Shareholder Primacy What Activists Are Doing Right Now
Dec 10, 2025
Mike and Ann dive into the hustle and bustle of activist work, especially during the year-end rush. They explore the three-year timeline of activism, detailing everything from analysis to results. December's significant role is highlighted, tied to fiscal year ends and proxy planning. Ann discusses strategies like targeting directors and using bylaw amendments as pressure tactics. They also touch on how boards detect activist presence and the implications of recent SEC policy changes. ESG activism concerns and its unique calendar are also examined.
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Typical Three‑Year Activist Timeline
- Activist campaigns typically span about three years: planning, public activism, and results/monitoring.
- Mike Levin frames the first year as analysis and the third as when outcomes materialize for campaigns.
Prepare A Tight Activism Playbook
- Build a detailed activism playbook before going public with demands and tighten it as you gather feedback.
- Include filing timing, budgets, PR, proxy strategies, and settlement scenarios in that plan.
Use Bylaws As Negotiation Leverage
- Draft bylaw amendments early to use them as negotiation levers or proxy contest asks.
- Target provisions like written consent, special meeting rights, and poison‑pill constraints.