The Long and Winding Road to Financial Reporting Standards

H1 2022 Review of Shareholder Activism Posted by Mary Ann Deignan, Rich Thomas, and Christopher Couvelier, Lazard, on Wednesday, July 27, 2022 Boards of Directors, Institutional Investors, International governance, Mergers & acquisitions, Proxy contests, Shareholder activism More from: Christopher Couvelier, Mary Ann Deignan, Rich Thomas, Lazard Mary Ann Deignan is Managing Director; Rich Thomas is Managing Director and Head of European Shareholder Advisory; and Christopher Couvelier is Managing Director at Lazard. This post is based on a Lazard memorandum by Ms. Deignan, Mr. Thomas, Mr. Couvelier, Emel Kayihan, Antonin Deslandes, and Leah Friedman. Related research from the Program on Corporate Governance includes The Long-Term Effects of Hedge Fund Activism (discussed on the Forum here) by Lucian Bebchuk, Alon Brav, and Wei Jiang; Dancing with Activists (discussed on the Forum here) by Lucian Bebchuk, Alon Brav, Wei Jiang, and Thomas Keusch; and Who Bleeds When the Wolves Bite? A Flesh-and-Blood Perspective on Hedge Fund Activism and Our Strange Corporate Governance System (discussed on the Forum here) by Leo E. Strine, Jr. Observations on Global Activism Environment H1 2022 Activity Slows vs. Q1 but Remains Robust Despite a challenging investing environment in 2022, activity remains elevated—Q2 was the second most active quarter in the past five quarters Global campaign activity for Q2 (53 campaigns) down 27% vs. Q1, in line with Q1/Q2 pattern of recent years Regionally, the decline was most acute in the U.S., where activity materially declined by [...]