New universal proxy rules that took effect in the US in August 2022 are heightening anxiety levels among corporate boards. Many companies amended charters and bylaws in anticipation of the rules, and some have faced litigation as a result.

Activists, on the other hand, may face stricter security-based swap disclosure requirements under proposed Rule 10-B1.

In the meantime, companies and investors are still waiting for definitive guidance from the US Securities and Exchange Commission on climate-disclosure rules, due later this year.

Through all the macroeconomic challenges and the changing regulatory landscape, it appears shareholder activists will continue launching campaigns at a healthy pace, and companies will need to be increasingly on guard.