The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu The leading online blog in the fields of corporate governance and financial regulation. Sat, 06 Jun 2026 11:30:34 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.8 https://corpgov.law.harvard.edu/wp-content/uploads/2024/02/cropped-photography-4-e1706898544564-1-32x32.png The Recent Evolution of Shareholder Activism in the United States – The Harvard Law School Forum on Corporate Governance https://corpgov.law.harvard.edu 32 32 The Recent Evolution of Shareholder Activism in the United States https://corpgov.law.harvard.edu/2025/12/24/the-recent-evolution-of-shareholder-activism-in-the-united-states/?utm_source=rss&utm_medium=rss&utm_campaign=the-recent-evolution-of-shareholder-activism-in-the-united-states https://corpgov.law.harvard.edu/2025/12/24/the-recent-evolution-of-shareholder-activism-in-the-united-states/#respond Wed, 24 Dec 2025 12:30:09 +0000 https://corpgov.law.harvard.edu/?p=178250?d=20251223121810EST Posted by Matteo Tonello, The Conference Board, Inc., on Wednesday, December 24, 2025
Editor's Note:
Matteo Tonello is the Head of Benchmarking and Analytics at The Conference Board, Inc. This post is based on a report developed by The Conference Board in partnership with ESGAUGE, Russell Reynolds Associates and the Rutgers Center for Corporate Law and Governance and co-authored by Dr. Tonello, Ariane Marchis-Mouren, Senior Researcher, Corporate Governance at The Conference Board, and Andrew Jones, Principal Researcher, Governance & Sustainability Center at The Conference Board.

The US shareholder activism environment is maturing and increasingly complex, characterized by new players, evolving tactics, and shifting boardroom dynamics. This report, a complement to The Conference Board annual Proxy Season Review, draws on data from SEC filings, investor websites, news releases, and media to highlight the growing use of board challenges, CEO targeting, and public campaigns to drive change.

Trusted Insights for What’s Ahead

  • The volume of proxy contests at US public companies has doubled from last year, with a growing number of large firms being targeted—a sign that shareholder activism has evolved into a critical board-level risk. Directors should stay vigilant and prepared through proactive engagement, transparent disclosure, and robust readiness plans.
  • Shareholder activism targeting CEOs has more than quadrupled since 2018, often leading to leadership changes and making rigorous performance reviews, transparent succession planning, and proactive board engagement essential. Our analysis suggests women CEOs may be disproportionately targeted by activists.
  • Under universal proxy rules, activists have seen limited success as boards continue to prevail with institutional investor support, reinforcing the importance of strong engagement, transparent governance, and a compelling case for incumbent directors.
  • Shareholder activism is increasingly undertaken through digital storytelling and multimedia outreach, so it behooves boards to use modern communications capabilities and rapid-response strategies to engage investors and counter activist narratives.

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