2025 has been one of the busiest years on record for shareholder activism, with Barclays recently reporting a nearly 20% increase in activist campaigns over the long-term average. [1] Amidst this overall uptick, there were several notable developments, including increased use of “withhold” campaigns — where activists solicited votes against a board’s nominees rather than running a competing slate — and campaigns that drove the resignation and replacement of incumbent CEOs. Traditional activist campaigns to replace directors also saw increasing success in 2025, with recent data indicating activists have won more board seats this year than in recent years, fueled primarily by settlements (rather than contested elections). The second half of 2025 has been particularly active, marked by a record number of campaigns in the third quarter.

As we approach the 2026 proxy season, and the opening of the nomination window at many companies, boards and management teams at public companies should take stock of the evolving activism landscape and prepare accordingly. Recent data suggests that activist activity is increasing in Q4 2025, [2] making it more critical than ever for boards and management teams to understand current activism trends and anticipate where the market is heading.

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