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
KATE Launches "KABUKE: Break Convention" Kabuki-Inspired International Campaign17.7.2026 10:00:00 EEST | Press release
Global cosmetics brand KATE launched “KABUKE: Break Convention,” a new international campaign drawing on elements of Kabuki, the traditional Japanese performing art. The campaign debuted on Wednesday, July 8, 2026. In this campaign, KATE’s shadow enhancing makeup—rooted in Japanese aesthetics—was paired with the Kabuki spirit inherited from traditional Kabuki theater to communicate the value of individuality and self‑expression through makeup on a global scale. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260708829427/en/ KATE international campaign “KABUKE: Break Convention” key visual. Dedicated website: https://www.kate-global.net/my/special/kate_kabuki/ Since its founding, KATE has championed the slogan “NO MORE RULES.,” offering makeup that defies convention and empowers individuals to express their identity and bring out confidence. At the heart of this vision is the brand’s signature shadow enhancing makeup approach
Yoshihiro Shimamura Joins the Marché du Film’s “Investors Circle 2026” as an Invited Investor, Backing a New Feature Film17.7.2026 04:00:00 EEST | Press release
Shimamura Yoshihiro Film Production Co., Ltd. (Head office: Osaka, Japan; Representative Director: Yoshihiro Shimamura), a company active in film production and investment, today announced that Representative Director Yoshihiro Shimamura has decided to invest in an international feature film after being invited to the “Investors Circle 2026” — a distinction that reflects his standing as one of the field’s most highly regarded producers and investors. Hosted by the Marché du Film, the business arm of the Festival de Cannes and one of the world’s largest film markets, the Investors Circle is an invitation-only summit that connects a select group of private investors with high-end feature films during early-stage financing. Held in Cannes, France, May 16-17, 2026, it brings internationally acclaimed directors and producers together with investors around a curated slate of projects in development. During the summit, Shimamura attended private pitching sessions and, after individual meeting
Meiji Seika Pharma: Results from the Global Phase III Trial (Integral-2) of Nacubactam, a Novel β-Lactamase Inhibitor, Highlighted in The Lancet Microbe ’s Coverage of ESCMID Global Congress 202617.7.2026 04:00:00 EEST | Press release
Meiji Seika Pharma Co., Ltd. (Headquarters: Tokyo, President and Representative Director: Toshiaki Nagasato) today announced that results from the global Phase III trial (Integral-2) of nacubactam (Development Code: OP0595), a novel β-lactamase inhibitor, were highlighted in The Lancet Microbe’s coverage of ESCMID Global Congress 2026 (held in Munich, Germany). As highlighted in The Lancet Microbe’s coverage, the key findings presented by Meiji Seika Pharma at ESCMID Global Congress 2026 are as follows: The Integral-2 study (jRCT2031230076) is a global Phase III clinical trial that enrolled patients with complicated urinary tract infections, acute uncomplicated pyelonephritis, hospital-acquired bacterial pneumonia, ventilator-associated bacterial pneumonia, or complicated intra-abdominal infections caused by carbapenem-resistant Gram-negative bacteria (excluding Acinetobacter species). The study has achieved the prespecified study objectives. For the primary endpoint of overall treatme
Takeda’s Zasocitinib Demonstrates Consistent, High Rates of Skin Clearance Across the Body, Including Hard-to-Treat and High-Impact Sites, in Phase 3 Psoriasis Studies17.7.2026 01:00:00 EEST | Press release
Takeda (TSE:4502/NYSE:TAK) announced new data from the two pivotal Phase 3 studies of zasocitinib (TAK-279), a next-generation, highly selective and potent oral tyrosine kinase 2 (TYK2) inhibitor, in adults with moderate-to-severe plaque psoriasis (PsO).1 Presented at the 2026 American Academy of Dermatology (AAD) Innovation Academy, these secondary endpoint data show that zasocitinib demonstrated consistent and high rates of skin clearance across hard-to-treat, high-impact sites, including the scalp, nails, palms and soles, compared with placebo.1-5 These data build on the topline results from the Phase 3 randomized, multicenter, double-blind, placebo- and active comparator-controlled LATITUDE PsO 3001 and 3002 studies.2,6 In those studies, about 70% of patients treated with zasocitinib achieved static Physician Global Assessment (sPGA) 0/1 (clear or almost clear skin) at week 16, with a significantly greater Psoriasis Area and Severity Index (PASI) 75 response rate seen as early as w
Merz Completes Inaugural €450 Million Schuldschein Loan Issuance17.7.2026 00:36:00 EEST | Press release
The Merz Group has successfully completed its first-ever Schuldschein loan issuance, placing a total volume of €450 million in the debt capital market – a multiple of three relating to the launch volume. The debut transaction was significantly oversubscribed and attracted strong interest from all investor groups. The proceeds were settled and paid out today. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260716926041/en/ Dr. Almuth Steinkühler, Chief Financial Officer Merz Group The transaction comprises both fixed- and floating-rate tranches with maturities of three, five, seven, and ten years. Around 50 German and international investors participated, representing a broad range of institutions, including private banks, German federal state-owned banks, public savings banks, cooperative banks, pension funds and occupational pension institutions. With the successful placement, Merz has further diversified its funding base by
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