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Lazard’s Q3 2022 review of shareholder activism highlights key trends and data in shareholder activism activity in Q3 and 2022 YTD.
Q3 represented the third consecutive quarter of year-over-year elevated activity and contributed to 2022 YTD activity levels already approaching full year 2021 levels.
Q3 activity was most robust in the U.S. and, for the second consecutive quarter, targeted technology companies at above-average levels. Compared with H122, Q3 saw an increased share of campaigns focused on M&A-related objectives, while demands around strategy and operations rose in frequency for the second consecutive quarter.
Finally, the impacts of the SEC’s new universal proxy rule – in force as of September 1, 2022 – will begin to be felt in Q4 and into early 2023, potentially portending a busy end-of-year period for new activist activity.
Lazard’s Richard Thomas, Managing Director and Head of European Shareholder Advisory, details the trends in European shareholder activism, which reached record levels in the first half of 2022 – including greater diversification in campaign objectives and a growing pool of first-time activists.
