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    INVESTMENT BANKING

    Shareholder Activism sees busiest Q3 on record

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    Contributor: Jim Rossman 
    02 Oct 2025

    Q3 2025 marked a record high for global shareholder activism, with 61 campaigns launched, defying the typical summer slowdown and setting the stage for an active Q4. Our Investment Banking Global Shareholder Advisory team’s Q3 Review of Shareholder Activism also sees major activists increasingly launching campaigns year-round and a heightened focus on board change.

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    Barclays Q3 2025 Review of Shareholder Activism

    Download the Q3 2025 Review of Shareholder Activism. 

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    Activists launched a record 61 campaigns in Q3, setting a new record and departing from historic trends. Year-to-date, 2025 is the busiest year on record, with 191 campaigns, up 19% versus the long-term average. 

    The US and APAC regions accounted for approximately 80% of all campaign activity, with the US returning to its four-year average share (51%)  and APAC’s share (28%) rising for a third consecutive year. Activity in Japan is particularly high, constituting over half of non-US campaigns. European activity remains subdued, tracking 22% below the four-year average.

    Shareholder activists secured 98 board seats YTD (up 17%  from 2024), with just three major players (Elliott, Starboard Value and JANA) accounting for 28% of wins. The quality of independent directors appointed by activists continues to rise, with 39% having public company CEO/CFO experience. 2025 is also on track for a record number of CEO resignations following activist campaigns, with 25 already recorded – 20% of which occurred at S&P 500 companies.

    New developments are reshaping how companies engage with shareholder activists and navigate activist campaigns, including complexities in stewardship, proxy advice and retail investor participation.

    Download the full report to get all the insights. 

    DOWNLOAD

    Q3 2025 Review of Shareholder Activism

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    About the experts

    Jim Rossman

    Jim Rossman

    Global Head of Shareholder Advisory

    Jim Rossman is Global Head of Shareholder Advisory, based in New York. Jim advises private and public companies on shareholder activism, raid defense, strategic investor relations, corporate governance, evaluation of strategic alternatives and capital allocation, and capital raising. He joined Barclays in 2022 from Lazard, where he was Global Head of the Shareholder Advisory Group, which he founded in 2013, and served as the Head of the Renewable Energy team in the Power, Energy & Infrastructure Group. With over 30 years of experience as both an investment banker and a corporate lawyer, and working with companies globally, Jim is a leading expert on the responsibilities of public company directors and the implementation of best practices in the context of preparing for and overseeing responses to hostile shareholder actions.

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