Shareholder rebellions against FTSE 100 executive pay packages doubled in 2025 compared to 2024, findings show. 

There were 10 such rebellions over pay this year, compared to just five in 2024, according to consultancy group Indigo Governance. 

The upturn in investor rebellions over top brass pay helped drive an 88 per cent rise in the total number of FTSE 100 businesses facing shareholder rebellions this year. There have been 15 rebellions this year, rising from eight in 2024. 

Recent shareholder rebellions against executive pay packages included Babcock and Berkeley Group in September, Melrose, Centrica, Convatec, Unilever, London Stock Exchange Group and IHG among others earlier in the year

Other high profile rebellions included the vote against outgoing BP chair Bernard Looney.  

Bernadette Young, co-founder and director of Indigo said: 'The dramatic increase in shareholder rebellions in 2025 shows the continued rise in investor engagement with Boards. 

'But more than this, the doubling of shareholder revolts against executive pay deals has been a defining trend of the year. 

'There has been much talk of how higher pay across the pond has tempted high performing executives away from UK shores, but shareholders have shown little sign of changing their attitudes.'

With the cost-of-living sky-high for ordinary people, and market conditions remaining challenging for many companies, company boards and their remuneration committees look set to remain under intense scrutiny next year.

Young added: 'There is every chance that we could see shareholder rebellions across the blue-chip index increase again if Boards fail to proactively engage with shareholders and advisors – both before and after any major changes are proposed to company policies. 

'A more active dialogue ensures directors do not misread investor sentiment and are not forced into embarrassing climb downs or providing high profile justifications for their actions.' 

In September, Babcock International and Berkeley Group saw shareholders rebel against proposed executive pay policies and changes to their respective performance share plans. 

The board of Babcock, which saw nearly a third of shareholders vote against its proposed executive pay policy, subsequently backed down on the proposed changes to its performance share plan. 

Earlier in the year, 66 per cent of shareholders at Melrose Industries objected to pay deals worth more than £200million for three former executives and the boss at the aerospace giant. In October, the board published its response following a consultation with shareholders on the matter. 

Separately, nearly 40 per cent of British Gas-owner Centrica shareholders voted against a multimillion pound pay packet for its chief executive, Chris O'Shea, at a time when consumers were being lumbered with higher bills.  

Among others, there were also investor rebellions against the executive pay deals put to shareholders of Unilever, London Stock Exchange Group, Taylor Wimpey and InterContinental Hotels Group. 

This year, the £45.4million bonanza scooped by Peter Dilnot at aerospace giant Melrose set a new mark for top pay at FTSE 100 firms. 

London-listed companies increasingly compare themselves with their US peers, where rewards are bigger and tolerance of sky-high bonuses higher. 

More broadly, however, shareholder opposition trends remained 'reasonably stable', Indigo said. Two firms, Rentokil and BP, saw individual directors face shareholder opposition of more than 20 per cent this year. 

At BP, nearly a quarter of shareholders voted against the re-election of outgoing chairman Helge Lund. According to Indigo, the protest was 'primarily driven by concerns over BP's recent strategy shift away from green energy and towards oil and gas.'