1. Activism gathers pace as more activists join the fray

Across the world, 184 campaigns have run in 2024 through Q3, 26% above the four-year average, but just short of the record for the same period in 2018.

New activists continue to join the fray as first-timers launched 22% of campaigns, eclipsing major activists for the first time. The top ten most active activists accounted for just 30% of campaigns through Q3, compared to 46% in 2023. 

Activity in the United States, up 22%, and APAC, boosted by Japan in particular, up 100%, is driving this campaign surge. Although mega-cap European companies continue to be targeted well above the global rate, Europe overall remains quieter, with campaigns down 29% year-over-year, but in line with the long-term average.