Activism Has Evolved. Have You?

Shareholder activism in Canada is no longer predictable or confined to underperforming companies, it builds quietly, weaving narratives around governance and shareholder value before campaigns ever surface publicly. Before the pandemic, Canada averaged 30 to 40 campaigns annually, a figure that peaked at 76 in 2024 and remains elevated today. The volume is significant; the shift in sophistication is more so.

For boards, the risk has changed entirely; it is no longer activism itself but failing to recognize how it has advanced. Bill Ackman's campaign at Canadian Pacific in 2012 was visible and confrontational, while his approach at Universal Music Group more than a decade later involved no proxy fight at all, and still moved the board to take action. In today's environment, by the time a campaign is visible it is already underway, and by the time it is blocked, it may have already succeeded. Prepared boards identify pressure early, others are subject to it.

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