2020 U.S. Shareholder Activism Review and Analysis
December 2, 2020
When the COVID-19 pandemic first reached the United States, some commentators initially predicted that the resulting market volatility would lead to a sharp spike in shareholder activism. Instead, public activism levels have fallen significantly this year, with the number of shareholder activism campaigns in the United States down approximately 30 percent through August of this year compared to the same period in 2019. Despite the decline in overall shareholder activism levels, activists have still been busy this year and there have been a number of high-profile new campaigns. Sullivan & Cromwell’s 2020 U.S. Shareholder Activism Review analyzes trends in shareholder activism in light of the COVID-19 pandemic, the steady increase in environmental, social and political (ESP) themes in campaigns, and trends occurring around proxy contests and settlement agreements.
Download S&C's 2020 U.S. Shareholder Activism Review
S&C's 2020 U.S. Shareholder Activism Review: Key Topics
Our 2020 Shareholder Activism memo expands on the trends in shareholder activism from the past year in greater detail and includes:
- a review and analysis of activism campaign data;
- an overview of recent developments impacting voting in proxy contests;
- an analysis of key provisions in publicly filed settlement agreements; and
- an overview of other recent legal developments impacting shareholder activism.
S&C's Corporate Governance Practice
In every area of corporate governance—from ordinary course disclosures and policy matters to extraordinary activist campaigns—S&C’s Corporate Governance Practice offers market-leading expertise honed from decades of experience. In activist situations, our lawyers look beyond a simple defense strategy, and design a holistic approach, providing clients with a “playbook” for success that draws on expertise from across S&C's practice areas. We also partner with clients to respond to shareholder proposals and demands, and regularly work with issuers to craft no-action letters and opposition statements in relation to shareholder proposals.
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