NY-DILIGENT
In 2023, 982 companies were subject to activist campaigns globally, a 4.6% rise compared to a year prior and the highest level since 2019. This is according to the new Diligent Market Intelligence: Shareholder Activism Annual Review 2024 report from Diligent. The findings were released live today at Diligent’s first annual Proxy Season Preview, a leading proxy season conference featuring panels and keynote speeches from the world’s most prominent stewardship specialists on topics including shareholder activism, environmental, social and governance (ESG), executive compensation and more.
According to the report, more companies are identifying activism as a risk in their corporate disclosures. In 2023, 23.4% of Russell 3000 companies disclosed shareholder activism as a risk in their 10-K reporting, up from 21.4% a year prior. Financial resilience and the introduction of the universal proxy card are driving both traditional and nontraditional activists to launch campaigns aimed at remuneration and ESG oversight.
“Market conditions are playing a notable role in shaping activist demands and the companies which activists choose to target,” said Josh Black, editor-in-chief of Diligent Market Intelligence, at Diligent. “Now more than ever, boards need to demonstrate that they are financially resilient and have strong governance practices in place to stay one step ahead.”
Three themes emerge from the report’s key findings that both boards and investors should have on their radar. These include:
Activism goes global as shareholders look to maximize returns:
- In 2023, 550 U.S. companies were publicly subjected to activist demands, a 7.8% rise compared to a year prior, with many campaigns taking aim at costly M&A transactions. The U.S. saw a 20.8% increase in the number of companies subjected to oppose M&A demands, from 24 to 29.
- 220 Asia-based companies were subject to demands in 2023, marking the third consecutive year of increasing campaigns in the region while, in Canada, 69 companies were subjected to demands a 25.5% increase compared to 2022.
- Meanwhile, shareholder activism stagnated in Europe, with 123 European companies publicly subjected to campaigns in 2023, down from a high of 177 in 2021. However, the number of board seats activists secured held steady at 36 in 2023 compared to 38 in 2022, indicating that activists are continuing to push for board representation in Europe.
Market volatility prompts increase in remuneration demands:
- Investors enhanced their focus on remuneration in 2023, keen to ensure companies have robust policies and practices in place to weather market risks. In the U.S., 81 companies faced remuneration-related demands, a 37.3% increase compared to the 59 seen in 2022 and the highest increase of any demand type.
- Shareholder proposals concerning pay are also winning increased backing. Three proposals seeking clawback policy amendments won 36.5% average support at U.S.-based companies, up from five winning 27.5% support a year prior.
Universal proxy provides an avenue for non-traditional activists to launch ESG campaigns:
- The number of ESG demands publicly made by primary- and partial-focus activists increased in 2023 to 132 demands globally, up from 114 demands a year prior, and almost double the 79 seen in 2021.
- In the U.S., the newfound freedom universal proxy offers when casting votes is bringing forth non-traditional activists, seeking board composition changes to remedy ESG shortcomings.
To download the full report, produced in association with Olshan Frome Wolosky, click here.
About the report
Data from Diligent Market Intelligence’s Activism, Voting and Shorts modules run from January 1, 2023, to December 31, 2023. Further data is available on request, although bespoke analysis may take 48 hours. For more information, please email dmi.press@diligent.com
About Diligent Market Intelligence
Diligent Market Intelligence (DMI) is a market-leading provider of shareholder activism, investor voting, and corporate governance data. Through its web application and data feeds, clients can access the most complete solution for listed company intelligence on the market, with broader and deeper insights than ever before.
About Diligent
Diligent is the leading GRC SaaS company, empowering more than 1 million users and 700,000 board members and leaders to make better decisions, faster. The Diligent One Platform helps organizations connect their entire GRC practice — including governance, risk, compliance, audit and ESG — to bring clarity to complex risk, stay ahead of regulatory changes and deliver impactful insights, in one consolidated view. Learn more at diligent.com.
