Lazard's Review of Shareholder Activism – H1 2021
Investor support for E&S-related shareholder proposals reached new highs: 14% of all proposals passed in H1 2021, up from a three-year average of ~6%, as proposals at companies such as Chevron and DuPont secured broad-based backing.
H1 was distinguished by several high-profile activist successes at global mega-cap companies, including ExxonMobil (Engine No.1), Danone (Bluebell and Artisan Partners) and Toshiba (Effissimo, Farallon, et al.)
94 new campaigns were initiated globally in H1 2021, in line with H1 2020 levels. U.S. share of H1 global activity (59% of all campaigns) remains elevated relative to 2020 levels (44% of all campaigns) and in line with historical levels. Activity in Europe slowed following a record-setting end to 2020; the region’s 21 new campaigns included Elliott’s agitation at GlaxoSmithKline and Bluebell’s campaigns at Danone and Vivendi.