Key Themes: (1) public activism levels increased during the 2021 proxy season compared to the 2020 proxy season, with the number of U.S. activism campaigns up approximately 28% through August; (2) engine No. 1’s high-profile campaign against ExxonMobil cements ESG (environmental, social and governance) as a primary activism campaign objective, but the extent to which Engine No. 1’s success may be replicated by other activists or in other industries remains to be seen; (3) activism campaigns during the 2021 proxy season concluded in settlement agreements more frequently and more quickly compared to prior years, with 32% of settlement agreements through August being reached within one month of the activist publicly initiating its campaign; (4) recent regulatory developments, including those focused on antitrust oversight, shareholder voting practices and disclosure, will likely have a meaningful impact on future activism campaigns.