Canadian proxy contests reaching a vote hit a five-year high, campaign volume declined, but the fights that remained went further and hit harder, and boards with real shareholder relationships came out on top.
Download Kingsdale Advisors' most comprehensive look at what's reshaping Canadian and U.S. boardrooms. Covering July 1, 2025, to June 30, 2026, the report shows a shareholder landscape that's more fragmented and harder to predict, with more of the voting decision moving in-house with investors themselves.
The in-depth research also examines CEO succession at S&P/TSX Composite companies overthe past three years, and what the difference between planned and reactive transitions reveals about board preparedness.
- Contests reaching a vote hit a five-year high, up 39% year over year.
- Large-cap activist targets more than doubled, from 4% to 9%.
- M&A activism drove 40% of campaigns, above the five-year average.
- Say-on-Pay support reached a five-year high of 93.4%.
- Governance proposals more than doubled to 56.
Latest Insights
Podcast: Our EVP, Governance In Conversation With The Institute of Corporate Directors
Our EVP of Governance Advisory, Victor Li, joins ICD’s Rahul K. Bhardwaj on the "Be It Resolved" podcast to discuss J.P. Morgan’s shift from proxy advisors to proprietary AI. Leveraging decades of experience at Kingsdale and ISS, Victor analyzes if AI will displace industry giants and how directors must adapt their oversight.
Are You Ready For Your 2026 AGM? A Practical Checklist
AGMs are strategic moments that shape investor confidence and test governance credibility. Kingsdale’s 2026 AGM Readiness Checklist cuts through the noise with seven essential questions every board and management team should answer before their upcoming meeting.
In The Globe and Mail: Our President's Op-Ed on AI Replacing Proxy Advisors
Aaron Boles, our President, offers a compelling perspective on JPMorgan’s decision to replace proxy advisory firms with its own AI platform and the implications for governance strategy, proxy contests, and the role of human judgment in capital markets.
When The Stakes Are Highest, Business Leaders Choose Kingsdale
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* Source: Bloomberg Global Shareholder Activism League Tables FY2025 and LSEG Global Shareholder Activism Review FY2025.
#2025 and 2026 indicate proxy seasons: July 2024 to June 2026.