BA Speaks to Michael Levin, 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?
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
- 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?