Unlocking the 2025 Proxy Season: Five Shocking Insights Every Investor Needs to Know Now
‘Vote No’ Campaigns Were Back in Fashion
Finally, “vote no” campaigns made a bit of a comeback. Rather than launch full proxy fights, some activists used targeted withhold strategies to make their point. At Harley-Davidson, H Partners fell just short of unseating board members, and a withhold campaign by Ancora Advisors at Forward Air pushed three directors out the door.
The 2025 proxy season hasn’t exactly been quiet, but perhaps more measured than previous seasons. The mix of global market volatility, new SEC rules, and shifting investor priorities resulted in fewer fights and more settlements. It remains to be seen whether this calm will persist, or whether it precedes a storm of activity next year.
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