Shareholder Activism in a COVID-19 World: Past, Present and Future

As the COVID-19 pandemic began to unfold in early March, it quickly became clear that the crisis would act as a “poison pill” that would sharply reduce shareholder activism in the spring. Initially, many activists were preoccupied with their own survival and/or attracting new capital rather than launching new campaigns. Additionally, it became difficult to obtain shareholder support for public activist campaigns at a time when boards and management teams were focused on managing through the immediate crisis.