The IA has written to the "worst offenders" within the FTSE All-Share index, expressing concern they have failed to respond sufficiently to shareholder dissent on the exact same issues over a two-year period.
The 32 companies have appeared on the public register of the Investment Association (IA), which tracks shareholder dissent, for the last two years as a result of seeing opposition to the same resolutions in 2017 and 2018.
This suggests that the companies did not respond sufficiently to investor views and in doing so are risking more shareholder dissent in the future, according to the IA.
Director of stewardship and corporate governance at the IA Andrew Ninian said: "We expect these companies to provide an update statement to their shareholders on the engagement they had since the AGM vote, the views heard from shareholders and the follow-on actions taken.
"We hope that the increased focus on these repeat offenders will encourage them to engage with their shareholders and ensure their concerns are being addressed. The risk if they do not is greater investor concern in the future."
Launched in August 2017, the public register was formed in response to the UK government's consultation on corporate governance reform, with the IA charged with establishing and maintaining a list of FTSE All-Share companies that have received more than 20% of votes against any resolution at an AGM or EGM.
It was launched with the intention of bringing attention to companies that have received a significant vote against motions and to track whether and how they are responding to shareholder concerns.
In August, data from the register revealed the number of UK firms facing shareholder rebellions rose by a quarter in the 2018 AGM season, with opposition to individual director re-elections more than doubling from the same time last year.
Ninian added: "Appearing on the Public Register should act as a warning to companies that their shareholders are concerned about an aspect of the company's governance.
"While many companies are taking the necessary action and engaging with their shareholders, a frustrating number are failing to address investor concerns."
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