ESG Shareholder Activism: Here To Stay?

This article originally appeared in our Canadian Securities Litigation: Trends to Watch 2023 publication, which provides an in-depth overview of the most significant developments in the Canadian securities litigation landscape in 2022 and trends to watch for in 2023. Download the full publication here.

Relative to prior year, 2022 witnessed an increase in ESG-related shareholder activism in Canada, even though overall activism activity was less robust than in previous years. While the results of such initiatives yielded mixed success,¹ dissidents generally achieved more wins than their management counterparts² and there is no doubt that they will continue. Canada has long been viewed by many as an activist-friendly jurisdiction. Whether or not that view is fair, we expect the composition of Canada's capital markets and the existence of some uniquely Canadian legal tools available to stakeholders to contribute to more investors and other stakeholders targeting