2024 Year End Activism Review

Shareholder activism surged to new heights in 2024 as global markets and geopolitical dynamics continued to evolve. The number of activist campaigns at companies with market capitalizations greater than $500 million increased, making 2024 the most active year since 2018.[1] The record number of companies targeted by first-time activists emerged as a notable trend, which we expect will continue throughout 2025.

The momentum from 2024 quickly carried into the new year, with high-impact campaigns increasing by more than 25% globally and 30% in the U.S. for the first two months of 2025 as compared to the same period in 2024.[2] Additionally, as of March 1, 2025, 76 companies worldwide have been publicly subjected to a governance demand, compared to 62 during the same period last year.[3]

Several influential campaigns took center stage in the U.S. during 2024, including Elliott Management’s campaign at Southwest Airlines and Trian Partners’ engagement with The Walt Disney Company. At Southwest Airlines, Elliott launched a special meeting campaign that resulted in the resignation of nearly half of the airline’s board, including the early retirement of its executive chairman, and the appointment of five Elliott-endorsed nominees. Meanwhile, although Trian Partners did not prevail in its proxy contest at Disney, its campaign underscored how shareholder activism can still influence corporate decision-making in significant ways, even at the world’s largest companies. The U.S. secured its position as the primary battleground for shareholder activism in 2024, as 60% of all activist campaigns targeted U.S.-based companies, up from 56% the previous year.[4]

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