Victor Li in Conversation with The Deal by S&P Global

Our EVP, Governance Advisory, Victor Li, recently spoke with Jean Haggerty at The Deal by S&P Global about our 2026 Proxy Season Review.

The number of activist campaigns in Canada fell 18% this proxy year, yet 25 of the 55 campaigns we tracked ended up going to a shareholder vote, compared with a five-year average of 19. Victor's view is that boards have become more willing to fight than settle. After several busy years of activism, many companies have done the work of engaging their investors and preparing for a challenge, and the most vulnerable targets have largely already been approached. Activists are now going after stronger companies, and those companies are more willing to see a contest through.

The results backed that up, with management winning 76% of contests decided at the ballot box, up from 72% last year and 57% in 2024.

M&A played a big part in the season too, with deal-related campaigns making up 40% of completed campaigns. Victor pointed out that activists opposing a transaction often come up short when they can't put a better option on the table.

He also flagged proposed Canadian rules that would require activists to disclose derivatives positions when launching a proxy contest, which could give boards a clearer picture of what they're up against.

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Read the full article in The Deal (subscribers only)

‍Download the 2026 Proxy Season Review

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