Advisory, finance and risk management services that connect your ideas to capital and power possibilities.
Learn moreProviding large corporate, government and institutional clients with a full spectrum of strategic advisory, financing and risk management solutions.
ExploreWe serve our institutional investor clients by helping them to understand developments in global markets and offering execution and risk management tools across each major asset class.
ExploreOur analysts strive to deliver differentiated market insights, actionable ideas and collaborative Research across asset classes.
ExploreView thought-leading highlights by our market experts and analysts from across Barclays Corporate and Investment Bank.
Learn moreDive deeper into the topics and trends shaping economies and industries with timely analysis and insights.
Macro Shifts Innovation Edge Solving Sustainable ExploreGet updates on what’s driving the latest changes in business and markets through our regularly recurring series.
The Flip Side 3 Point Perspective Impact Series ExploreRead news and stories about our business, our people and our work in the community.
Learn moreINVESTMENT BANKING | INNOVATION EDGE
Record pace of activist campaigns continues into 2023
13 Apr 2023
13 Apr 2023
To receive a copy of the full report on shareholder activism in Q1 2023, please email: ShareholderAdvisoryGlobal@barclays.com
GO TO SECTION
The first three months of 2023 marked the busiest quarter for new shareholder activist campaigns, topping the previous record reached in Q1 2022.
There were 83 new campaigns globally in Q1, a 14% increase over the 73 new campaigns during the same quarter last year.
Activity is up in Europe and Asia, which now represent more than half of the global activity for the first time. In the U.S., however, activity is down with only 31 campaigns in Q1 2023, well below multi-year levels.
Of campaigns launched in Q1, 27% targeted Industrial, 22% targeted Technology, and 15% targeted Financial companies. Collectively, these sectors received more than 60% of all campaigns.
Continuing a trend from 2022, large U.S. companies with market caps over $25 billion were common targets, accounting for 26% of U.S. campaigns.
The Retail, Real Estate, and Power & Utilities sectors saw the fewest number of campaigns in Q1.
Activists are maintaining their demands for more M&A, even as the market for mergers and acquisitions has slowed and financing has become more difficult.
In Q1, 44% of activist campaigns put forth M&A demands. Breakups and divestures, as well as pressure to scuttle or sweeten deals were among the most prominent themes. That’s a switch from last year when agitating for a sale was the top theme.
Activists won 47 board seats in in Q1 2023, primarily through settlements. This marks a 24% increase over Q1 2022. Demands for board changes came in 45% of all global campaigns and 68% of all U.S. campaigns.
New universal proxy rules took effect in the U.S. in August 2022, but it’s still too early to evaluate what effect they will have. So far in 2023, there have been no examples of their effect on settlements, proxy contest outcomes or single-issue candidates.
Meanwhile, companies and investors are still waiting for definitive guidance from the Securities and Exchange Commission on climate-disclosure rules. That guidance is due to come out later this year.
* We acknowledge and agree for Barclays to collect, use and otherwise process our/the Relevant Individual's Information in accordance with the Notice, other effective privacy terms and information processing terms agreed by ourselves/the Relevant Individual with Barclays, for the purposes set out therein, respectively.
* We acknowledge and agree that Barclays may disclose to any third party described in the Notice as a potential recipient of data outside mainland China our.the Relevant Individual's Information in accordance with the Notice, other effective privacy terms and personal information processing terms agreed by ourselves/the Relevant Individual with Barclays, and for the purposes set out therein, respectively.
I consent to my email address being used by Barclays to provide me with personalized advertisements on third-party websites and social media platforms, as described in our Privacy Notice.
An email was sent to you at the address provided. Complete your subscription by clicking the link provided to verify your email address.
Sorry there was a problem. Unfortunately your subscription to our newsletter has encountered an error.
In addition to the cookies we use on our website, we also use cookies and similar technologies in some emails and push notifications. These help us to understand whether you have opened the email and how you have interacted with it. If you have enabled images, cookies may be set on your computer or mobile device. Cookies will also be set if you click on any link within the email.
Please review and manage your email cookie settings below. For more information, please read our Cookie Policy. Please select 'Save and Subscribe' below to remember your email cookie preferences and subscribe to the newsletter.