver as a director of Rakon	Director Re-election	86.3%	Low Support
27 Jun 2024	KPG KPG	Chris Aiken That Chris Aiken be re-elected as a director of the Company	Director Re-election	86.3%	Low Support

Showing 50 of 139 directors with low support

Remuneration Dissent (39)

Remuneration-related resolutions with less than 90% shareholder support

Date	Company	Resolution	Support	Result
28 Jul 2023	ERD ERD EROAD	Non-Binding Say On Pay Vote: That EROAD's Remuneration Report for the year ended 31 March 2023, as set out in the FY23 Annual Report, be adopted	48.5%	FAILED
16 Aug 2023	RAK RAK Rakon Limited	Increase total annual remuneration pool for directors' fees by $73,500 from $530,000 to $603,500	60.0%	Contentious
19 Dec 2024	ANZ ANZ ANZ Group Holdings Limited	Adoption of the Remuneration Report	61.7%	Contentious
17 Sept 2025	LIC LIC Livestock Improvement Corporation Limited	Approval of Shareholder Reference Group’s Remuneration	66.2%	Contentious
12 Oct 2023	LIC LIC Livestock Improvement Corporation Limited	Approval of LIC Directors' Remuneration	66.2%	Contentious
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Adoption of the Remuneration Report	67.6%	Contentious
18 Dec 2025	ANZ ANZ ANZ Group Holdings Limited	Adoption of the Remuneration Report	67.6%	Contentious
18 Sept 2024	LIC LIC Livestock Improvement Corporation Limited	Approval of LIC Directors' Remuneration	68.0%	Contentious
3 Dec 2025	ENS ENS Enprise Group Limited	Directors’ remuneration	69.0%	Contentious
19 Aug 2025	IFT IFT Infratil Limited	Non-Executive Directors remuneration	71.5%	Contentious
12 Oct 2023	LIC LIC Livestock Improvement Corporation Limited	Approval of Shareholder Reference Group's Remuneration	71.5%	Contentious
18 Sept 2024	LIC LIC Livestock Improvement Corporation Limited	Approval of Shareholder Reference Group's Remuneration	72.6%	Contentious
17 Aug 2023	IFT IFT Infratil Limited	Directors' Remuneration	73.4%	Contentious
17 Sept 2025	LIC LIC Livestock Improvement Corporation Limited	Approval of LIC Directors’ Remuneration	75.0%	Low Support
26 Sept 2025	PYS PYS PaySauce Limited	That the maximum aggregate amount of remuneration payable by PaySauce to all Directors (in their capacity as Directors) be increased from $190,000 per annum to a maximum of $275,000 (plus GST, if any) per annum, with this sum available to be paid to the Directors of the Company as the Board considers appropriate	77.6%	Low Support
14 Nov 2023	MHJ MHJ Michael Hill International Limited	Approval of increase to Non-Executive Director Remuneration Pool	77.7%	Low Support
4 Aug 2023	KFL KFL Kingfish Limited	To authorise an increase in the Directors' fee pool from $157,500 (plus GST if any) to $185,500 (plus GST if any)	78.1%	Low Support
20 Nov 2025	SDL SDL Solution Dynamics Limited	That the board is authorised to fix the remuneration of Grant Thornton as the Company’s auditors.	80.7%	Low Support
13 Oct 2023	BRM BRM Barramundi Limited	To authorise an increase in the Directors' fee pool from $157,500 (plus GST if any) to $185,500 (plus GST if any), with effect from 1 July 2023	81.4%	Low Support
24 Oct 2023	EBO EBO EBOS Group Limited	Increase to non-executive director fee pool from $1,565,000 to $1,643,250 per annum with effect from 1 July 2023	81.6%	Low Support
27 Aug 2024	GMT GMT Goodman Property Trust	Approving the maximum aggregate amount of remuneration payable by the Manager to Directors be increased to $1,070,000 per annum	82.6%	Low Support
23 Aug 2023	TRA TRA Turners Automotive Group	That the pool for Directors' fees be increased by $255,000 from $665,000 to $920,000 per financial year, with effect for the financial year commencing 1 April 2023	82.7%	Low Support
