Kingsdale Advisors 2026 Proxy Season Review: Prepared Boards Win as Contests Reaching a Vote Hit Five-Year High

Management won 76% of contests decided at the ballot box, and Kingsdale delivered a 100% win rate defending management this season

Kingsdale Advisors, Canada's leading shareholder and governance advisory firm to issuers across North America, today released its 2026 Proxy Season Review. Titled "Governance on the Move: Shareholder Engagement in a New Era," the report is the firm's most comprehensive yearly analysis of the forces reshaping Canadian boardrooms.

The report covers the season from July 1, 2025, to June 30, 2026, and finds that while the number of activist campaigns was slightly lower than in 2025, this year's proxy contests went further and hit harder, with victories going to the boards that were best prepared when shareholders were asked to vote.

Wes Hall, Founder and CEO, Kingsdale Advisors, said, "This year made one thing clear: the boards that dedicated time and resources to staying connected with their shareholders were those that won. Knowing your investors, telling your story well, and building support before a challenge emerges made all the difference this season."

• More campaigns go the distance: Of the 55 activist campaigns Kingsdale tracked in Canada in 2026, 25 proceeded to a shareholder vote, a five-year high and up 39% from 18 in 2025, despite overall campaign volume declining 18% year over year.
• Large-cap targets more than double: Companies with a market capitalization above $10 billion represented 9% of activist targets in Canada in 2026, more than double their 4% share in 2025. Company size offered little protection once a credible vulnerability was identified.
• M&A activism gains ground: Transaction-related campaigns accounted for 40% of completed campaigns in Canada in 2026, well above the five-year average of 31%.
• Say-On-Pay support hits a five-year high: Average Say-On-Pay support rose to 93.4% in 2026 from 92.5% in 2025, though results at individual issuers shifted meaningfully year over year.
• Governance proposals reach a record: Governance shareholder proposals at Canadian companies more than doubled to 56 in 2026 from 26 in 2025, spanning AGM accessibility, voting disclosure and AI oversight.
• Retail shareholders and tokenization move onto the agenda: Kingsdale identified first-time shareholder proposals at 18 Canadian issuers calling for greater retail voter participation and transparency. Export Development Canada issued Canada's first tokenized bond, a $100 million issuance through Project Samara, while Galaxy Digital became the first U.S.-listed issuer to hold an onchain shareholder vote. Tokenized equity supply approached US$1 billion by March 2026.

Kingsdale's in-depth research also examines CEO succession at S&P/TSX Composite companies over the past three years, and what the difference between planned and reactive transitions reveals about board preparedness.

Aaron Boles, President, Kingsdale Advisors, said, "The boards that win are the ones addressing their vulnerabilities before they become someone else's campaign thesis, not after an activist has already built the case for change."

Kingsdale Advisors' 2026 Proxy Season Review points to a shareholder landscape that is growing more fragmented and harder to predict, as more of the voting decision moves in-house with investors themselves. For boards, that means building the relationships that decide a vote long before anyone asks for a proxy.

The full report provides boards, executives and governance professionals with Kingsdale's proprietary analysis, data-driven insights and practical takeaways for the 2027 proxy season.

ACCESS THE 2026 PROXY SEASON REVIEW - Governance on the Move: Shareholder Engagement in a New Era

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