Key Themes: (1) Public activism levels were down during the 2020 proxy season in response to the COVID-19 pandemic, with the number of U.S. activism campaigns down approximately 30% through August; (2) Despite decreased activity levels, there have still been a number of high-profile activism campaigns this year, with Starboard, Hindenburg and Elliott leading the way with the most publicly announced campaigns against U.S. issuers through August; (3) Activists and private equity funds are increasingly borrowing from each other’s playbooks, further blurring the lines between activists and other investors; (4) Activists are increasingly mentioning environmental, social and political (ESP) themes in their campaigns, although ESP themes have yet to take hold as primary campaign objectives; (5) Activism campaigns during the 2020 proxy season concluded in settlement agreements more frequently and more promptly compared to years prior, with one in three settlement agreements through August being reached within one month of the activist publicly initiating its campaign; and (6) Activism activity is expected to pick up during the 2021 proxy season as the economy stabilizes and M&A activity continues its H2 2020 recovery.