Shareholder activism in Asia has reached a five-year high, with 163 public companies facing activist demands in the first half of 2025, marking a 3% increase from the previous year. This is according to the Diligent Market Intelligence: Proxy Season Review 2025 report, which highlights the region’s resilience amid a global decline in activist campaigns.
The report reveals that whilst activists in Asia are pushing for stronger governance, their success in securing board seats has diminished. Only 32% of campaigns resulted in at least one board seat being secured, down from 42% in the same period last year. Despite this, governance demands have surged, with 98 demands advanced in H1 2025, nearly triple the volume seen in 2021.
In contrast to the US, where short-selling activity has increased, Asia has seen muted activity in this area. Only four companies in China, Singapore, and Taiwan were targeted in the first half of the year. Meanwhile, Asia leads globally in director support, with a 96.7% average for director re-election proposals, tying with Europe.
The report also notes that “say on pay” proposals in Asia received 91.3% average support, maintaining levels close to 2024’s 91.6%. Leading activist players in the region include Nippon Active Value Fund, Dalton Investments, and Strategic Capital, Inc.
Josh Black, editor in chief of Diligent Market Intelligence, commented on the shifting strategies of US activists, noting, “The first half of 2025 showed that U.S. activists are not just reacting to market conditions but actively shaping their strategies to capitalise on emerging opportunities.”
As shareholder activism continues to evolve, the report suggests that both boards and investors should remain vigilant and adaptable to these changing dynamics.
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