• Gustavo Bernal Torres

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.

Source: https://www.lazard.com/perspective/lazards-quarterly-review-of-shareholder-activism-h1-2021/

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