Kingsdale Advisors Early Insights from
the 2026 Proxy Season in Canada

Shareholder activism is already up 28% in Canada’s 2026 proxy season, with growing retail participation influence beginning to shape governance outcomes and record meeting requisitions placing early pressure on boards. Our Early Insights report breaks down where activism is concentrating, how governance risk is evolving, and what boards need to prepare for now.

Findings include:

• 50 shareholder activism campaigns launched to date, with micro-cap issuers representing 52% of activity
• Retail shareholders entering the governance equation, including proposals tied to participation and AGM transparency
• Boards as the primary battleground, with 54% of campaigns board related