What The First Universal Proxy Card Contests Say About the Future of Activism

The Spring 2023 proxy season is in full swing, and each week we are seeing more contested proxy statements filed and settlements with activists announced. This proxy season is shaping up to be an uncommon tempest for companies and shareholders alike: macro-economic conditions are stressing corporate performance, trading multiples are depressed, and—last, but not least—the universal proxy card regime has finally come into effect.