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Lazard’s Quarterly Review of Shareholder Activism: Q3 2017

Lazard’s Quarterly Review of Shareholder Activism compiles and analyzes data on key activism trends globally.


Download PDF - Review of Shareholder Activism: Q3 2017

Key observations from the third quarter of 2017 include:

  • Activists continue to deploy record amounts of capital in 3Q 2017, leveraging their credibility with traditional investors to attack the largest companies globally

  • Activist campaigns continue to result in CEO turnover, an ongoing theme throughout 2017
  • As activists pursue larger and better-resourced targets, companies have shown a willingness to fight back
  • Passive managers, continuing to win the lion’s share of equity fund flows, have used their expanding influence to voice their priorities for corporate governance
  • Proxy season developments included institutional investor pushback against dual share classes and further adoption of proxy access

Additional highlights from the review:

M&A remains a focal point for shareholder activist pressure 

US activists are allocating more capital to European campaigns


2017 activist campaign activity is in line with 2016 pace

Board representation remains a frequent goal of campaigns, with activists obtaining seats at a pace that tracks 2014-15 levels and several seats currently play


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