Update on Activism and Universal Proxy with Michael R. Levin

by | Mar 16, 2023

BA Speaks to Michael Levin, Founder of the Activist Investor

Update on Activism with Michael R. Levin, the founder of The Activist Investor

Activism is once again front and center in the news lately with several high-profile situations taking the spotlight, from Trian and Disney (DIS) to Elliott and Salesforce (CRM). Thus it was timely to sit down with one of the experts in the activist landscape Michael R. Levin, founder of The Activist Investor and experienced board director and investor.

Michael gives us an update on Universal Proxy (UPC) and how the new rules are changing activist campaigns and activity. Since the adaption of UPC in September 2022, there have been differing views as to the real impact of UPC: will there be a spike in situations? how will the voting change? should companies feel more worried?

ICYMI: What to Know about Universal Proxy with Bruce Goldfarb of Okapi Partners

We discuss the Land & Buildings & Apartment Investment and Management Company (AIV) situation, the first completed vote of the UPC era, and it’s implications. The results, a split result of incumbents and activists, seemingly worked exactly how the SEC intended.

Michael touches on what’s next as the 2023 proxy season really, and the need for more thoughtful alignment with activist director nominees and thesis. Have a listen

Topics Discussed

  • Refresher on UPC contested shareholder voting
  • How have activist contests been affected since the rule change
  • Settlements vs. voting, what are the trends?
  • Land & Buildings / Apartment Investment
  • What are activists doing to take advantage of the new rules
  • How are companies and boards responding to UPC
  • What to look out for the rest of 2023? ESG Proponents?

Recent Analysis

Weekly Activism & Executive Moves Review (April 12)

Macy’s and Arkhouse / Brigade enter an agreement, but the fight isn’t over yet. Illumina gets a new CFO as shareholders wait for Icahn’s directors to change trajectory. ANGI gets a new CEO as IAC CEO Levin steps aside.

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