Figure 2: Public Demands to Canadian Issuers Proportionally by Type of Demand (2017 – 2025)
100%
90%
80%
Remuneration
70%
Balance Sheet Activism
60%
Board Related Activism
50%
Business Strategy
40%
M&A
30%
ESG
20%
10%
0%
2017 2018 2019 2020 2021
2022 2023 2024 2025
FINDING COMMON GROUND: SETTLEMENTS ARE ON THE RISE
Larger issuers continue to drive settlements, with parties favouring earlier resolution in a bid to avoid prolonged uncertainty and costs.
Despite significant activity levels in Canada in 2025, only four campaigns went the distance to a shareholder vote last year, with settlements continuing to dominate outcomes. In 2025, approximately two-thirds of board seats gained by activists at Canadian companies were achieved through settlement, the highest proportion in the last six years. This mirrors the trend in the United States, where over 90% of seats gained by activists at U.S.-based companies were secured by settlement. Notably, all Canadian companies that proceeded to a contested shareholder vote in 2025 were smaller issuers with market capitalizations below C$200 million, while nearly half of those entering settlements were issuers with market capitalizations exceeding C$1 billion. Historically, large-cap issuers in Canada have overwhelmingly favoured settlements – all such issuers facing demands for board representation from 2022 to 2025 reached settlements. Outcomes for smaller companies remain more varied – on average, only half of non-large-cap issuers subject to demands for board representation over the past five years entered settlements, with the other half proceeding to a shareholder vote.
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Governance Insights 2026
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