U.S. Companies Subjected to New Activist Campaigns Increased by 10.6% in 2022, According to Diligent
16.2.2023 17:00:00 EET | Business Wire | Press release
Last year, companies subjected to new activist campaigns increased by 10.6% in the U.S. and 6% globally in 2022, according to a new report released today by Diligent, the global leader in modern governance providing SaaS solutions across governance, risk, compliance, audit and ESG. The Shareholder Activism Annual Review 2023 report, produced by Insightia (a Diligent brand) shows that activism flourished in 2022 with the number of campaigns returning to pre-pandemic levels, spurred on by the introduction of the universal proxy.
The rising number of campaigns underscores the need for leaders to have a 360-view of data across their organization, strengthening their ability to identify which red flags to escalate to the board, monitor and mitigate evolving risks, and document compliance and risk management efforts in defensible, auditable detail.
“Amid heightened focus on a company’s bottom line, it is increasingly important for leaders to address and mitigate the ever-evolving risks of shareholder activism,” said Josh Black, editor-in-chief at Diligent. “Complete visibility into organizational data is the first step to building such a program and reducing vulnerability to investor, shareholder, and legal action.”
Among the report’s top findings:
The U.S. and Japan drove activity, with a focus on capital allocation, board changes, and ESG
- In the U.S., 511 companies faced activist demands, a 10.6% increase from 2021. This is in part due to the universal proxy rules, which have sent a jolt through the industry as advisers try to model how the greater choice available to investors will influence voting decisions.
- Japan proved especially attractive to activists, thanks to an increasing number of domestic investors looking to capitalize on undervalued companies. In 2022, 108 companies faced demands, almost double the 67 and 66 companies targeted throughout 2020 and 2021, respectively.
Investors’ expectations on executive compensation continue to increase
- Amid tightening markets and global interest rate rises, pay for performance compensation is becoming a regular part of investor engagements, with 114 companies facing remuneration demands globally throughout 2022, compared to 86 and 92 throughout 2020 and 2021, respectively.
- 1,397 Russell 3000 CEOs received pay increases of between 1-250% from FY2020 and FY2021, with average CEO pay exceeding $22.5 million. Pay revolts are also on the rise, with average support for S&P 500 advisory “say on pay” plans reaching an eight-year low of 87.5% in 2022.
ESG activism is facing a crisis of confidence
- Only 11.5% of environmental demands were at least partially successful in 2022, compared to 25.8% a year prior.
- With green stocks underperforming and oil and gas prices soaring, ESG campaigns that failed to make a compelling link between a company’s financial performance and ESG credentials were doomed to fail.
The Shareholder Activism Annual Review, produced in association with Olshan Frome Wolosky, Morrow Sodali, and Alliance Advisors, is Insightia’s flagship report for data on shareholder engagement, corporate governance, and compensation.
To download the full report click here, or to view our archive of publications, visit the resource center section on the Insightia website.
About the Report
Data from Insightia’s Activism, Shorts, Voting, and Vulnerability modules run from January 1 to December 31, 2022. Compensation data runs from June 1, 2021, to May 31, 2022. Further data is available on request. For more information, please email insightia.info@diligent.com.
About Insightia
Insightia, a Diligent brand since January 2022, is a leading SaaS provider of expert insights and intelligent analytics with a focus on shareholder activism, proxy voting and corporate governance. Through its web application, Insightia One, clients can access the most complete solution for listed company intelligence on the market, with broader and deeper insights than ever before.
About Diligent
Diligent is the global leader in modern governance, providing SaaS solutions across governance, risk, compliance, audit and ESG. Empowering more than 1 million users and 700,000 board members with a holistic view of their organization’s GRC practices so they can make better decisions, faster. No matter the challenge. Learn more at diligent.com.
