Shareholder activism has accelerated once again as companies face valuation pressures, governance reforms and renewed momentum in global deal activity. By the end of 2025, close to one thousand organisations around the world had encountered some form of activist engagement, bringing activity levels back to where they were before global disruptions began.
As we look toward 2026, corporate leaders and governance teams must stay alert to emerging trends that are reshaping investor expectations and influencing strategic decision making.
Regions Experiencing the Strongest Momentum
Global data shows a steady rise in companies targeted by activist demands, with an increase of around four percent compared to the previous year. The shifts, however, vary significantly across major regions.
Asian markets continued to show strong growth in activism due to discounted valuations and ongoing improvements in governance standards.
Europe saw a decline in activism because of geopolitical tension and economic uncertainty. The pattern was different in North America where activity intensified. Canada recorded a substantial increase of more than twenty percent in companies facing activist actions. The United States also saw a rise with more than five hundred organisations publicly receiving demands from activists.
Stronger Attention on Risk Governance and Resilience
With activism expanding across markets, investors are applying deeper scrutiny to executive compensation and mergers that appear misaligned with long term value creation. Rising interest rates, valuation gaps and weakened commercial property markets have encouraged activists to question whether companies have strong risk management policies in place.
In Canada, about one fourth of resolved campaigns focused on mergers and acquisitions. In the United States, the number of campaigns challenging M&A decisions grew by more than twenty percent.
Compensation practices faced the sharpest rise in examination. Campaigns centred on remuneration increased by more than thirty percent as investors pushed for proof that pay structures match real performance. Several proposals related to clawback policy enhancements also gained stronger support compared to previous years. The message to boards is clear. Leadership teams must show that rewards are tied directly to measurable achievements and improved shareholder value.
Corporate resilience and transparent governance will remain essential in 2026. As one expert noted in the report, boards must show that they are financially strong and well governed if they wish to stay ahead of activist pressure.
Universal Proxy and the Changing Landscape of ESG Oversight
The introduction of universal proxy rules created expectations of a rise in ESG focused activist groups. Instead of a surge, the first significant ESG campaign came from an unexpected source. A labor coalition sought board seats at a major global company, pointing to concerns about workforce management practices.
Universal proxy rules allow investors greater freedom when voting in contested situations. This development may encourage more nontraditional activists to challenge board composition when ESG concerns remain unresolved.
Governance related demands also increased while environmental demands saw a small decline. Experts highlighted that ESG campaigns succeeded when the potential impact on long term value was clear and easy for investors to assess.
Preparing for the Future of Activism
Shareholder activism will continue to evolve as new regulatory frameworks, market conditions and investor priorities shape the global environment. Companies that strengthen their governance practices, maintain transparent communication and demonstrate resilience will be better positioned to prevent value erosion.
For organisations looking to stay ahead, Dess Digital encourages leaders to closely track the changing nature of activism. Understanding where investors are sharpening their expectations will be essential for navigating 2026 with confidence.
