Skip to Content

Lazard's Quarterly Review of Shareholder Activism – Q3 2022

Oct 6 2022

Lazard's Quarterly Review of Shareholder Activism – Q3 2022

To request a copy of Lazard’s Q3 Review of Shareholder Activism, please email

Lazard’s Q3 2022 review of shareholder activism highlights key trends and data in shareholder activism activity in Q3 and 2022 YTD. Q3 represented the third consecutive quarter of year-over-year elevated activity and contributed to 2022 YTD activity levels already approaching full year 2021 levels.

chart 1

chart 2

Q3 activity was most robust in the U.S. and, for the second consecutive quarter, targeted technology companies at above-average levels. Compared with H122, Q3 saw an increased share of campaigns focused on M&A-related objectives, while demands around strategy and operations rose in frequency for the second consecutive quarter.

chart 1

Finally, the impacts of the SEC’s new universal proxy rule – in force as of September 1, 2022 – will begin to be felt in Q4 and into early 2023, potentially portending a busy end-of-year period for new activist activity. 

Email to request a copy of the 14-page report.


Would you like to view the site in high contrast?