New York, NY, December 19 – Today, Diligent revealed its Advisor Awards 2023 ranking, recognizing the most prolific law and proxy solicitation firms in the activism space. In its ninth iteration, this year’s rankings included representations from 16 proxy solicitation firms and 73 law firms, highlighting the global spread of activism and the demands it places on companies and investors.

Morrow Sodali and Innisfree M&A tied for the first place ranking of proxy advisory firms, meanwhile Olshan Frome Wolosky topped the list of law firms. Criteria for the rankings include total number of representations, total representations for activists and issuers, respectively, and average market capitalization.

“While the U.S. proxy season was dominated by the introduction of the universal proxy card and battles over ESG against a backdrop of politicization and inflation, Europe saw a number of contested M&A campaigns and Asia another year of demands to improve returns,” said Josh Black, editor-in-chief at Diligent Market Intelligence. “Looking ahead to 2024, companies should be poised for another year of scrutiny as investors look to issuers to implement robust capital allocation strategies and enhance profitability.”

“At Olshan Frome Wolosky, we pride ourselves on our ability to develop comprehensive campaign strategies that drive results, and are informed by the latest available activism, voting, governance and vulnerability data,” said Andrew Freedman, chair of Olshan Frome Wolosky’s shareholder activism practice group. "This recognition serves as a testament to the strategic guidance and deep expertise we provide our clients.”

The top law firms in the 2023 Diligent Advisor Awards are:

• 1. Olshan Frome Wolosky
• 2. Schulte Roth & Zabel
• 3. Sidley Austin
• 4. Vinson & Elkins
• = 5. Wilson, Sonsini, Goodrich & Rosati
• = 5. Latham & Watkins

The top proxy advisory firms in the 2023 Diligent Advisor Awards are:

• = 1. Morrow Sodali
• = 1. Innisfree M&A Incorporated
• 2. Georgeson
• 3. Okapi Partners
• 4. Kingsdale Advisors
• 5. Investorcom

“Morrow Sodali brings together decades of advisory experience in shareholder activism with the data, technology and resources boards and C-suite executives need to engage effectively with shareholders and maximize support for their strategic initiatives,” said Paul Schulman, senior managing director, co-head of M&A and activism advisory group at Morrow Sodali. “We’re incredibly proud to top the list of this year’s Advisor Awards, particularly in such an eventful year for shareholder activism.”

The value of advisors bring to issuers and activists is significant, providing counsel with direct experience of the tactical considerations of proxy fights, helping teams cut through tense negotiations and determine whether their organizations are best served by a settlement or by standing their ground.

Rankings are based on an evaluation of 16 proxy solicitation firms and 73 law firms that submitted representations or were identified from regulatory filings, between October 1, 2022 – September 30, 2023, using Diligent Market Intelligence Activism data. View the full rankings here.

About Diligent Market Intelligence

Diligent Market Intelligence (DMI) is a market-leading provider of shareholder activism, investor voting, and corporate governance data. Through its web application and data feeds, clients can access the most complete solution for listed company intelligence on the market, with broader and deeper insights than ever before.

About Diligent
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Julia Hanbury
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+1 (604) 669-4225
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