The U.
K. remains Europe’s most active market for shareholder activism, with a 44% year-on-year increase in targeted companies, according to the Corporate Governance in Europe 2025 report by Diligent Market Intelligence (DMI). Between September 2024 and August 2025, 52 U.
K. companies faced activism, compared to 36 over the same timeframe in 2024, indicating heightened shareholder engagement.
Josh Black, Editor-in-Chief at Diligent Market Intelligence, stated that the U.
K. continues to drive public-facing engagement in Europe. He noted that other European markets are increasingly adopting similar strategies when private efforts fail. Black added that European activism encompasses a range of approaches, from hostile media campaigns to more discreet engagements, suggesting that boards should prepare for an active annual meeting season.
Produced in association with global law firm White & Case, the report highlights that smaller-cap companies accounted for nearly 70% of all U.
K. activism. However, large-cap campaigns were primarily led by prominent U.
S. activists who are increasingly exploring the European market for value opportunities.
Tom Matthews, Partner and Head of EMEA activism at White & Case, observed that the U.
S. has a more mature activism market with experienced and well-funded activists. He explained that for U.
S. activists willing to expand beyond their home market, the U.
K. and other European markets continue to offer prospects.
Europe’s diverse corporate governance frameworks and distinct board election mechanisms influenced activism in 2025. Beyond the U.
K., Germany emerged as Europe’s most contested market, with activists securing six board seats in the first eight months of 2025, up from four in 2024. Many campaigns in Germany focused on cost-cutting, operational efficiency, and consolidation.
Italy’s unique slate voting system facilitated activists in quietly reshaping boards, leading to five seats gained in the eight-month period, an increase from four in both 2023 and 2024. In France, public-facing campaigns remained less common, with only three launched in the first eight months of the year, though activists showed increasing willingness to engage publicly when private discussions did not achieve their objectives.
The Diligent Market Intelligence watchlist identified Europe’s most influential activist investors. Saba Capital Management led the list, having successfully adapted its U.
S.-developed strategy, focused on investment trusts, to the European market. U.
S. activist firm Amber Capital ranked second, with its demands, primarily directed at Italian companies, centering on board representation and pressure to spin off or sell business divisions.
The report also found a shift in median realized CEO pay across Europe. For the first time, Germany’s DAX and France’s CAC 40 surpassed the FTSE 100, indicating that efforts by London-based companies to narrow the CEO pay gap with the U.
S. are now being outpaced by other European markets. This signals a new phase in the region’s competition for listings and executive talent. The report’s data on the U.
K. covers the 12-month period ending August 2025, while data for the rest of Europe tracks the eight-month period to the end of August 2025.
