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
ISS Publishes Results of 2024 Policy Survey
On October 10, ISS published the results of its annual global benchmark policy survey it conducted with market participants as part of its annual policy development process.
2024 Canada Proxy Season Review - Boards Under Fire
The 2024 proxy season posed significant challenges for Canadian boards, shareholder activism has surged to unprecedented heights, and shareholder proposals advocated for in-person meetings.
ISS Seeks Feedback on Proposed 2025 Policy Changes (Canadian Market)
ISS has published its one proposed change to its 2025 Canadian Benchmark policies, along with three proposed clarifications. Kingsdale recommends Canadian companies reviewing the changes and considering the submission of comments where applicable. The comment peiod ends 5:00 p.m. ET on December 2, 2024.
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.