DealLawyers.com Blog

This Lazard report reviews global shareholder activism during the first half of 2022. Here are some of the highlights:

– Shareholder activism reached a new high in H1 2026, with campaign activity rising 20% year-over-year and 38% above the five-year H1 average

– Record activity in the U.S. and a sharp acceleration in APAC more than offset a moderation in Europe

– The top five targeted sectors globally accounted for 84% of all activity (vs. 68% historically): Industrials (39%), Technology (13%), Financial Institutions (12%), Healthcare (11%) and Consumer (9%)

– Capital Allocation demands arose in 39% of H1 2026 campaigns, up from 23% historically. The increase was principally driven by activity in Japan, which saw 29 Capital Allocation campaigns in H1 2026, more than double H1 2025’s total

– M&A and Board Change campaigns remained leading objectives, accounting for 40% and 35% of campaigns respectively (each elevated vs. historical levels)

– Strategy-focused campaigns accounted for 23% of H1 2026 activity, more than twice the historical share. In the Technology sector in particular, Strategy demands arose in 46% of campaigns, with many focused on how companies are approaching AI

The report also identifies trends to watch during the balance of 2026. These include the growing role of AI in campaigns, the continued momentum behind M&A-themed activism, evolving proxy voting and stewardship practices, regulatory developments & the US government as a potential equity investor, and the rise of activism in the APAC region.

– John Jenkins