June 2026

• The bar for a “successful“ director election keeps rising. Directors receiving less than 90% support are the outliers.

• Say-on-pay results broadly improved in 2026: a notable uptick landed in the 90+% range, though a similar sliver of laggards still fell below 70%. Stragglers should prepare for a full-court press of off-season engagement.

• Low volume and low support are the new normal for E&S proposals. Governance proposals continue to draw solid backing, as the push for best-in-class shareholder rights remains politically safe.

• Activism is heating up on multiple fronts: faster wins for focused funds, Cohen's move to a live hostile tender at eBay, energy emerging as H2's most active sector, a steady drumbeat of quiet settlements, and the return of major breakups.

• Reincorporation votes are no sure thing. Across the half dozen 2026 votes where sizeable, widely-held companies sought to redomicile to Texas or Nevada, average support hovered near the majority threshold, and half failed.