In a recent interview with The Deal by S&P Global, Kingsdale’s EVP of Governance Advisory Victor Li shared early insights from the 2026 proxy season in Canada. Activism is on the rise, with campaigns up 28 percent year over year, M&A driven activity already exceeding last year’s totals, and governance proposals increasing by 135 percent. These trends point to a more active and complex environment for boards and management teams.
At the same time, outcomes are beginning to shift. Management teams are now slightly ahead of dissidents in wins, a reversal from last year’s results. This change reflects the impact of stronger preparation and a more proactive approach to governance. Boards that invest early in readiness and shareholder engagement are better positioned to navigate activism and achieve successful outcomes.
