Shareholder activism by investors who are not dedicated activist funds and do not regularly use activist tactics — such as institutional investors and individuals, including company insiders, or other first-time activists — continues to be an important theme in 2025 proxy contests. While 2024 proved to be a peak year for occasional activism and activist campaigns in general, the landscape of shareholder activism is still evolving in 2025 despite a slight decline in overall activity.

Despite persistent macroeconomic and geopolitical uncertainty, global activism activity has remained robust in 2025. In 2024, there were 243 activist campaigns launched, marking the highest total since 2018’s record of 249 activist campaigns. [1] According to Barclays, there were 129 global campaigns in the first half of 2025, which is down from the record pace set in H1 2024 (147 campaigns), but still in line with the nine-year average (120 campaigns). [2] The number of board seats won by activists also increased, with 86 seats secured in H1 2025, a 16% year-over-year increase. [3] Most of these board seats continue to be won through settlements rather than proxy contests, [4] reflecting the continuing proclivities of both activists and boards toward negotiating outcomes that avoid the costs and uncertainties of a public fight.

(more…)