Global activist campaigns see decline in Q1, with drop off driven by Asia
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In a surprising turn of events, the first quarter of 2025 saw global activist campaigns record a notable decline of 12.6% when compared to the same period in 2024, according to the latest data from Diligent Market Intelligence (DMI). This downturn is primarily attributed to a significant drop-off in activist activity in Asia.
The region, which has been viewed as a hotbed for activist campaigns in recent years and is known for its robust economic growth and dynamic corporate landscape, experienced a 37% reduction in activist campaigns. However, Japan maintained a flat 22 campaigns, indicating that activism continues to be a force in the country this year and beyond.
In North America, however, the decline was more modest, with a 7% reduction in activist campaigns. This slight dip occurred despite the turbulence in stock markets, largely driven by President Donald Trump's tariff plans. The resilience of North American activism in the face of economic uncertainty highlights the persistence of shareholder advocates in the face of regulatory challenges to the shareholder proposal landscape and hopes for a more robust M&A market.
Activists like Elliott Management and Starboard Value have live proxy contests expected to go to a vote in the second quarter, while Mantle Ridge started the year with a triumph at Air Products & Chemicals.
Europe saw a different trend in the opening quarter of the year with a 24% increase in activity recorded. The United Kingdom emerged as a key driver of activist valuations, with the number of activist campaigns more than doubling, rising from eight in the first quarter of 2024 to 20 in the first quarter of 2025. This surge in U.K. activism underscores the country's growing focus on corporate accountability and shareholder engagement.
Economic uncertainties, regulatory changes, and shifting investor priorities may have played a role in the quieter-than-anticipated first quarter. However, with most countries holding their main proxy season in the second quarter and an increasingly robust year-round activism calendar, 2025 may yet prove to be a busy year.
Diligent Market Intelligence's data provides valuable insights into the evolving landscape of global activism. As the year progresses, our in-house editorial team will continue to monitor these trends to understand their long-term implications for corporate governance and shareholder rights.
For more detailed analysis and insights, look out for our Q1 data snapshot which is set for release in the coming weeks.
