Activists launched a record 61 campaigns in Q3, setting a new record and departing from historic trends. Year-to-date, 2025 is the busiest year on record, with 191 campaigns, up 19% versus the long-term average. 

The US and APAC regions accounted for approximately 80% of all campaign activity, with the US returning to its four-year average share (51%)  and APAC’s share (28%) rising for a third consecutive year. Activity in Japan is particularly high, constituting over half of non-US campaigns. European activity remains subdued, tracking 22% below the four-year average.

Shareholder activists secured 98 board seats YTD (up 17%  from 2024), with just three major players (Elliott, Starboard Value and JANA) accounting for 28% of wins. The quality of independent directors appointed by activists continues to rise, with 39% having public company CEO/CFO experience. 2025 is also on track for a record number of CEO resignations following activist campaigns, with 25 already recorded – 20% of which occurred at S&P 500 companies.

New developments are reshaping how companies engage with shareholder activists and navigate activist campaigns, including complexities in stewardship, proxy advice and retail investor participation.