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Read the full AGM Engagement Report here: VBDO049 AGM Engagement Report 2026 – digital version
Today, VBDO publishes the AGM Engagement Report 2026 – Setting the Course. In the report, VBDO reflects on a successful engagement cycle in which it engaged with 28 Dutch listed companies on current sustainability issues, both ahead of and during their Annual General Meetings (AGMs).
Based on an analysis of companies’ 2025 annual reports, VBDO asked company boards 136 questions this year. This resulted in 44 concrete sustainability commitments, demonstrating that constructive shareholder dialogue continues to have an impact even after more than thirty years.
New environmental theme: pollution
In 2026, VBDO introduced pollution as a new environmental engagement theme. Although many companies acknowledge that pollution is an important issue, the research shows that only a limited number of organisations have strategically embedded the topic within their business.
The report shows that:
- only five companies identified pollution as a material topic;
- only 32% have clear targets and report on relevant KPIs;
- many companies rely heavily on legislation and regulation, while a more proactive approach is needed.
VBDO therefore calls on companies to look beyond compliance and integrate pollution into their strategies, targets and value chain approaches.
Progress on living wages
For the third consecutive, and for now final, year, VBDO assessed companies’ efforts regarding living wages. Average scores show steady improvement, although there is still considerable room for progress.
An increasing number of companies are incorporating living wages into their policy documents. However, concrete implementation, transparent reporting and meaningful collaboration with suppliers require further improvement. While more companies are reporting on the wages of their own employees, none of the companies assessed have set concrete living wage targets for workers in their value chains.
Second year of CSRD: a solid foundation with room for further development
The implementation of the Corporate Sustainability Reporting Directive (CSRD) was once again a key area of focus. Companies have made clear progress in their reporting, achieving an average score of 62%.
However, VBDO continues to see important areas for improvement. In particular, companies should provide clearer explanations for changes in material topics, demonstrate how insights from stakeholder dialogues have been incorporated into their strategy, and strengthen the link between due diligence and decision-making. This year, VBDO also addressed engagement with silent stakeholders for the first time.
Constructive dialogue continues to work
The results demonstrate that shareholder engagement remains an effective tool for challenging companies to further develop their sustainability ambitions. During and after AGMs, company boards generally respond positively to VBDO’s substantive questions and regularly take concrete action in response to its recommendations.
During the AGM season, VBDO:
- engaged with 28 companies;
- attended 35 Annual General Meetings;
- asked 136 questions;
- secured 44 new commitments.
Looking ahead
As geopolitical uncertainty, changing regulations and societal expectations continue to increase, VBDO remains committed to research, dialogue and collaboration. The report emphasises that major sustainability challenges – including pollution, social inequality, climate change and biodiversity loss – can only be addressed when companies, investors and civil society organisations work together.
Read the full AGM Engagement Report here: VBDO049 AGM Engagement Report 2026 – digital version
On Wednesday, 16 September, the report will be presented during an event hosted at BNP Paribas. You can register via this link. We kindly encourage you to register in good time, as places are limited. This event will be in Dutch.
