Led by a surge in U.S. campaigns, shareholder activism ramped up in the first quarter of 2025, according to a new report from Barclays Capital Inc.
On a global basis, there were 70 activist campaigns launched in the first quarter, up 17% from the same quarter a year ago.
The rise in shareholder activism came in the face of growing economic uncertainty and market volatility, the report noted, with “consistent” monthly activity throughout the quarter — 23 campaigns in January, 21 in February and 26 in March.
The U.S. market led the way, accounting for 40 campaigns in the first quarter, up 43% from 2024.
Japan ranked second with 16 campaigns, which was up 45%, the report noted. There were also 10 in Europe, including five in the U.K. and just one in Canada.
The primary focus of first quarter activism was shaking up corporate boards and campaigns seeking strategic/operational changes, the report said — whereas just 26% of campaigns targeted merger and acquisition activity, which is well below the historic average of 45%, amid “continued M&A uncertainty.”
Activists won 51 board seats in the first quarter, which was up 34% from the same quarter a year ago, it noted.
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