February 2026

• Activism activity increased as nomination windows opened, with capital allocation, leadership transitions, and M&A emerging as key battlegrounds.

• Companies continued to exclude shareholder proposals, though some proponents have begun challenging exclusions in court.

• The ESG pullback continued, highlighted by the relaunch of the Net Zero Asset Managers initiative with fewer U.S. participants and Vanguard’s new “passivity commitments.”

• The policy landscape remains mixed, with both pro- and anti-ESG stakeholders seeing wins and setbacks.