The ‘Best Practice Principles for Shareholder Voting Research and Analysis’ (“the Principles”) were introduced in 2014. They were developed by the industry to provide a voluntary performance and reporting framework, to promote a greater understanding of its role, and to promote the integrity and efficiency of processes and controls related to the provision of these services and management of any conflicts of interest.

The purpose of the current review, as set out in the terms of reference, is to consider whether the Principles and supporting arrangements need to be revised in light of the experience of implementing them, as well as market and regulatory developments since the Principles were introduced.

The review is being overseen by a Steering Group consisting of the signatories to the Principles and an independent chair. The Steering Group is being supported by an Advisory Panel whose members have broad experience and knowledge of investors, companies and different national markets. 

There are a number of strands to the review which will help to inform the Group’s decisions, and which will be summarised in the final report. These include reviewing the Principles and reporting arrangements for consistency with regulatory requirements such as the revised EU Shareholder Rights Directive, and looking at the operation of other voluntary codes and principles to identify lessons that might enhance the effective operation and oversight of the Principles.

The purpose of this consultation is to gather evidence from market participants on the implementation of the Principles to date and to hear their views on how the Principles should be developed. We are particularly keen to hear from investors, companies and other providers of voting research and related services on their direct experience, but welcome comments from all those with an interest.

How can you contribute

There are two ways in which you can let us have your views:

A copy of the questionnaire is also available in a .pdf format and can be downloaded HERE

Closing date for comments

The closing date for comments is 15 December 2017.

Publication of responses

All responses will be published on the website at the end of consultation period, unless respondents specifically request that they be treated as confidential.


If representative bodies would like to arrange a meeting or conference call between their members and the Review Steering Group, to enable their members to input their views directly, please contact us at and we will do our best to accommodate your request. 

Next steps

A decision has not yet been taken on whether there will be a second consultation on draft revised Principles and reporting arrangements. This is likely to depend on the extent of any revisions proposed, and will be informed by the responses to this consultation.  

If it is decided that a second consultation is not necessary, then the aim would be to publish a report setting out the findings and conclusions of the review, together with the revised Principles and details of the reporting and monitoring arrangements in April 2018.

If there is a second consultation, it will begin in April and the revised Principles and other documents will be published in July or August 2018.