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The rise of activists demands a revolution in shareholder relations

Firms spend millions on bankers’ advice, but modern technology offers easy new ways for CEOs to keep shareholders in touch and on side

William "Bill" Ackman, CEO of one of the best-known activist investors Pershing Square Capital Management, testifying before the US Senate
William "Bill" Ackman, CEO of one of the best-known activist investors Pershing Square Capital Management, testifying before the US Senate Photo: Getty Images

Activist investors have never been busier. The Activist Investing Annual Review 2019, produced by Activist Insight with law firm Schulte Roth & Zabel, noted there were 922 companies targeted in 2018 worldwide, compared with 856 in 2017.

Asia hit a record high in 2018 with 111 companies targeted, slightly lower than the figure of 148 for Europe. Some 20% of total activist shareholder funds are now deployed outside the English-speaking world — and national campaigns have been launched in various European countries, including France, Germany, Switzerland, Italy and Spain.

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