Done Deal – Insights from our M&A and Activism team – June 2023
Insights from our M&A and Activism team
This month our Done Deal newsletter recaps the 2023 proxy season – looking at trends in shareholder activism, shareholder proposals, and compensation. First, we hear from some of our activism and governance experts on critical questions relating to the anti-ESG movement, universal proxy and emerging activism strategies, followed by a report outlining the 2023 proxy season. Finally, we spoke to Valerie Mack, a Senior Director from our New York office about the trends she is seeing in the marketplace.
Shareholder activism trends in the US and Europe in 2023
As the exciting 2023 proxy season comes to an end, our activism and governance teams reflect on the key events and learnings so far.
Shareholder activism on ESG matters – the 2023 proxy season experience
This year has seen investors support significantly fewer environmental and social proposals than in previous years. While overall support has dropped, both across the US and Europe, issuers should understand important macro, regional, and issue-specific factors driving this trend as they prepare for their off-season engagement efforts and 2024 proxy season.
What We’re Up To
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MARCH 2023 Advising Cinven on £660m acquisition of MBCC Admixtures | MAY 2023 Advised PureWest Energy on$1.84b acquisition by PW Consortium | JUNE 2023 Supporting 3D Systems in its bid |
Meet our Team: 30 seconds with Valerie Mack
What is your focus area at FTI Consulting?
I joined FTI a little over a year ago after spending a decade in politics and five years in-house at a leading activist hedge fund with a private equity arm. At FTI, I use that experience to advise clients on how to prepare for and approach shareholder activists and private capital on how to build their brands through profile raising and transaction communications.
What trends are you seeing in your marketplace?
This season, we’ve been involved in multiple situations where the founder has acted as the activist. With the depressed valuations after so many unicorn IPOs and the shares many founders still hold, I’d expect to see more of this through the next few years. I have also recently spent a lot of time talking with clients about socially conservative investors and the anti-ESG/anti-woke movement. Since I spent the first decade of my career working on American political campaigns and in the U.S. Senate, I’m familiar with how these groups organize, and having the opportunity to connect my understanding of political organizing and shareholder activism is truly satisfying.
Name one new thing you just learned from or about a colleague?
A few words in German. I’ve worked a bit with colleagues on the Software AG deal and most of the team is based in Germany and all of the communications work is bilingual. Of course, I only read the English version of documents, but sometimes my colleagues send emails in German. I haven’t figured out why yet, but „Danke” to the team for expanding my mind.
What do you do outside of work that helps you reset and stay sharp for the next professional challenge?
I dabble in surfing. Truly the perfect activity because you cannot bring any tech with you in the ocean.
And yes, you can really surf in NYC year round, just need to trust your winter wetsuit and take the trip to Rockaway.
Contact Us
To be added to the distribution list for FTI Consulting’s M&A and Activism Insights, or for further information on the dedicated M&A and Activism team at FTI Consulting, please contact Pat Tucker, Senior Managing Director, US ([email protected]) or Edward Bridges, Senior Managing Director, EMEA ([email protected]).
| The views expressed in this article are those of the author(s) and not necessarily the views of FTI Consulting, its management, its subsidiaries, its affiliates, or its other professionals. ©2023 FTI Consulting, Inc. All rights reserved. www.fticonsulting.com |
