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Lazard's Review of Shareholder Activism – Q3 2018

Oct 12 2018

Lazard's Review of Shareholder Activism – Q3 2018

Lazard's quarterly review on shareholder activism compiles and analyzes data on key activism trends globally.

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KEY OBSERVATIONS FROM THE Q2 2018 REPORT INCLUDE:

Record level of companies targeted in the first three quarters of 2018

  • Activists targeted 174 companies in the first three quarters of 2018, surpassing 169 companies targeted in all of 2017

 Annual Campaign Activity chart

 

Board Seats Won on Track to Surpass 2016 Record

  • The 130 Board seats won in 2018 YTD represent a ~88% increase over 2017 YTD and a ~30% increase over the number won in all of 2017

Board Seats Won chart

Board Change and M&A are the Most Common Objectives

  • Board change and M&A initiatives were each requested in one third of all new campaigns YTD

Targets Becoming Increasingly Global

  •  42% of campaigns YTD targeted non-US companies, including 21% launched at European companies, 10% at Asian companies, 6% at Canadian companies, and 3% at Latin American companies

Campaigns target by region pie chart

Increasing Engagement from Traditional Active Managers

  • Traditional long-only investors continue to refine their engagement strategies
  • A growing list of institutional managers have become increasingly vocal in advocating for strategic change themselves or encouraging management to engage with activists that are agitating for change

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