Shareholder opposition to executive compensation declined across several major markets in 2026, even as CEO pay and benefits continued to far exceed average worker wages. In Europe, contested votes on prior-year remuneration fell almost 6 percentage points to 25.2%, the lowest average since at least 2018, while opposition to future pay policies decreased to 36.6% from 37.9%. Germany was a notable exception, with contested votes rising to 88.9% from 47.6%. In the United States, average support for S&P 500 Say on Pay (shareholder votes on executive compensation) resolutions increased to 90.4% from 89.7%, though failed votes edged up to 1.4% from 1.2%. Japan recorded 11 contested director-compensation resolutions among 126 Nikkei 225 proposals, down from 16 of 2025's resolutions. The shift comes amid efforts by the U.S. administration of Donald Trump to limit proxy advisory firms and shareholder activism, changing voting behavior by asset managers and greater company engagement with investors. Georgeson Advisory said the result was a more fragmented and less predictable voting environment, while Minerva Analytics said investors remained more skeptical of future pay structures than of past compensation outcomes.