Outlook for the 2026 Swiss AGM Season: Governance at Center Stage: Boards, Pay, and Sustainability
Zurich, 13th February 2026 – As Swiss companies approach the 2026 AGM season, the spotlight is shifting back to governance. After years of environmental and social considerations dominating corporate agendas and shareholder engagements, institutional investors are refocusing on fundamental governance topics: compensation, board composition and board effectiveness. This renewed emphasis on boards, combined with persistent concerns over compensation practices, will shape the key debates at this year's annual general meetings.
Trust in Swiss boards of directors remains high, but fragile, as transparency around board composition, skills and renewal processes continues to be limited. Voting policies of major institutional shareholders and proxy advisors are broadly unchanged from the previous year, but language on responsibility and accountability of boards has sharpened, signaling that companies which do not proactively address these expectations risk facing higher opposition votes and reputational damage.
At the same time, AGM voting policies and actual voting behavior may become more diverse as more asset owners vote according to policies that deviate from their asset managers’ or proxy advisors’ house policies. Even if overall uptake is still modest, this growing variety of views will make it harder for boards to anticipate voting outcomes and reinforces the need for a deeper understanding of their shareholder base.