New Diligent Market Intelligence report finds the UK drives two-thirds of activity in Europe as US activists gain ground in the market
The UK strengthened its long-standing lead in European shareholder activism in the 12 months ending August 31, 2026, with UK-based companies accounting for 60 of Europe’s 95 activist targets, according to the Corporate Governance in Europe 2026 report from Diligent Market Intelligence.
While UK activity increased by 15% year over year, the wider European market saw a 15% decline in the number of companies facing public demands from activists. In addition, the findings point to a more transatlantic activism environment in the UK, with international investors, particularly those from the U.S., broadening their net in search of opportunity.
“Foreign investors look at valuations in the UK market and often see a significant difference when they compare those with US peers,” said Josh Black, Editor-in-Chief at Diligent Market Intelligence. “A warming M&A market, the UK regulatory landscape and the level of cultural alignment all combine to make it a popular jurisdiction for American activists.”
US activists gain ground in UK boardrooms
- US-based activists accounted for one in three UK companies targeted during the reporting period, nearly matching domestic campaigners, which were behind 40% of public advances.
- US activists secured eight of the 25 board seats won at UK targets during the period, compared with none just two years earlier.
- M&A emerged as a core focus for both domestic and international activists operating in the UK with 10 push-for-sale demands in the period and five efforts to stand in the way of dealmaking.
Germany, France and Italy reveal distinct approaches to shareholder activism
- Activists targeting Germany sharpened their focus on value and leadership: Six companies faced public demands, with healthcare and technology in the spotlight and pressure cantered on operational reform, cash returns and M&A.
- In France, private engagement remained the preferred route. No France-based company faced a public campaign in the reporting period, versus four the prior year.
- Activism accelerated in Italy, with eight companies attracting activist attention, up from five a year earlier. Industrials were a prime focus, alongside small-cap healthcare and technology businesses, while M&A and board representation drove campaigns under the country’s voto di lista
Non-executive director pay rises as boardroom demands expand
- Median total fees for a FTSE 100 non-executive director (NED) reached just over 87,000 pounds in 2025, up 7% on 2024 and 19% since 2020.
- As UK NED responsibilities expand across strategy, capital allocation, sustainability, cybersecurity and technology, the predominantly cash-based model faces fresh scrutiny, with fewer than a dozen FTSE 100 companies including equity in pay packages between 2020 and 2025.
- In 2025, median S&P 500 NED pay comprised $100,000 in cash and $200,000 in equity.
The report also ranked Europe’s most prominent shareholder activists, highlighting the region’s mix of US and domestic players. US-based Saba Capital Management ranked first, driven by its focus on closing net asset value discounts at closed-end funds, followed by UK-based Harwood Capital. London-based Amber Capital and US hedge fund Elliott Management were jointly ranked in third place, with the former targeting smaller Italian companies and the latter focusing on larger firms and share repurchases.
To download Corporate Governance in Europe 2026, which also includes analysis of shareholder activism in Germany, Italy and France, click here.
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About the report
Corporate Governance in Europe 2026 is sponsored by White & Case and Georgeson, and references data from Diligent Market Intelligence’s Activism, Voting, Compensation and Activist Shorts modules. Activism datasets featured within run from September 1, 2025 to August 31, 2026, unless otherwise stated. Further data is available on request. For more information, please email [email protected]
About Diligent Market Intelligence
Diligent Market Intelligence (DMI) is a market-leading provider of shareholder activism, investor voting, and corporate governance data. Through its web application and data feeds, clients can access the most complete solution for listed company intelligence on the market, with broader and deeper insights than ever before.
About Diligent
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