Record year for activist investors

Record year for activist investors: The latest figures show that activists are seeking and achieving more in their campaigns, and boards and corporate leaders are central targets. 

The particular focus is on Q3 – a time when activist activity usually slows down; this year, however, it’s setting records. There are more campaigns, leading to more influence, and more major shifts at the leadership level in response.  

We are witnessing a continuing evolution in the activist world, moving towards an era where it’s a far more disruptive force, fuelled by polarised and passionate goals for change in the governance of some of the world’s biggest companies.

The data compiled by Barclays’ Shareholder Advisory Group paints a picture of growing pressure and expanded influence. Here are the main conclusions from their “Review of Shareholder Activism in Q3 2025”, which analyses all activist campaigns worldwide in companies with a market capitalisation greater than US$500 million. 

• As of 30th September 2025, 191 campaigns have been launched year to date (up 19% on yearly average), and 61 campaigns were launched in Q3 alone, which is a record and far more than the usual “summer slowdown”.
• The number of CEO resignations in response to activist campaigns is “approaching an all-time high”
• Activists continue to target and win board seats (and thus more influence in a company’s decision-making) at an “elevated rate”. 
• The US and Asia-Pacific constitute over 80% of activist campaigns. Similar activity is “muted” when compared to global and historical averages. 
• Activist success in gaining boardroom representation is up 17% year-over-year, with 98 board seats won YTD.
• 2025 is on pace to see a record number of CEO resignations following an activist campaign, with 25 already recorded—20% of which occurred at S&P 500 companies.

Activists target companies because they believe something about the company should change. By amassing enough physical control and support from other shareholders, they can make these changes a reality. 

The bad news for corporate leaders is that they are often the targets of activists. The common reasoning is that the company would become more valuable if there were a change in CEO or a shake-up at the board level.  The above data signals that this kind of pressure is not going away, and that even though activist are rarely able to gain control of more than 5% worth of shares, their influence is felt far beyond their physical stake. Networking ahead of shareholder votes, finding support among like-minded colleagues, is starting to pay off more and more. 

Businesses are more polarised places. Shareholder meetings often absorb some of the most significant political issues of the day, and transform into ideological debate chambers as a result. Activists can frequently clash with leadership over the scope of potential profit, the impact of pursuing ESG or DEI initiatives, and the impact of the company’s trading on its workforce and local communities. 

Some of the big global brands targeted by activists in Q3 2025 alone include Pepsico, BP, Novo Nordisk and Workday. The most popular sectors include industrial companies, tech and healthcare. A change in the composition of the board is the most popular reason for activism in the US (where the majority of cases are located), and the second most popular worldwide. 

The only reprieve from activism looks to be in Europe, where the “muted” level of activity continues. Many European countries use different governance models that are more stakeholder-inclusive, and all of them have very low numbers of activist cases. The one outlier in Europe is the UK, with 38% of cases up to 30th September 2025. While this number is down on last year, and low compared to global standards, it’s extremely high compared to other European countries. It’s also one of the few nations to use a more American-style governance model.

Activism is a conflict-driven issue. So for some, the news that activists are winning more and more will be applauded. Boards and executives in big companies will likely feel the exact opposite. 

Ultimately, activism with enough influence can force an entire re-think of company strategy, because there’s now a healthy cohort who believe that decision-making is going in the wrong direction. Changing that isn’t easy, and not everyone will emerge victorious from the tug-of-war that results.