October 2025

• Activism is heating up — investors are moving earlier, zeroing in on undervalued or M&A-linked targets, and using toe-holds and quick settlements to force change

• Proxy advisor updates for 2026 are modest, though broader structural shifts — including Glass Lewis ending its benchmark policy and ISS testing recommendation-free research — are on the horizon

• Climate pressure persists from select investors, particularly European and progressive U.S. institutions, despite pullbacks from the largest U.S. managers

• A major shift on shareholder proposals may be emerging, as recent Delaware law developments suggest companies could gain greater ability to omit non-binding proposals