Entering a new phase of shareholder activism

Shareholder activism has greatly expanded beyond previously conventional markets and has become an increasingly prominent tool of influence and pressure across Europe, Asia, and other regions.

In this interview with Finect, Borja Miranda Johansson, Managing Director of Sodali & Co, explores the key factors behind this evolution: from the sectors that most attract activist interest to the emerging dynamics shaping their campaigns, which are becoming more sophisticated, polarized, and increasingly focused on sustainability and good governance. The discussion delves into how these investors operate, what changes they seek within companies, and how boards of directors respond—particularly in the Spanish context, where activism tends to adopt a more constructive yet equally impactful tone. 

Driven by increased investor sophistication and access to information, campaigns now focus heavily on sustainability, governance, and unlocking company value. Key sectors attracting attention include industrials, tech, finance, and healthcare—often aligned with global megatrends.

Activist strategies range from challenging board decisions to influencing M&A terms or correcting governance flaws. In Spain, activism tends to be private yet impactful, centered on board structure and executive pay.

Boards face growing pressure to balance shareholder interests, especially when ownership is concentrated. Best practices include strong governance policies, transparent board processes, and open dialogue with diverse investors.

Looking ahead, activism will become more professional, ESG-integrated, and geographically widespread—driven by data, technology, and media influence. Companies must evolve their communication and governance strategies to stay ahead.

Read full article here (in Spanish)