The fourteenth edition of the AAA explores how shareholder activism continues to evolve amid geopolitical uncertainty, low European valuations and increasing cross-border investor activity. The report finds that while public campaigns remain an important tool, many investors are increasingly engaging in private, active dialogue with companies to drive value creation without the visibility of a public campaign.

Looking ahead, A&M forecasts rising activism across industrial, consumer and technology sectors, particularly in the UK, Germany and Switzerland. The report also examines how changing political and economic conditions, including the prospect of renewed M&A activity and shifting regulatory priorities, could influence activist strategies. Against this backdrop, boards are encouraged to strengthen performance, sharpen their equity story and proactively address potential vulnerabilities before activists do so themselves.