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  "documentTitle": "Barclays Q1 2025 Review of Shareholder Activism 15 04 2025",
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  "notes": "The chart highlights that Board Change is significantly above its four-year average, while M&A is below.",
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      "text": "M&A well below the four-year average, while Board Change demands spiked as a result of the U.S. proxy season.",
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      "text": "Q1 2025 Global Breakdown of Key Objectives",
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      "text": "Source: Bloomberg, FactSet, Diligent Market Intelligence, 13D Monitor, press reports and publicly available data and sources. Market data as of 3/31/2025. Note: All data is for campaigns conducted globally by activists at companies with market capitalizations greater than $500 million at time of campaign announcement; select campaigns with market capitalizations less than $500 million due to depressed valuation at the time of campaign announcement (company was larger than $500mm in prior twelve months). Campaign objectives based on percent of campaigns in which a demand was made. As a result, percentages do not sum to 100%.",
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      "text": "Strategy & Operations demands remain elevated, continuing 2024's trend",
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      "text": "M&A well below the four-year average, while Board Change demands spiked as a result of the U.S. proxy season",
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      "text": "Campaign Objectives: 51%",
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      "text": "Activists have not yet refocused on M&A amid market uncertainty, instead continuing to focus on Board change and corporate strategy",
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