Shareholder Activism Moves to a Year Round Reality as Campaigns Grow More Strategic and Relentless
CommPRO reached out to Dan Scorpio,Senior Managing Director | M&A and Activism, Strategic Communications at FTI Consulting, for his perspective on how shareholder activism is evolving as we enter Q2. His insights align with what broader media intelligence is now making clear. Activism is no longer cyclical. It is constant, more sophisticated and increasingly consequential.
Recent coverage shows that the traditional proxy season window has effectively disappeared. Activists are launching campaigns earlier, sustaining pressure longer and in many cases working hard to engage with companies in an attempt to be constructive.
“Activist shareholders are continuing to aggressively target companies across a spectrum of industries,” Scorpio notes. “Recent market volatility has created a greater number of opportunities for activists to target companies which, in their view, are in need of a change in strategy, execution or leadership.”
That increased sophistication is showing up in the data. In 2025 alone, there were 255 activist campaigns globally, with activists securing 183 board seats at U.S. companies. The scale and success rate underscore just how effective these campaigns have become.
Scorpio also points to a structural shift that is reshaping how companies must think about preparedness.
“A recent trend toward multi-year campaigns seems to be accelerating as activists pressure companies in expanded ways. Proxy season is now a year-round activity as activists launch early in the calendar, engage for longer periods and ignore the historical annual meeting driven schedule, sometimes launching almost immediately after the annual meeting concludes.”
The implications are significant. Campaigns are no longer isolated events. They are sustained efforts that can influence leadership, strategy and capital allocation over extended periods. In fact, 32 CEOs stepped down within a year of activist campaigns in 2025, marking a record level of leadership turnover and a sharp increase over prior years.
At the same time, activists are broadening their tactics. Beyond traditional proxy fights, companies are facing “vote no” campaigns, pressure tied to M&A strategy and increased scrutiny of executive compensation. Activists are also benefiting from new tools, including AI-driven analysis, which is beginning to influence voting recommendations and campaign strategy.
Against this backdrop, Scorpio is clear about what companies must do differently.
“It has never been more important for companies to have a comprehensive and updated activism communications plan prepared and ready to execute,” he says. “In a proxy fight, companies must deploy a multi-faceted and multi-channel communications approach that is more front-footed, creative and assertive than in the past.”
And importantly, he underscores that no organization can afford to assume it is out of reach.
“No company or sector is truly immune to activism, but a high-touch and responsive investor engagement program can be an effective deterrent,” he adds. “We believe that changes in the stewardship landscape represent an opportunity for companies to revamp their investor communications strategies as customized, concise and targeted messages will be imperative.”
What emerges is a clear picture. Shareholder activism is no longer episodic or predictable. It is continuous, data-driven and increasingly effective. For communications leaders, that means preparation can no longer be reactive. It must be built into the operating model.