Follow Diligent on LinkedIn, Twitter, and Facebook.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230216005218/en/
Contact information
Julia Hanbury
Senior Marketing Communications Manager, Diligent
+1 778-822-6411
Jhanbury@diligent.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
58% of Consumers Say They Don't Care Whether a Product is a National Brand or Private Label. They Just Buy What They Need21.8.2026 13:00:00 EEST | Press release
As fast-moving consumer goods (FMCG) prices rose 26% globally between 2021 and 2025, consumers have become more deliberate about where they save and where they spend. NielsenIQ (NYSE: NIQ) has released new findings showing that private label is no longer viewed simply as a lower-cost substitute, but as a credible competitor across value, mainstream, and premium segments. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260819950224/en/ Private label is no longer just a value play. The findings, published in NIQ’s latest report, A Tale of Two Consumers: The Polarized Mindsets Reshaping Global Consumption, created in collaboration with World Data Lab, show how consumer polarization is redefining value and reshaping competition on the shelf. The report also draws on insights from NIQ's 2025reportFinding Harmony on the Shelfwhich documented changing perceptions of private label products. Key findings from these reports include: 58
Tanium Reappoints Co-Founder Orion Hindawi as CEO to Drive Next Chapter of Growth20.8.2026 22:10:00 EEST | Press release
Tanium, a leader in Autonomous IT, today announced that Co-Founder and Executive Chairman Orion Hindawi has been appointed Chief Executive Officer, effective immediately. Dan Streetman is stepping down as CEO and as a member of the Board after leading Tanium for the last three years, during which time Tanium scaled its go-to-market operations and secured strong industry analyst recognition for innovation within the Tanium platform. Streetman will continue to advise Tanium as part of the transition and co-founder David Hindawi will return to the role of Chairman of the Board. With this foundation in place, this transition positions Tanium to deepen its Autonomous IT capabilities and further expand AI offerings across its portfolio and strengthen customer and partner engagement. The Hindawis co-founded Tanium in 2007 to build the central nervous system of enterprise security, giving organizations unified visibility and control over their endpoints. During his prior tenure as CEO from 201
PCI Energy Solutions to Join Mitsubishi Electric, Reinforcing Long-Term Commitment to Customers, Employees, and the Energy Industry20.8.2026 20:46:00 EEST | Press release
PCI Energy Solutions ("PCI"), a leading U.S.-based provider of enterprise software for energy management and optimization, announced today that it has entered into a definitive agreement to be acquired by Mitsubishi Electric Corporation. The agreement was executed on August 20, 2026 (Japan Standard Time). The Transaction represents a strong endorsement of PCI's business, technology, employees, customer relationships and position in the energy industry. Mitsubishi Electric intends to retain PCI's core management team following completion of the Transaction, enabling PCI to preserve leadership continuity, industry expertise and its customer-focused operating model while benefiting from Mitsubishi Electric's global scale, complementary capabilities and long-term investment capacity. The agreement has been signed, but the Transaction has not yet closed. PCI and Mitsubishi Electric will continue to operate as separate companies until closing, which is subject to applicable regulatory approv
Perma-Pipe Secures More Than $67 Million in New Orders in the Second Quarter of 202620.8.2026 20:02:00 EEST | Press release
Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global leader in engineered piping and corrosion protection solutions, today announced that the Company secured more than $67 million in new orders during the second quarter of fiscal 2026, representing strong demand across its strategically important end-markets and geographies. The orders further strengthen Perma-Pipe's backlog and provide increased visibility into future revenue growth. The Company's backlog remains well diversified across geographies, customers and end-markets. The Company continued to see strong demand across its core Oil & Gas and infrastructure markets, while also securing important new business in emerging applications, including advanced leak detection and monitoring solutions. During the quarter, Perma-Pipe secured sizable Oil & Gas awards in both MENA and Canada, reinforcing the Company's position as a trusted supplier to customers undertaking significant energy infrastructure investments. The Company
Impartner Launches the First CPQ Built for Partners20.8.2026 16:00:00 EEST | Press release
Impartner, the leading partner revenue orchestration platform, today announced the launch ofImpartner CPQ, giving partners a direct path to create and advance quotes within the Impartner PRM platform. The new capability enables faster movement from opportunity to submission while giving vendors control over the rules, products, pricing, and approvals that govern each transaction. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260820479441/en/ Give partners a faster path from opportunity to quote with Impartner's CPQ. For many partnership programs, quoting remains a largely manual process. Partners often depend on vendor sales teams to prepare quotes because traditional CPQ systems are designed primarily for direct sellers or require additional licensing for external users. The result is a slower path from opportunity to revenue, increased administrative work for channel teams, and a partner experience that can limit the impa
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom