The 2026 proxy season has seen a record number of activist investor campaigns seeking board representation at publicly traded companies. Hedge funds and institutional investors are pushing for changes in corporate strategy, capital allocation, and executive compensation.
Corporate law firms report that companies are spending more than ever on proxy defense, including hiring specialized advisors and conducting extensive shareholder outreach campaigns. The average cost of defending a proxy fight now exceeds $10 million.
Governance experts note that activist campaigns are increasingly focused on mid-cap companies where smaller ownership stakes can exert outsized influence.
