Shareholders do not hibernate; they aestivate. When things are hot, they go to sleep. It is when winter sets in that they wake up. The current economic chill has spurred shareholders into action. It would be a shame if spring, when it arrives, lulls them back into slumber.

Many of Europe’s largest corporations face shareholder rebellions on executive pay. In the past month, more than a third of BP and Xstrata shareholders voted against remuneration reports granting directors bonuses or pay rises in spite of poor performance. A battle is brewing before the general meeting at Shell, whose remuneration vote last year only just won a majority of votes.