While companies are making preparations for the year-end close, governance experts and proxy advisers are already looking ahead to the 2012 proxy season.

Now is the time, they say, to address issues and concerns that shareholders are likely to contest with proposals and resolutions in the coming year.

At the top of that list is compensation. This year shareholders voted against pay plans at more than 40 companies, and governance experts say a higher number of companies will likely join the lists next year. “Investors will pay close attention to companies who lost say-on-pay votes last year and also those who ...