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For the overwhelming majority of listed companies, small shareholders rarely play a part in the outcome of an AGM's resolutions. They do not have the numbers and generally fail to vote.

Small-investor influence is to reduce even further as the law allowing 100 shareholders to convene special company meetings will be dumped.

As part as the Coalition government drive to reduce red tape for business, the government has tabled a bill to scrap the rule, but keeps in place the rule that says shareholders with a least 5 per cent of voting shares can call a general meeting.

Certainly, the  100-members rule, as it is called, can be used by interest groups to attract attention to issues. In 2012, Woolworths was forced to put a resolution to shareholders for restrictions that included putting   a $1 limit on poker machines.

It was moved by shareholders using the 100-members rule, backed by activist group GetUp! The resolution received the support of 2.5 per cent of votes cast.

The costs of holding an extraordinary general meeting can run into the several hundreds of thousands of dollars. There is broad support for the change, including from the Australian Shareholders' Association, because resolutions will still be able to be put to AGMs by a group of 100 shareholders.

However, small shareholders' best bet for influence is through their super funds.

The not-for-profit super funds, in particular, have become much more active in voting the shares of the companies in which they invest.

The Australian Council of Superannuation Investors (ACSI) provides voting advice to its members — about 40 funds. While the superannuation funds have their own guidelines on how to vote their shares, they generally follow the council's advice.

Shareholders were handed a powerful tool in 2011 with the introduction of the "two-strikes rule". Under the rule, shareholders will vote on whether to "spill" all board positions, where directors have to stand for re-election, if 25 per cent or more votes cast are against the remuneration report at two successive AGMs.

A company's remuneration report outlines the salaries and bonuses of senior executives and directors. Gordon Hagart, the chief executive of the   council, says the two-strike rule and increased voting of shares has really improved remuneration structures at companies.

The  council represents about 13 per cent of the shares, on average, of the largest 200 companies. "We can speak with a loud, single voice, as opposed to individual funds going and knocking on the doors [of companies]", Mr Hagart says.

Average total chief executive pay rises have been moderate when compared with average earnings, according to a report released in September by the council.

The structure of pay was also better, with more demanding bonus hurdles and performance being measured over longer periods.

Australian Shareholders' Association chairman Ian Curry  says most companies had received the message on what was acceptable with pay packages to executives and other areas of corporate governance.

"I think it has made the boards more  conscious of the excessive nature of a lot of remuneration," Mr Curry says. "Certainly, no directors like to have a first strike and just the threat of a first strike has changed behaviour."

Companies to receive a first strike against their remuneration reports so far this AGM season include gold and copper miner Newcrest Mining, car-fleet manager and salary packager McMillan Shakespeare, and engineering services company UGL.

Virgin Australia is among those with upcoming AGMs likely to record strong votes against remuneration packages following the airline recording the largest loss in its 14-year history.

The Australian Shareholders' Association intends to use the proxy votes it holds on behalf of members to vote against Virgin's remuneration report at the AGM on November 19.

Cabcharge could receive  a fourth strike against its remuneration report at its AGM on November 26.