29 Aug 2023	FPH FPH Fisher & Paykel Healthcare Corporation Limited	Approve an increase in the maximum aggregate annual remuneration payable to non-executive Directors	82.9%	Low Support
18 Apr 2024	NZX NZX NZX Limited	That the annual remuneration payable to directors of NZX Limited be set at $88,000 and the Chair's annual remuneration be set at $166,000, with the Chair of the Audit & Risk Committee to receive an annual fee of $15,000 and the Chairs of each of the Clearing, Human Resources & Remuneration, Clearing and Technology Committees to receive an annual fee of $10,000, all with effect from 1 July 2024	83.3%	Low Support
2 May 2024	NZX NZX NZX Limited	That the annual remuneration payable to directors of NZX Limited be set at $88,000 and the Chair's annual remuneration be set at $166,000, with the Chair of the Audit & Risk Committee to receive an annual fee of $15,000 and the Chairs of each of the Clearing, Human Resources & Remuneration, Clearing and Technology Committees to receive an annual fee of $10,000, all with effect from 1 July 2024.	83.3%	Low Support
3 Nov 2023	MLN MLN Marlin Global Limited	To authorise an increase in the Directors' fee pool from $157,500 (plus GST if any) to $185,500 (plus GST if any), with effect from 1 July 2023	84.5%	Low Support
11 Dec 2025	FCG FCG Fonterra Co-operative Group Limited	Approval of changes to the remuneration of Co-operative Councillors	84.9%	Low Support
9 Nov 2023	HGH HGH Heartland Group Holdings Limited	That the total annual remuneration available to all non-executive directors be increased from NZ$1,600,000 or AU$1,400,000 (whichever is the greater amount from time to time) to NZ$2,400,000 or AU$2,200,000 (whichever is the greater amount from time to time), an increase of NZ$800,000 or AU$800,000 (33% and 57% respectively) effective for the financial year ending 30 June 2024 and onwards, with such sum to be divided amongst the non-executive directors as the Board may from time to time determine.	86.9%	Low Support
14 Nov 2024	FSF FSF Fonterra Shareholders' Fund	Election of Mike Pavletich to the Directors' Remuneration Committee	87.4%	Low Support
14 Nov 2024	FCG FCG Fonterra Co-operative Group Limited	Election of Mike Pavletich to the Directors' Remuneration Committee	87.4%	Low Support
11 Dec 2025	FCG FCG Fonterra Co-operative Group Limited	Ratification of, and approval of changes to, the remuneration of Directors	87.6%	Low Support
16 Aug 2023	RAK RAK Rakon Limited	Authorise directors to fix the remuneration of Rakon's auditor, PricewaterhouseCoopers for the following year	88.2%	Low Support
27 Oct 2023	SKC SKC SkyCity Entertainment Group Limited	Increase in the non-executive director fee pool	88.4%	Low Support
19 Nov 2025	SMI SMI Santana Minerals Ltd	NON BINDING RESOLUTION TO ADOPT REMUNERATION REPORT	88.5%	Low Support
17 Dec 2025	CVT CVT Comvita Limited	Appointment and Remuneration of Auditors	88.6%	Low Support
11 Dec 2025	FSF FSF Fonterra Shareholders' Fund	Election of Conall Buchanan to Directors' Remuneration Committee	88.6%	Low Support
11 Dec 2025	FCG FCG Fonterra Co-operative Group Limited	Approval of changes to the remuneration of members of the Directors’ Remuneration Committee	88.6%	Low Support
23 Oct 2024	FBU FBU Fletcher Building	That the Company's Remuneration Report for the year ended 30 June 2024, as set out in the 2024 Annual Report, be adopted	89.0%	Low Support
6 Aug 2025	PEB PEB Pacific Edge Limited	Increase total annual non-executive Directors’ remuneration pool	89.5%	Low Support

