Q1 2025 Review of Shareholder Activism

Observations on the Global Activism Environment in Q1 2025

Global Activism

Observations on the Global Activism Environment in Q1 2025Activity Remains Elevated to Start 2025

Surging U.S. Activity Drives Global Campaigns

Activist Activity by Sector

Activist Activity by Quarter

Activist Targets by Company Size

Notable Q1 Campaign Developments & Launches

Activist Activity

Top Activists of Q1 2025

The most active activist of Q1 was APAC-focused as activity in the region continues to increase

Global Activist Universe

53 unique activists, including 11 first-timers, launched campaigns in Q1 2025

U.S. Activism

U.S. Campaign Activity

40 U.S. campaigns, up 43% year-over-year, have comprised over half of global activity YTD

European Activism

Europe Campaign Activity

European activity remains muted with only 10 campaigns, trending (~33%) below the four-year average of 15

European Activity by Country

The U.K. continues to drive the majority of European activity, albeit down (38%) year-over-year

APAC Activism

APAC Campaign Activity

APAC activity continues to be burgeoned by Japan, which comprises nearly all regional activity

Campaign Demands

Key Campaign Objectives in Q1 2025

Activists have not yet refocused on M&A amid market uncertainty, instead continuing to focus on Board change and corporate strategy

Global M&A Campaign Activity

Agitating targets for break ups or divestitures was the most popular M&A demand in Q1 2025

Board Change Campaigns

Global Board Seats Won

51 Board seats won in Q1 2025, up 34% year-over-year

U.S. Dissident Proxy Fights in 2025

Activists continue to launch proxy fights to effectuate change with 13 fights YTD vs. 10 in 2024

Global Board Seat Settlements

Number of settlements up 32% year-over-year

Ecosystem Developments

Regulatory and Ecosystem Developments Impacting Activism

Looking Ahead

Themes to Watch for the Rest of 2025

Link to the full report can be found here.