Year-round shareholder engagement has become essential. The erosion of standard engagement practices and timelines, along with the decline of proxy advisor influence, has
created constant uncertainty for companies vulnerable to activist pressure.
Shareholder proposals declined 15% year-over-year in 1H 2026, but campaign activity has remained elevated
and the universal proxy card appears to be enabling more frequent settlements. In recent years, the volume of activism in the first half of the year remained steady into the summer and fall— meaning Boards should prepare for investor challenges and pressure throughout the year.1
Demands in 2026 have increasingly centered on strategic reviews and M&A, with activists pushing companies to sell in a rebounding deal market. At the same time, the SEC’s retreat from no-action guidance has driven proposal-exclusion litigation well above the historical norm, establishing new legal risks for companies.1 In this fragmented environment, reactive strategies are no longer sufficient. Boards and management teams must evaluate their vulnerabilities, decision-making processes, and engagement practices on a regular basis because the offseason no longer exists. In fact, it is easier than ever for anyone to sow the seeds of doubt.
Our Shareholder Activism experts have created a practical activism preparedness guide to companies identify and assess those areas that might need attention or a refresh in 2H 2026.
1 Georgeson Global Activism 2025 Recap; Barclays H1 2026 Review of Shareholder Activism