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
Glass Lewis Publishes 2025 Proxy Voting Policy Guidelines
Glass Lewis issued its 2025 Proxy Voting Benchmark Policy Guidelines for Canada and the United States. These guidelines will take effect for shareholder meetings scheduled on or after February 1, 2025.
Glass Lewis Publishes Results of 2024 Policy Survey
On November 11, Glass Lewis released the results for its Annual Stakeholder Policy Survey, providing insights into current market perspectives on governance and stewardship.
ISS Seeks Feedback on Proposed 2025 Policy Changes (U.S. Market)
ISS has published its two proposed changes to its 2025 U.S. Benchmark policies, along with two proposed clarifications. Kingsdale recommends U.S. companies reviewing the changes and considering the submission of comments where applicable.
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.