Review of Shareholder Activism - H1 2024

Reports and studies — Financial Advisory, Shareholder Activism, Shareholder Advisory, Capital Advisory

July 02, 2024


Lazard’s 2024 H1 review of shareholder activism analyzes more than 147 new activist campaigns, spotlighting key trends and data. Campaign activity in the first half of 2024 saw a 29% increase compared to the historical five-year average, making it the busiest half-year on record

Global Campaign Activity Reaches Record Highs

New campaign activity in H1 2024 reached a record high level, exceeding H1 2023’s prior record by 7%. 

Global Campaign Activity by Region

In H1 2024, Europe and North America maintained strong momentum from 2023's record year, while APAC saw a significant spike in campaigns, nearly matching full year 2023 levels in just the first half of 2024

  • In North America, there was a slight decline (3% year-over-year) to 66 new campaigns, attributable primarily to a slower pace in Canada
  • Europe maintained high activity levels with 36 new campaigns in H1 2024, matching the record volumes from 2023
  • The Asia-Pacific (APAC) region set a new record with 43 campaigns in H1 2024, surpassing the full-year figures of all but one of the past five years.

First Time Activists Continue to Proliferate

The activist universe continues to expand and diversify, with increased activity from regional- or sector-focused players and a greater share of activity by “first time” activists than ever before 

  • A class of “next generation” activists have launched new funds in recent years, building upon individual track records previously established at leading activist platforms
  • Several of these funds have already waged successful campaigns, while others are slated to begin investing in H2 2024 and 2025