Shareholder discontent is on the rise as indicated by the increasing level of "oppose" and "abstain" votes cast by shareholders, according to a review by Pensions and Investment Research Consultants, the UK corporate governance consultancy.

Pirc said the occasions when oppose votes reached 20% rose from 7% in last year's voting season to 9.1% in the 12 months to July this year. Abstain votes of over 20% also increased from 9% to 16.4%.