Global shareholder activism moderated in Q1 2026, with 62 campaigns launched worldwide, down 11% year on year. Despite fewer campaigns overall, activism remained persistent, with sustained pressure on boards and management teams across sectors.
Activity continued to be concentrated in the US which accounted for roughly two‑thirds of global campaigns, while European activity continued to decline and APAC activity eased following two record years. Sector focus remained consistent, with Technology and Industrials accounting for nearly half of all campaigns, alongside a notable increase in activity targeting Financial Institutions, which represented 15% of campaigns.
Against a volatile macroeconomic and geopolitical backdrop, activist priorities continued to evolve. M&A‑related demands moderated toward the end of the quarter, featuring in 29% of campaigns, as activists increasingly emphasised strategy, operations and capital returns.
As AI drives a once-in-a-generation shift in capital spending, boards and management are under pressure to react. The team expects questions around AI adoption to become a major theme in new campaigns, with activists challenging companies to speed up their use of AI, to cut costs, improve profitability and exit businesses that AI will replace or make significantly less profitable.
Activists secured 45 board seats during the quarter and CEO scrutiny stayed elevated, with nine resignations occurring within a year of an activist campaign.
Alongside these trends, governance and regulatory developments are increasingly significant. Heightened scrutiny of proxy advisor influence, evolving SEC policy positions and potential changes to reporting requirements are reshaping the activism landscape and how companies engage with investors, underscoring the importance of proactive governance in an uncertain environment.
