The review identifies more than 350 individual amendments proposed during the period from 1 January 2023 to 30 June 2026 (whether or not these amendments were passed by shareholders at general meeting) and highlights how companies continue to propose modernising their constitutional documents in response to evolving governance expectations, regulatory developments, operational requirements and increasing digitalisation across the UK market.
Several clear themes emerge from the analysis, including proposed amendments relating to share capital administration, directors' fees, untraced shareholders, shareholder meetings and broader administrative updates. These trends illustrate the continuing focus of UK listed companies on modernising their constitutional documents to support effective governance, operational efficiency and evolving approaches to shareholder engagement.
The categories below are not mutually exclusive. Individual companies frequently proposed amendments across multiple areas and may therefore appear in more than one category.
1. Enhancing Share Capital Administration (61 companies)
Changes relating to share capital administration were widespread, 61 companies in total over the period have proposed amendments to their Articles in this area (44 from January 2023 to December 2025, 17 in the first half of 2026).
Typical amendments included:
- Streamlining processes for issuing, converting, or consolidating shares.
- Consolidating existing share capital provisions, employee share scheme provisions or historic capital management authorities to create a more streamlined framework for future corporate actions.
These proposed changes support clearer capital management frameworks and facilitate smoother communications between issuers and shareholders.
2. Administrative Modernisation and Language Simplification (48 companies)
Another common category of change identified across the review relates to general administrative updates, including simplifying and modernising language, clarifying older provisions, and restructuring Articles for improved readability.
- 48 companies in total have made administrative updates of this nature, with eight having amended their Articles in the first half of 2026.
Notably, the majority of companies proposed changes alongside other changes to their Articles, suggesting a growing desire among boards and company secretaries to ensure that governing documents remain modern, accessible, and aligned with contemporary corporate practice.
3. Adjustments to Directors’ Fees (43 companies)
A significant number of companies, 43 in total over the period from January 2023 proposed amendments connected to directors’ fee limits. There were 9 amendments of this kind during the first half of 2026 (34 from January 2023 – December 2025).
Adjustments to Directors' Fees were among the most common categories of amendment during the first half of 2026, with 9 companies proposing changes during the period.
4. Untraced Shareholders (33 companies)
The review identified 33 companies in total since January 2023, with five amendments in the first half of 2026. These amendments update provisions relating to untraced shareholders to streamline the administrative processes while making use of the powers within their articles to trace these shareholders.
These changes include:
- The removal of the requirement to give notice of an intention to sell shares via an advertisement in a local or national newspaper.
- Reducing the time period after which the Company is entitled to sell the shares of an untraced shareholder, with over half reducing that period from twelve years to six years, with the remaining reducing to either eight or 10 years, all subject to company specific circumstances (such as three dividends unclaimed in succession).
- Enabling the company to sell the forfeited shares and use the proceeds and any unclaimed dividend for the company’s benefit.
Amendments relating to untraced shareholders continued to feature prominently, reflecting increased issuer focus on maintaining accurate shareholder records and managing the long-term administration of dormant holdings.
5. The Shift Toward Hybrid and Digital General Meetings (29 companies)
The Covid‑19 pandemic accelerated the acceptance of virtual and hybrid meetings, and companies are now embedding this flexibility into their Articles.
The analysis shows that four companies proposed amendments to their Articles to formalise digital or hybrid meeting formats in the first half of 2026 (bringing the total to 29 for the period January 2023 to the end of June 2026). This supports resilience, broader shareholder participation, and logistical flexibility. Two companies proposed to allow fully digital meetings, only one of these achieved the necessary votes to pass the resolution.
6. Rolling Back Pandemic‑Era Health and Safety Measures (11 companies)
As companies settle into post‑pandemic operations, some are removing temporary or now‑redundant clauses inserted during Covid‑19. A total of 11 companies proposed updates to their Articles to remove pandemic‑related health and safety measures from meeting notices to the end of December 2025, with none making changes so far in 2026.
7. Increased Borrowing Powers (7 companies)
Only one company proposed amendments to its Articles to increase borrowing powers during the first half of 2026, bringing the total since January 2023 to seven companies.
8. Dividend Payment Methods (6 companies)
A notable modernisation trend relates to flexibility for the companies to determine the appropriate method(s) by which they make dividend payments to shareholders.
One company introduced amendments relating to dividend payment methods during the first half of 2026, bringing the total since January 2023 to six companies.
This aligns with wider efforts to reduce manual processes, enhance security, and respond to the drive for seamless digital engagement. It should be noted that this continues a trend that has been apparent over a longer period than the period of this research.
Conclusion: Modernisation and Digital Governance Continue to be Reflected in Amendments to Articles
The extended analysis of more than 350 amendments to Articles of Association made between 1 January 2023 and 30 June 2026 demonstrates that UK listed companies continue to actively review and modernise their constitutional frameworks. The first half of 2026 has reinforced many of the trends identified in earlier research, with companies continuing to focus on simplification, operational efficiency, governance flexibility and digitalisation. The three core key themes related to enhancing share capital administration, adjustments to directors’ fees and untraced shareholders.
EQ will continue to monitor emerging trends and developments in Articles of Association throughout future AGM seasons.
If you would like to discuss any of the matters raised in this article, please contact your Relationship Manager, or Karen O’Donnell, Governance & ESG Knowledge Manager