In less than two weeks, shareholders will have their say on the proxy contest between Trian Partners and Procter & Gamble. As the largest company by market cap to face a proxy contest in history, many expect Procter & Gamble to put up a stiff fight.

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Activist Insight data suggests that activist investors targeting U.S. large cap companies ($10bn+) have continued to have success in recent years, despite reports of tension between institutional investors and activists. The number of directors placed at large cap companies has declined slightly from a peak in 2014, but remained at elevated levels.

In addition, Nelson Peltz’s request for a single board seat is below the average of 4.5. In settlements at large cap companies, an average of 2.3 directors were seated at the activist’s behest, and only 2 of 7 proxy contests that went to a vote resulted in seats for the activist, according to Activist Insight data.

For a fact sheet on activism at large cap companies, click here.

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Josh Black

Activism At Large Cap Companies

Article by Activist Insight