The corporate regulator is threatening to rein in influential proxy advisors, as activist investors prepare to take aim at embattled major companies such as Telstra, Bluescope Steel and Commonwealth Bank of Australia during the upcoming shareholder meeting season.

Sixteen top 300 companies including CSL, Bellamy's, CBA, AGL Energy and Boral could face a board spill if they incur a "second strike" on pay this year and Grant King has had to step away from BHP's board as investors wield their power more more freely in response to underwhelming results.