The Recent Evolution of Shareholder Activism in the United States
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Shareholder Voting

The Recent Evolution of Shareholder Activism in the United States

03 December 2025 / Report

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The US shareholder activism environment is maturing and increasingly complex, characterized by new players, evolving tactics, and shifting boardroom dynamics. This report, a complement to The Conference Board annual Proxy Season Review, draws on data from SEC filings, investor websites, news releases, and media to highlight the growing use of board challenges, CEO targeting, and public campaigns to drive change.

The US shareholder activism environment is maturing and increasingly complex, characterized by new players, evolving tactics, and shifting boardroom dynamics. This report, a complement to The Conference Board annual Proxy Season Review, draws on data from SEC filings, investor websites, news releases, and media to highlight the growing use of board challenges, CEO targeting, and public campaigns to drive change.

Authors

Matteo Tonello

Matteo Tonello Matteo Tonello

Head of TCB Benchmarking and Analytics
The Conference Board

Read Bio

Ariane Marchis-Mouren

Ariane Marchis-Mouren Ariane Marchis-Mouren

Senior Researcher, Corporate Governance
The Conference Board

Read Bio

Andrew Jones, PhD

Andrew Jones, PhD Andrew Jones, PhD

Principal Researcher, Governance & Sustainability …
The Conference Board

Read Bio

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