Governance Insights: Shareholder Activism in Canada: Surprising Resilience and Shifting Dynamics

Despite factors that might have otherwise presented challenges for activists, shareholder activism in Canada proved resilient in 2025. The passing of a year marked by geopolitical and economic uncertainty – a trend which shows no signs of abating – invites reflection on the characteristics of the Canadian activism space today, including:

• larger issuers being targeted disproportionately, with U.S.-based activists leading high-profile efforts
• an increased focus on business strategy in campaigns
• the rising frequency of settlements and few contested shareholder meetings
• a significant reshaping of the shareholder engagement landscape

The latest instalment of Governance Insights examines these trends and offers insights for both issuers and activists.