Canadian shareholder activism continued its post-pandemic resurgence into the first half of 2023. Emerging trends include the “activist swarm,” where multiple—yet uncoordinated—activists converge on a single target with competing demands. Activism has also been on the rise in response to M&A transactions, with some attracting swarms of their own. Another trend to watch is whether larger cap companies will continue to be disproportionately targeted by activists.

In our latest chapter of Governance Insights, we examine:

• current trends in context
• activist swarms and strategies for a response
• recent recalibrations in activists’ messaging
• the rising proportion of U.S. activists targeting Canadian companies

We also provide a review of key issues in Canadian shareholder activism.

Read our insights.