Investor voting on pay resolutions from 2002 to 2008

Average votes against remuneration-related resolutions

Remuneration reports

2002 - 4.5%
2003 - 6%
2004 - 6.3%
2005 - 5.1%
2006 - 4.3%
2007 - 3.9%
2008 - 3.54%

Long-term incentive plan (LTIP)

2002 - 9%
2003 - 6.8%
2004 - 4.5%
2005 - 4%
2006 - 4.2%
2007 - 3.5%
2008 - 4.9%

Executive Share Option Scheme (ESOS)

2002 - 9.8%
2003 - 5%
2004 - 3%
2005 - 4.51%
2006 - 4.4%
2007 - 5.04%
2008 - 3.9%

All data is from PIRC. Not easy to get the sense of shareholders putting pressure on companies over remuneration is it? The slight jump in votes against LTIP resolutions is notable, but these were still being passed easily last year.

So far this year four companies - Bellway, RBS, Provident Financial and Shell - have lost the vote on their remuneration report. That isn't even a record, as the same number of companies were defeated on remuneration report votes in 2005. No companies lost the vote in 2008.