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Lazard’s H1 2022 Review of Shareholder Activism

Jul 12 2022

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Key observations from H1 2022 report include:​

  • Despite a challenging investing environment in 2022, activity remains elevated – Q2 was the second most active quarter in the past five quarters (behind only a record-setting Q1)
  • Global campaign activity for Q2 (53 campaigns) down 27% vs. Q1, in line with Q1/Q2 pattern of recent years

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  • Technology companies accounted for one out of every four activist targets in Q2, resulting in Technology being the most targeted sector in H1 (21% of all campaigns, well above 14% multi-year average)

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  • First-time activists accounted for 37% of all activists launching campaigns in H1, the highest level in recent years

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The challenging macroeconomic and investing environment influenced activists’ demands in H1 2022

  •  The number of “sell the company” demands was seven in Q2, bringing the H1 total to 16 (rivaling full-year totals of 20 in 2021 and 14 in 2020), as activists pushed the M&A option as an alternative to what they perceived as failed standalone strategies
  •  As the economic outlook deteriorated through Q2 there was increased focus on strategy and operations (21% of campaigns in Q2 vs. 14% in Q1) and capital allocation policies (17% of campaigns in Q2 vs. 10% in Q1)

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