Lawrence Elbaum and Patrick Gadson, Co-Heads of Sullivan & Cromwell’s Shareholder Activism Practice, discussed lessons from the proxy season in a Q&A in Diligent’s Proxy Season Review 2026. They shared insights on activism preparedness, board readiness and value creation, with Lawrence noting that “[d]espite recent market volatility and political change, the north star of activism defense has not changed: value creation.”
They highlighted hallmarks of best-in-class readiness, including a well-prepared response playbook and a united board that knows its shareholders, particularly as the traditional proxy season calendar continues to evolve. “To defend against activism, boards should identify their own vulnerabilities before an activist does,” said Patrick.
Read the full Diligent report: Proxy Season Review 2026