Governance Insights 2026 Shareholder Activism in Canada: Surprising Resilience and Shifting Dynamics
Figure 3: B oard Seats Gained by Activists at Canadian Companies as a Percent of Total Seats Won, by Method Outcome and Year (2017 – 2025)
100%
90%
80%
70%
60%
Vote
50%
Settlement
40%
30%
20%
10%
0%
2017 2018 2019 2020 2021
2022 2023 2024 2025
A Changing Landscape: Developments in Voting GLASS LEWIS MOVES AWAY FROM BENCHMARK VOTING
In October 2025, Glass Lewis announced that it will phase out its single, one-size-fits-all voting recommendations, transitioning to customized voting policies beginning with the 2027 proxy season. Rather than issuing a benchmark policy reflecting its “house view,” Glass Lewis will enable subscribers to select a voting policy better tailored to their priorities. While the approach remains under development, Glass Lewis indicated that clients will have access to a “spectrum of perspectives” to inform voting decisions, including a management-aligned perspective emphasizing board stability and operational execution; a governance fundamentals perspective focusing on board independence, accountability and pay-for-performance; an active-owner perspective prioritizing value creation (most closely resembling the current house view), capital allocation and performance turnarounds; and a sustainability perspective assessing environmental issues, social risks and policies that promote financial opportunities and mitigate materials risks associated with environmental and social issues. This policy change underscores the growing recognition that shareholders have diverse perspectives and often distinct investment objectives. For activists, Glass Lewis’ proposed approach represents a structural rebalancing of the proxy advisory landscape: with the universal “house view” recommendation no longer the dominant voice, well-crafted campaigns can be more precisely calibrated to resonate with specific investor segments and the priorities they value most. For issuers, voting outcomes are likely to become less predictable, requiring companies to deepen their understanding of and engagement with their shareholder base, including shareholders’ evolving values and priorities.
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Davies | dwpv.com
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