Canada saw 69 shareholder activist campaigns in 2023 – an unprecedented high from previous years. The 2024 proxy season saw a continued evolution of the shareholder activism landscape with a record-breaking 76 activist campaigns across 55 Canadian companies and 11 sectors. Investors are continuing to seek change through activist measures and, with increased focus, are seeing higher success rates – nearly doubling the success rate of that of management.

In certain cases, disputes between companies and activist shareholders may be amicably resolved by entering into a settlement agreement. These agreements may provide a means to address the concerns and objectives of both parties while potentially avoiding costly and burdensome

The 2023 proxy season was marked by a number of notable developments in the activism landscape. After a downturn in shareholder activism throughout the COVID-19 pandemic, Canada experienced a resurgence in 2023 with a record number of activist campaigns. Activists