Another “Super Year” for Activism
2024 was called a “super year” for political elections, with 72 countries and half the world’s population going to the polls. Incumbent political parties across the globe lost these elections at a dizzying rate as voters punished those seen as responsible for inflation and other economic woes. It was also a booming year for shareholder […]
Kai H. E. Liekefett and Derek Zaba are Co-Chairs of the Shareholder Activism & Corporate Defense Practice at Sidley Austin LLP. This post is based on a Diligent memorandum by Mr. Liekefett, Mr. Zaba, Josh Black, and Antoinette Giblin.
2024 was called a “super year” for political elections, with 72 countries and half the world’s population going to the polls. Incumbent political parties across the globe lost these elections at a dizzying rate as voters punished those seen as responsible for inflation and other economic woes. It was also a booming year for shareholder activism, but incumbent directors fared much better than their political counterparts at the ballot box as activists failed to persuade investors of their case for change in proxy contests that went to a vote. With many expecting 2025 to be another “super year” for activism, here is a look at what we observed in 2024.
The post-pandemic surge in activism continued with 255 campaigns launched by primary and partial-focus activists in 2024, up from 251 the year prior and a 7% increase when compared to 2022, according to DMI data. These figures reflect a continued surge in activism in the U.S. and Asia, including Japan and South Korea. Meanwhile, activism activity in Europe softened due to the ongoing conflict in Ukraine and general economic uncertainty.
