The 2025 annual general meeting season reflected elevated shareholder scrutiny, with investors remaining focused on board accountability, credible remuneration design, and governance track records, according to a Thursday Jarden note.

The research firm expects the more targeted dissent to continue as expectations on transparency and responsiveness remain high among shareholders.

Jarden noted that seven companies recorded second strikes, all with material votes against conditional spill resolutions except James Hardie Industries (ASX:JHX), signalling dissatisfaction instead of board spill intent.

Environmental, Social, and Governance-related voting remained moderate, with 15 resolutions to date, and others to come at ANZ (ASX:ANZ), National Australia Bank (ASX:NAB), and Westpac Banking (ASX:WBC), the note added.