Investor Activism Activity Hits Record High in 2024

Activist investors posted another busy year with 1,210 campaigns launched in 2024, an increase of 3% from 2023 and a 20% increase as compared to 2019. Sustainability initiatives concerning the environment, social issues and governance continue to be a focus for activists, with 81% of total campaigns launched in 2024 related to ESG.

Of all activism campaigns launched in 2024, 15% were marked as settled or successful. That mark is down from 20% at the end of 2023 and down 31% from its high in 2021. Campaigns in the Real Estate sector featured the highest success/settle rate of all sectors (44%), followed by Utilities (25%) and Information Technology (21%).

Large Cap corporations (market capitalization between $10-$200B) saw the majority of ESG campaign activity, making up 44% of total campaigns, up slightly from the last few years. This figure includes a high-profile campaign launched against Honeywell International Inc. by Elliott Investment Management, which had been pushing for the company's breakup.