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2022 U.S Shareholder Activism and Activist Settlement Agreements Review
Sullivan & Cromwell’s 2022 Shareholder Activism and Activist Settlement Agreements Review analyzes trends in shareholder activism from the past year. In 2022, overall activism activity returned to pre-pandemic levels despite continued market volatility. Also, activist focus areas shifted to an increase in campaigns targeting corporate strategies and operations, management changes and environmental, social and governance (ESG). Additionally, companies and activists also reached fewer settlements and took longer to do so than in prior years.