ANALYSIS: Universal Proxy Hasn’t Changed the Activism Game (Yet)

With the height of the proxy season largely over, there’s very little sign that activists in 2023 are drastically altering their campaign patterns as a result of the arrival of the universal proxy card.

Last year’s activism would have only begun to feel the impacts of the SEC’s amendment to its proxy rules to require the use of the universal proxy card, which took effect in September. But 2023 appeared to be ripe for big changes.

The new universal proxy card, which includes all nominated director candidates on a single ballot, was predicted to lead to sweeping changes in ...