BNP Paribas Asset Management (BNPP AM) today releases its review of the 2026 Annual General Meeting (AGM) season, the first since the integration of AXA IM and the implementation of a unified Voting policy.
A unified Voting policy
As a long-term investor with more than €1.6tn in assets under management, BNPP AM seeks to create sustainable long-term value for its clients through disciplined investment management, active stewardship and ongoing dialogue with portfolio companies. Voting is a core component of this stewardship approach, helping promote sound governance, effective oversight of material risks and opportunities, and long-term corporate performance.
The adoption of a unified Voting policy following the integration of AXA IM marks a significant milestone for BNPP AM, bringing together the strengths and expertise of two leading asset managers. The policy provides portfolio companies with transparency and predictability regarding BNPP AM’s key expectations across governance, strategy, risk oversights and shareholder rights, while reinforcing accountability at board level. It also sets out expectations regarding the management and disclosure of material environmental and social risks including climate and biodiversity-related issues.
2026 key themes: Geopolitical uncertainty and market volatility
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Board elections: Growing scrutiny from issuers and investors underscores the need for boards to strengthen capabilities in AI, geopolitical risk analysis and crisis management. Effective succession planning remains an essential priority for boards to safeguard corporate continuity, management quality and performance amid ongoing disruptions to business models.
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Executive compensation: Remuneration structures should remain aligned with long-term interests of stakeholders with particular attention to variable compensation where further progress is required. This season saw many boards seek greater flexibility to address medium and long-term performance uncertainty. Our overall opposition rate on executive compensation resolutions remained the highest across voting categories, at 45%.
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Shareholder rights: Regulatory fragmentation and a growing focus on simplification to foster competitiveness have, in some cases, resulted in proposals that weaken governance standards and minority shareholder rights. Heightened vigilance remains necessary through public policy engagement, corporate dialogue and voting activities, particularly as some issuers and regulators explore virtual AGMs and other measures that could limit shareholder rights. BNPP AM remains committed to defending robust shareholder participation and minority shareholder rights, including through its opposition to virtual-only AGM formats.
Michael Herskovich, Global Head of Stewardship at BNP Paribas Asset Management, said: “ We entered this new AGM season with reinforced strength: the consolidation of our expertise has amplified our ability to generate long‑term value and deepened our influence. While the global environment is once again characterised by profound structural disruptions and heightened geopolitical uncertainty, it is essential that asset managers engage with companies and support them in adapting their operating models and decision‑making processes. This collaboration is vital to ensure sustainable, long‑term development and resilience, ultimately benefiting our clients and society. ”
2026 key figures
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BNPP AM voted at 5,714 company general meetings [1] , including 2,050 in North America (35%), 2,029 in Asia-Pacific (35%), 1,282 in Europe (22%) and 353 (6%) in other regions.
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Average opposition rate of 31%, with 80% of general meetings featuring at least one opposition [2] vote.
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64,912 resolutions voted including 63,399 management proposals and 1,513 shareholder proposals.
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The main area of opposition remained executive pay (44% of opposition) and board elections (39% of opposition), reflecting BNPP AM’s focus on board and management accountability.
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Climate and biodiversity-related considerations remain fully embedded within our voting policy. BNPP AM supported 89% of environmental and social shareholder proposals [3] (85% support on environmental proposals and 96% support on social proposals) and opposed 2,900 management resolutions at 931 companies, based on its environmental and social expectations.
To read BNPP AM’s unified Voting Policy, please visit our website .
Discover more about our Stewardship activities: Stewardship | BNP Paribas Asset Management
