Investor activism campaigns reached an all-time high with 850 campaigns launched in H1 2023, following a busy year that saw the highest level of activist activity on record (762 campaigns in H1 2022). Of the total campaigns launched in H1 2023, 85% (721 in total) had an ESG component, the highest figure in the last 5 years. Corporate Governance was the most common theme within ESG-related activist campaigns from 2019 through H1 2023. However, activist campaigns with environment and social objectives have accelerated in recent years.
While ESG-related investor activism campaigns have increased over the past four years, H1 2023 was the period with the lowest success or settle rate at 10%, down from 33% in 2019. The Materials sector had the highest success rate among major industries (23%), while the Energy sector produced the most unsuccessful campaigns (88%).
View Our Interactive Infographic on Investor Activism ActivityClick here
Listen: IR In Focus | Episode 4: Insights to Navigate Investor Activism
Global M&A by the Numbers: Q2 2023