Shareholder Activism In Switzerland – Current Developments

In recent years, shareholder activism has gained significant influence on the fate of public companies worldwide. This trend does not stop at Switzerland. During 2017, we recorded in Switzerland a peak in activity of shareholder activists, going beyond previous thresholds with some prominent and – from an activist's point of view – in fact quite successful cases.

1 INCREASED SHAREHOLDER A CTIVISM IN SWITZERLAND

Originating from the USA, shareholder activism and hedge fund activism in particular have been on the upswing throughout the world - and increasingly in Europe - since the financial crisis. This global trend is now also affecting Switzerland.

Following prominent cases such as the failed attempt of Elliott Advisors in 2011 to take control over the board of directors of Actelion, or the successful proxy fight in 2013 between Carl Icahn and Transocean Ltd (then still listed on the SIX Swiss Exchange) as well as other isolated cases in previous years – we