Governance Insights 2026 Shareholder Activism in Canada: Surprising Resilience and Shifting Dynamics
Figure 1: Number of Canadian Issuers Subject to Activist Demands (2017 – 2025)
Despite factors that might have otherwise presented challenges for activists, shareholder activism in Canada proved resilient in 2025.
44
34
30
30
28
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18 18
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12
9
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2017
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2019
2020 2021
2022
2023
2024
2025
Issuers with a market capitalization over C$1B
Other Canadian Issuers
ACTIVISTS CONTINUE TO DISPROPORTIONALLY TARGET LARGER COMPANIES
Larger cap Canadian issuers with a market capitalization over C$1 billion were disproportionally targeted, comprising 30% of the targets in 2025, despite comprising approximately 15% of all operating issuers on the Toronto Stock Exchange and TSX Venture Exchange (excluding exchange-traded funds and close-ended funds). Figure 1 illustrates the historical number of larger cap and total Canadian issuers subject to shareholder demands. High-profile efforts against larger cap Canadian issuers continue to be principally led by activists in the United States: for the past three years, U.S.-based activists have been responsible for almost half of all demands directed at larger cap Canadian companies. Notable campaigns in 2025 included Elliott Investment Management’s engagements with Lululemon Athletica and Browning West’s push for change at CAE, which it launched on the heels of its successful 2024 campaign at Gildan Activewear. We expect this trend to continue in 2026, especially given the increase in newly formed U.S. activist funds seeking to carve out a niche, including in the Canadian market. The rising number of players in the space may precipitate an increase in issuers being approached by multiple activists in parallel, forcing the issuer to simultaneously defend against competing demands.
ACTIVISTS SHIFT THEIR FOCUS TO BUSINESS STRATEGY
The variety of shareholder demands has remained largely consistent over the past year, with the notable exception of a surge in campaigns focused on business strategy, which nearly doubled in 2025. In response to the tumultuous geopolitical and economic environment that unfolded throughout the year, companies have been compelled to revisit and refine their strategic direction. Companies that are slow to adapt risk becoming prime targets for activists who are increasingly emphasizing the imperative to build resilient, agile businesses capable of swift operational pivots in response to volatile and rapidly shifting economic and geopolitical landscapes.
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Davies | dwpv.com
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