Plenary Session – Shareholder Activism and Shareholder Engagement

Shareholder activism continues to evolve in a manner that demands intense boardroom attention, particularly as the current environment of market volatility and regulatory uncertainty makes companies potentially more vulnerable to activist threats. The universal proxy has empowered shareholder activists seeking to change corporate strategy or to bring fresh blood to the CEO suite. In recent years, activists have also advocated for social and environmental policy initiatives. In this environment, it is even more critical for companies to build and strengthen relationships with large investors throughout the year. But in response to recent changes in SEC staff guidance, many investors have modified their engagement strategies and voting policies, making some large investors reluctant to meet proactively with companies and less willing to raise issues and provide specific feedback. This session will review changes in law and policy that have animated these developments and address how boards can adapt their activism preparedness and response programs to the current landscape.