Voting on the rise among investment trust shareholders
AGM attendance slightly up among private investors.
The number of investment trust investors who vote their shares has increased over the past two years, according to research from the Association of Investment Companies (AIC)1.
Nearly half of self-directed private investors (49%) say that they vote their shares, or have someone vote them on their behalf2. This has increased from 38% in 20233.
There’s a similar trend among financial advisers and wealth managers. Just over half (56%) of intermediaries who use investment trusts either vote shares on clients’ behalf or help them vote if they wish to – an increase from 49% two years ago. Voting is more common among wealth managers (74%) than financial advisers (32%).
The importance of voting has come into focus over the last year due to increased corporate activity and heightened activist involvement in investment trusts. More investors are realising that their vote counts. In many cases it can influence the future of their investment trust, or determine whether or not it continues in its current form.
Richard Stone, Chief Executive of the Association of Investment Companies (AIC)
Why people don’t vote
Among private investors who don’t vote their shares, the main reason given is that they don’t think it will change anything (54% of those who don’t vote). One investor said: “I don't think my vote would be worthwhile or have much weight.”
Other reasons include lack of interest (16%), being unaware they could vote (14%), not having the time (12%) and finding the process too complex (12%).
Among financial advisers and wealth managers, the top reason given for not voting is not having the time (38%), while 33% are unaware they could vote. Others believe that voting will not change anything (19%), are not interested (17%) or find the process too complex (4%).
Richard Stone, Chief Executive of the Association of Investment Companies (AIC), said: “The importance of voting has come into focus over the last year due to increased corporate activity and heightened activist involvement in investment trusts. More investors are realising that their vote counts. In many cases it can influence the future of their investment trust, or determine whether or not it continues in its current form.
“It’s good news that voting on many platforms has got easier. However, some barriers remain and we would urge the government to lose no time in implementing the Bill of Shareholder Rights set out by the Digitisation Taskforce, so that all shareholders get the chance to have their say.”
AGM attendance slightly up among private investors
While most investment trust investors don’t attend annual general meetings (AGMs), attendance levels are slightly up on two years ago. Nearly a fifth (18%) of private investors say they attend AGMs often or sometimes, compared to 13% in 2023.
The main barrier to attending investment trust AGMs, mentioned by 53% of those who don’t go, is that it is not convenient to travel to the meetings.
Other barriers include not having the time (33%), lack of interest (28%) and the belief that attending won’t change anything (23%).
One investor said: “I'm fortunate in the sense that many of the companies are based in central London and I'm on the outskirts of London so a day trip is feasible.”
But another investor commented: “I'm still working at the moment and with other things, my time's quite precious. If I had a lot more time, then maybe I would be more inclined.”
Investment trust AGM attendance is also slightly higher among financial advisers and wealth managers, with 13% saying they attend often or sometimes, compared with 10% in 2023. One adviser commented: “We’ll pop down to a few AGMs a year. If clients show an interest, then we'll facilitate that as well.”
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Notes to editors
- The findings in this research are from the ESG Attitudes Tracker, an annual sentiment survey of private investors and intermediaries (financial advisers and wealth managers). There have been five waves of this research since it was launched in 2021. The fifth wave of the research consisted of an online survey of 400 private investors and 200 intermediaries, conducted between 7 July and 25 July 2025. This was supported by 12 in-depth interviews, six of them with private investors and six with intermediaries, conducted between 21 July and 15 August 2025. The ESG Attitudes Tracker is commissioned by the AIC and conducted by Research in Finance. More information about the private investor findings and the intermediary findings is available on the AIC’s website.
- The number of investors who vote their shares quoted in this release consists of those who vote their shares “often” or “sometimes”, plus those who said that someone else (for example a financial adviser or wealth manager) votes their shares on the investor’s behalf.
- The questions about voting and AGM attendance were not asked in 2024.
- The Association of Investment Companies (AIC) represents a broad range of investment trusts and VCTs, collectively known as investment companies. The AIC’s vision is for closed-ended investment companies to be understood and considered by every investor. The AIC has 291 members and the industry has total assets of approximately £269 billion.
- For more information about the AIC and investment trusts, visit the AIC’s website.
- Disclaimer: The information contained in this press release does not constitute investment advice or personal recommendation and it is not an invitation or inducement to engage in investment activity. You should seek independent financial and, if appropriate, legal advice as to the suitability of any investment decision. Past performance is not a guide to future performance. The value of investment company shares, and the income from them, can fall as well as rise. You may not get back the full amount invested and, in some cases, nothing at all.
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