This week, Diligent Market Intelligence (DMI) released its latest statistical report on the trends that shaped the opening quarter of the year, with datasets spanning shareholder Activism, Voting and Governance.

The findings point to a notable resurgence in M&A-related activism, a reshaping of regional hotspots and rising pressure from short sellers.

The number of companies to face activist demands globally reached 400 in the opening quarter of 2026. With over 240 companies targeted, the U.S. market accounted for over 60% of activity.

M&A activism is back with force

One of the standout findings from the report is the resurgence of M&A-focused activism in the U.S. market with a more than 50% increase in Q1 when compared with the same opening period of 2025. This marks the highest quarter one level of dealmaking demands in at least five years.

For boards, this signals that activists are once again zeroing in on strategic transactions- from break-ups and divestitures to full take-privates and consolidation plays - as a primary lever to unlock value.

Regional shifts

Beyond the U.S., the report highlights important regional shifts:

Asia remained the second-largest activism stronghold, with over 100 companies facing demands—up 16% on Q1 2025.
South Korea surpassed Japan to record elevated levels of activity in Q1, underlining the regions increased focus on governance with policy and regulatory reforms giving activists new levers for engagement.
In Europe, the U.K. continued to serve as the key draw, with 17 companies targeted, representing 68% of overall regional activity.
Germany followed, with four companies facing public activist demands, up from three in Q1 2025.

Robust support for director reelections

On the voting front, the report highlights robust overall support for director elections at U.S.-based companies in Q1.

Average support reached 95.3% in Q1, up from 94.3% for full-year 2025. Just three directors of U.S.-based companies received less than 50% support for their reelection in Q1, less than 1% of director elections voted on.

Short activity accelerates

Building on patterns seen in 2025, activist short activity continued to accelerate with the number of campaigns initiated worldwide increasing by almost 29% in Q1.

The U.S. market accounted for 69% of overall activity.
For the first time in at least the last five opening quarters, all regions recorded at least two short campaigns, with Europe and Canada each registering four.

Access the full Q1 Snapshot

To explore the full suite of data, broken down by region, download the Quarterly Snapshot now.