2024 Year End Activism Review

Olshan Co-Managing Partner and Chair of the firm’s Shareholder Activism Practice Andrew Freedman authored an article for Harvard Law School Forum on Corporate Governance entitled “2024 Year End Activism Review.” In this review, Andy provides a comprehensive analysis of shareholder activism trends and highlights from 2024, along with key insights and expectations for 2025. Andy writes “the number of activist campaigns at companies with market capitalizations greater than $500 million increased, making 2024 the most active year since 2018.” The U.S. remained the primary battleground, hosting 60% of all campaigns globally, and Japan continued its rise as a major hub for activism in the APAC region. He also highlights several high-profile campaigns, including Elliott Management’s successful board overhaul at Southwest Airlines and Trian Partners’ influential engagement with The Walt Disney Company. Andy also details significant wins for Olshan-advised clients, such as full board replacements at Gildan and Dye & Durham in Canada. The piece also explores key legal and regulatory developments, including new SEC guidance impacting 13G/13D filing status and the implications of the Delaware Supreme Court’s decision in Kellner v. AIM Immunotech Inc. on bylaw amendments. Andy concludes by noting a strong start to 2025, stating “fresh opportunities for shareholder engagement will emerge, setting the stage for another robust year for shareholder activism in 2025.”