Fund manager Jupiter and mining group Anglo American have become the latest companies to suffer shareholder rebellions on pay, leading some to conclude that last year's 'Shareholder Spring' is back and in rude health in 2013. But a closer look suggests investors' views on pay now seem to be coalescing around a few important themes.

While neither Jupiter nor Anglo American lost approval votes on their pay reports, 29.5% of Anglo American shareholders and 42% of Jupiter shareholders registered either opposition, or dissent, at the companies' annual meetings last Thursday and Friday.