Most Contentious Companies (56)

Companies ranked by frequency of failed and contentious resolutions

#	Company	Sector	Failed	Contentious	Total Votes	Avg Support
1	ANZ ANZ ANZ Group Holdings Limited	Financials	10	3	27	63.4%
2	FCG FCG Fonterra Co-operative Group Limited	Consumer Staples	4	8	28	82.0%
3	FSF FSF Fonterra Shareholders' Fund	Consumer Staples	4	7	27	81.8%
4	WBC WBC Westpac Banking Corporation	Financials	4	2	28	81.9%
5	RAK RAK Rakon Limited	Information Technology	3	3	11	68.0%
6	CHI CHI Channel Infrastructure NZ Limited	Energy	4	0	15	73.1%
7	LIC LIC Livestock Improvement Corporation Limited	Financials	0	11	19	80.2%
8	HLG HLG Hallenstein Glasson Holdings Limited	Consumer Discretionary	0	8	19	90.4%
9	GMT GMT Goodman Property Trust	Real Estate	0	6	16	92.5%
10	IFT IFT Infratil Limited	Utilities	0	6	18	93.6%
11	NTL NTL New Talisman Gold Mines Ltd	Industrials	2	0	11	83.1%
12	SDL SDL Solution Dynamics Limited	Consumer Discretionary	0	5	11	91.8%
13	ERD ERD EROAD	Industrials	1	2	14	93.8%
14	MCK MCK Millennium & Copthorne Hotels New Zealand Limited	Consumer Discretionary	1	1	11	90.1%
15	NZX NZX NZX Limited	Financials	0	4	16	92.7%
16	VNT VNT Ventia Services Group Limited	Industrials	0	4	19	93.5%
17	TAH TAH Third Age Health Services Limited	Consumer Discretionary	1	1	8	89.7%
18	SKC SKC SkyCity Entertainment Group Limited	Consumer Discretionary	0	4	10	91.3%
19	ALF ALF Allied Farmers Limited	Financials	0	3	17	95.6%
20	CVT CVT Comvita Limited	Industrials	0	3	11	90.1%
21	GTK GTK Gentrack Group Limited	Information Technology	0	3	16	93.8%
22	MPG MPG Metro Performance Glass	Real Estate	1	0	16	93.0%
23	NZM NZM NZME Limited	Communication Services	0	3	10	94.0%
24	FBU FBU Fletcher Building	Materials	0	3	15	94.9%
25	IPL IPL Investore Property Limited	Real Estate	0	3	12	96.2%
26	ATM ATM The a2 Milk Company Limited	Consumer Staples	0	2	36	98.2%
27	ARB ARB ArborGen Holdings Limited	Industrials	0	2	9	91.1%
28	FPH FPH Fisher & Paykel Healthcare Corporation Limited	Healthcare	0	2	24	96.8%
29	CMO CMO The Colonial Motor Company Limited	Consumer Discretionary	0	2	12	94.5%
30	EBO EBO EBOS Group Limited	Healthcare	0	2	14	97.0%

Methodology

Dissent Categories

Failed: Resolution did not pass — shareholders voted it down
Contentious: Resolution passed but with less than 90% support — significant minority opposition
Low Director Support: Director election/re-election with less than 95% support
Activism: Climate, ESG, or shareholder-requisitioned resolutions

Data Source

Vote data extracted from NZX AGM results announcements using AI-powered PDF analysis. Covers 2021, 2022, 2023, 2024, 2025, 2026 across 56+ NZX-listed companies.

Data sourced from NZX company filings. Our datasets may not be complete and we are continuously updating and adding more data to the platform. Automated analysis can produce errors — for example, resolution titles may be parsed incorrectly and vote counts may not reflect all proxy votes. Low support for a resolution may reflect many factors including shareholder composition and voting methodology.

If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz and we will review and correct it promptly. For informational purposes only. Not investment advice. Last generated: 7 March 2026