The 2018
Proxy Season

Key Takeaways in 2018

The recently concluded 2018 proxy season (the 12-month period ending June 30 that encompasses most public companies’ annual shareholder meetings) was a year for large shareholder activists to return to the fore, proving that brief declines in assets under management do not undermine the strategy and volatile periods serve only to harden the focus of activist funds and further expand their horizons. With direct activist AUM at $127.5 billion1 as of June 30 and a strategy that institutional investors continue to embrace, shareholder activism is expected to remain strong and continue to evolve as it weaves itself into the fabric of global capital markets.

Campaign volume slightly down, but assets deployed up

Created with Sketch.

M&A continues to drive activist agendas

Created with Sketch.

Environmental, social & governance (ESG) issues increasingly important

Created with Sketch.

Notable emerging trends

Created with Sketch.

Implications for companies

Created with Sketch.

Related Insights

J.P. Morgan, JPMorgan, JPMorgan Chase and Chase are marketing names for certain businesses of JPMorgan Chase & Co. and its subsidiaries worldwide (collectively, “JPMC”). Products or services may be marketed and/or provided by commercial banks such as JPMorgan Chase Bank, N.A., securities or other non-banking affiliates or other JPMC entities. JPMC contact persons may be employees or officers of any of the foregoing entities and the terms “J.P. Morgan,” “JPMorgan,” “JPMorgan Chase” and “Chase” if and as used herein include as applicable all such employees or officers and/or entities irrespective of marketing name(s) used. Nothing herein is a solicitation by JPMC of any product or service which would be unlawful under applicable laws or regulations.

Investments or strategies discussed herein may not be suitable for all investors. This is not intended to provide, and should not be relied on for, accounting, legal or tax advice or investment recommendations. Please consult your own tax, legal, accounting or investment advisor concerning such matters.

Not all products and services are available in all geographic areas. Eligibility for particular products and services is subject to final determination by JPMC and or its affiliates/subsidiaries. This material does not constitute a commitment by any JPMC entity to extend or arrange credit or to provide any other products or services and JPMorgan reserves the right to withdraw at any time. All services are subject to applicable laws, regulations, and applicable approvals and notifications.

Notwithstanding anything to the contrary, the statements herein are not intended to be legally binding. Any products, services, terms or other matters described herein (other than in respect of confidentiality) are subject to the terms of separate legally binding documentation and/or are subject to change without notice.

JPMorgan Chase Bank, N.A. Member FDIC. Deposits with JPMorgan Chase Bank, N.A., Toronto Branch, are not insured by the Canada Deposit Insurance Corporation.

© 2018 JPMorgan Chase & Co. All rights reserved.

 

Copyright © 2018 JPMorgan Chase & Co. All rights reserved.