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
Aaron Boles Discusses 2026 Proxy Season on BNN Bloomberg
Kingsdale President, Aaron Boles, was live on BNN Bloomberg's "The Open" with Andrew Bell to discuss our 2026 Proxy Season: Early Insights report. Access the full report to explore the latest trends in proxy season and corporate governance.
Kingsdale Releases Early 2026 Proxy Season Insights as Activism Rises 28%
The exclusive report offers a first look at how Canada's 2026 proxy season is unfolding through a corporate governance lens. 50 activism campaigns have already been launched increasing pressure on boards as retail influence grows.
Early Insights - 2026 Proxy Season (Canada)
With shareholder activism already up 28% and retail participation influence growing, Canada’s 2026 proxy season is accelerating and reshaping governance expectations. This report delivers early insights into the trends and pressure points boards need to understand now.
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.