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  "documentTitle": "Barclays H1 2023 Review of Shareholder Activism 002 1",
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  "notes": "The slide uses a numbered list format to categorize four distinct themes in the activism landscape.",
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      "text": "Activists continued to drive significant Board change in H1 2023, winning 81 director seats, in line with the four-year H1 average of 78 seats.",
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      "text": "Sources: Bloomberg, FactSet, Insightia, 13D Monitor, press reports and publicly available data and sources. Market data as of 6/30/2023.",
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      "text": "Resilient Campaign Activity in H1 Despite Market Headwinds and Weaker U.S. (133 new campaigns, U.S. activity down 23%, Europe up 41%)",
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      "text": "Early Signs that Universal Proxy is a Game-Changer (81 director seats won, 80% win rate in contested votes)",
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      "text": "M&A Thesis Arises in Nearly Half of All Campaigns (46% had M&A thesis, 72% of those focused on selling company or division)",
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      "text": "Activists Cross Hairs on Large-Caps and Technology, Industrial and Healthcare Companies (59% in 3 sectors, 24% in >$10bn market cap)",
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      "text": "Campaign volume: 240",
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      "text": "Observations on the Global Activism Environment in H1 2023",
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