Follow Diligent on LinkedIn, X (Twitter) and Facebook.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215609851/en/
About Business Wire
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
Global EV Alliance Releases EV Driver Survey Results: Myths Are Slowing EV Market17.11.2025 19:19:00 CET | Press release
In a groundbreaking survey of more than 26,000 EV drivers across 30 countries, an overwhelming 77% say persistent myths about electric cars are the single biggest obstacle to EV adoption in their nations. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251118388193/en/ There are still significant differences in the EV market across countries, and not everyone has a wide range of car brands to choose from. Photo: Markus Rotevatn/Norwegian EV Association. 83% say they believe policy measures are needed to increase EV sales in their country. “Misinformation about EVs is a serious challenge. It can make policymakers less confident that electric vehicles are a viable solution to climate change and local air pollution,” says Joel Levin, chair of GEVA and Director of Plug in America. One common myth in many countries is that electric cars are a fire hazard. 88% of the EV drivers in the survey say they aren’t worried about their EV b
Dilawer Farazi Returns to Loomis Sayles as Co-Head and Portfolio Manager on the Emerging Markets Debt Team17.11.2025 16:59:00 CET | Press release
Loomis, Sayles & Company is pleased to announce that Dilawer Farazi, ACA, has rejoined the firm as Co-Head and Portfolio Manager of the Emerging Markets Debt (EMD) Team. Dilawer becomes the firm’s first London-based portfolio manager. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251117681347/en/ Dilawer Farazi, ACA, has rejoined Loomis Sayles as Co-Head and Portfolio Manager of the Emerging Markets Debt Team Dilawer brings over two decades of experience in emerging markets credit, having previously served as a Senior Credit Research Analyst at Loomis Sayles from 2018 to 2020. He rejoins the firm from Royal London Asset Management (RLAM), where he led the Emerging Markets Credit team and managed approximately USD $1 billion in assets across EM credit. At RLAM, he launched the firm’s first dedicated emerging markets funds, including an emerging markets corporate bond fund and an emerging markets short duration credit fund. I
Duravant Announces Retirement of CEO Mike Kachmer, Names Jill Evanko Successor17.11.2025 16:13:00 CET | Press release
Mike Kachmer to retire following a distinguished 43-year career, including nearly 12 years as Chairman & CEO of Duravant Jill Evanko to succeed Mr. Kachmer as Duravant’s Chief Executive Officer Duravant LLC (“Duravant”), a global leader in advanced automation solutions, announced today that Mike Kachmer will retire from his role as Chief Executive Officer after a highly successful tenure with the company. Duravant’s Board of Directors has named Jill Evanko as CEO, joining the company on January 5, 2026. To ensure a seamless transition, Mr. Kachmer will continue to serve as Chairman of Duravant. Mr. Kachmer will also continue to serve on the Board of Directors for Northwestern Memorial Healthcare and The London Clinic. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251117036720/en/ Mike Kachmer “It has been a true honor and a humbling experience to lead this incredible company,” said Mr. Kachmer. “I am profoundly grateful to
Wolters Kluwer Enablon Control of Work Solution Now Available as Private Offer in AWS Marketplace17.11.2025 15:00:00 CET | Press release
Wolters Kluwer today announced that its Enablon Control of Work solution is now available in AWS Marketplace as a private offer. This purchasing model empowers customers to negotiate and receive tailored pricing, terms, and licensing agreements, while streamlining procurement and leveraging existing Amazon Web Services (AWS) billing workflows to accelerate deployment and optimize cloud budgets. Wolters Kluwer’s Enablon Control of Work solution consolidates permit-to-work, isolation management and risk assessments into an integrated system. Trusted by frontline workers and contractors in high-risk environments including oil & gas, pharmaceuticals, data center and manufacturing industries, the software helps streamline operations, minimize unplanned downtime and prevent serious injuries and fatalities. Richard Pulliam, SVP & General Manager of EHS & ESG for Wolters Kluwer, said: “Making Enablon's Control of Work solution available in AWS Marketplace is another step in our mission to help
Morningstar's 2026 Outlook Report Delivers Global and Regional Insights for Durable Portfolios17.11.2025 15:00:00 CET | Press release
Morningstar, Inc. (Nasdaq: MORN), a leading provider of independent investment insights, today published its 2026 Outlook, offering an overview of key challenges and opportunities for the year ahead. In a market defined by uncertainty, this year’s report emphasizes the value of preparation over prediction, equipping investors with strategies to focus on fundamentals and help build resilient portfolios that withstand both booms and busts. Drawing on insights from Equity, Manager, and Behavioral research analysts worldwide, this Outlook distills Morningstar’s thinking on how to navigate opportunity and risk across every major asset class in 2026. "Markets are unpredictable, and the geopolitical and tariff uncertainty of 2025 showed just how quickly forecasts can shift. That’s why Morningstar is redefining the Outlook, focusing on durable portfolios rather than short-term predictions,” said Dan Kemp, chief research and investment officer. “No matter what market conditions the year ahead m
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom