DealLawyers.com Blog

Barclays Shareholder Advisory Group recently published its Q3 2025 Review of Shareholder Activism. Here are some of the key takeaways:

– The 191 campaigns launched YTD are the most ever through Q3, up 19% vs. the long-term average. A record 61 Q3 campaigns has helped drive the record pace; this momentum defied the typical “summer slowdown” and signals a potentially very active Q4 as nomination windows begin to open.

– The U.S. and APAC continue to constitute ~80% of campaign activity; the U.S.’s share of 51% is back in line with the four-year average, while APAC’s share (28%) is on pace to increase for a third consecutive year.

– Elliott launched a record 9 campaigns during Q3, upping its YTD total to 15. Major activists like Elliott drove Q3’s record total, signaling that major activists are increasingly untethered from nomination windows when launching campaigns.

– 2025 is on pace to see a record number of CEO resignations following an activist campaign: YTD, there have been 25 CEO resignations, approaching 2024’s record of 27.

– Activists have won 98 Board seats YTD, up 17% year-over-year, fueled by U.S. settlements (43 YTD vs. 29 YTD in 2024). Major activists Elliott, JANA and Starboard comprise nearly 38% of all Board seats won.

– Increasing activist success in obtaining board seats is also correlated with the improved quality of independent directors appointed –39% of these appointees have public company CEO/CFO experience and 73% have public company director experience.

The report also notes that since 2010, shareholder bases have become more passive and concentrated, with BlackRock, Vanguard and State Street ownership rising to approximately 25% across the major indices and long-only ownership declining. It says that the decision by the Big Three index funds to split-up their stewardship teams and modify their engagement behavior may influence voting outcomes in situations involving activists.

– John Jenkins