2025 Review of Shareholder Activism
Observations on the Global Activism Environment in 2025
Record Year for Activism
2025 set a record for activist activity with 255 campaigns, surpassing the previous high of 249 in 2018
U.S. Continues to Drive Global Activity
Activity in the U.S. accounted for 55% of all campaigns; the elevated pace of activity in APAC last year continued in 2025
Activist Activity by Quarter and Month
Quarterly activity was consistently above average throughout the year, including a record Q3
Activist Activity by Sector
Industrials remains the focal point for activists, consistent with historical trends
Activist Targets by Company Size
Notable Q4 Campaign Launches
Notable Q4 Campaign Developments
Top Activists of 2025
Elliott deployed a record $19.0bn of capital across 18 campaigns, leading a diverse array of U.S. and international activists
Global Activist Universe
“First-Timer” activity remained elevated as new activists continued to enter the fray
U.S. Campaign Activity
U.S. campaign activity was 23% above the four-year average; 141 campaigns this year was only slightly below the record of 143 campaigns in 2022
Key Campaign Objectives in 2025
M&A demands rebounded in H2, featuring in 54% of campaigns, to end the year in line with the four-year average
Global M&A Campaign Activity
Q4 2025 was the busiest quarter in the last five years for M&A related campaigns, appearing in 61% of campaigns
Activists Spur Record CEO Turnover
32 U.S. CEOs resigned within a year of an activist campaign being launched, surpassing the previous record of 27 set in 2024
Global Board Seats Won
The number of board seats won in 2025 was in line with the four-year average
U.S. Settlements Reach a Record High
52 settlements is the most on record, driven by a rise in settlements without prior public agitation
2025 U.S. Proxy Fights & Major Withhold Campaigns Results
Proxy Advisors’ Influence Decreased in 2025
ISS and Glass Lewis were significantly more likely to back dissident nominees in 2025 but their support was relatively less meaningful in determining outcomes
Major Legal & Regulatory Developments Shifting the Balance of Corporate and Shareholder Power
Shareholder Bases Are More Passive and Concentrated
The “Big Three” (BlackRock, Vanguard, State Street) are the top shareholders of both the S&P 500 and Russell 2000, as passive investing concentrates ownership in fewer hands
Top Questions for 2026
Link to the full report can be found here.
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