Fewer Campaigns, But Much to Observe from the 2025 Proxy Season

While the number of shareholder activism campaigns cooled in the 2025 proxy season, some notable events shaped the season. Activists zeroed in on value and capital allocation and sidelined sustainability topics. Under the universal proxy system, investors elected only parts of activist slates. The season saw a rise in traditional economic activists using “vote no” campaigns instead of proxy contests. Companies and activists faced regulatory and political curveballs, from CFIUS reviews to significant SEC guidance. Read below as Sidley’s Kai Liekefett and Derek Zaba discuss lessons that will carry over into the 2026 proxy season.