An emerging trend, tracked in previous years, for shareholders of ASX 200 listed companies to vent their anger at over board and management behaviour at annual general meetings ramped up in 2018.  This was one of the key findings made in a review by ASIC of the 2018 AGM season. ASIC's observations confirm a trend from the 2017 season, where the corporate regulator said shareholders used the AGM as an avenue of direct engagement with company boards. "The 2018 AGM season was also conducted in unique circumstances as the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry drew attention to particular companies and directors and heightened shareholder focus on matters such as social licence to operate and community expectations," ASIC said.One direct consequent was that 'for' votes in the banking sector fell significantly from around 96 per cent in 2017 to around 66 per cent in 2018. Notably, National Australia Bank's remuneration report received a record first strike 'against' vote of 88 per cent. "This is the highest first strike we have observed for an ASX 200 company since we began reviewing the outcome of ASX 200 remuneration resolutions," ASIC said.Across the ASX 200 more generally, around one in five (21 per cent) of resolutions on key management personnel benefits and one in ten resolutions on director elections or constitutional amendments attracted a material 'against' vote, which demonstrates negative shareholder sentiment across various types of proposed company activities, ASIC reported.The regulator's analysis concluded that "shareholders have used their votes on the remuneration report to demonstrate their discontent with boards more broadly, rather than just on executive remuneration … [to] focus on matters such as social licence to operate and community expectations." Consequently, environmental, social and governance issues continued to attract shareholder attention with climate change risk and sustainability emerging as the most frequently raised ESG issue.