Delegates gather in London as DMI’s Stewardship Series examines Europe's evolving activism landscape
More than 120 investors, advisors and issuers convened in London on November 11 for the latest leg of the Diligent Market Intelligence Stewardship Series, hosted in collaboration with White & Case, Okapi Partners and Forward Global.
Over the three dynamic panels that kicked off the day, speakers explored how activism is evolving across the U.K. and Europe and what boards should expect next.
U.S. activists setting the pace
The event opened with the launch of DMI’s Corporate Governance in Europe report, sponsored by White & Case, and a clear message: U.S.-based activists are likely to continue dominating campaigns in the U.K. as the primary agitators.
“Homegrown activists are still a minority," said Tom Matthews, partner and head of EMEA activism, White & Case." The U.K. market is perceived as undervalued relative to the U.S. which makes it attractive." The discussion, moderated by DMI's Editor-in-Chief Josh Black, also highlighted that with various factors combining to make activist wins harder on their home turf, many U.S. players are looking across the Atlantic for new opportunities.
"With that combination of available capital, tougher conditions at home, and lower valuations in the U.K., I think we’ll continue to see more U.S. activists coming over here,” said Matthews.
The audience heard that M&A activism could be a defining theme in 2026 and noted that domestic U.K. activists are willing to adopt a more assertive, U.S.-style approach when needed – including more campaigns aimed at securing one or more board seats.
Address shareholder concerns before the activist strikes
The second session shifted the spotlight to board preparedness. The message from JP Morgan, Okapi Partners and Forward Global was unanimous: engage early and often.
“Too many companies do prep work and then put it in a drawer until the activist arrives. Understand where your shareholders sit, their concerns, their thinking, and whether that overlaps with what an activist’s thesis might be," Darren Novak, global co-head of shareholder engagement and M&A capital markets at JP Morgan, told delegates. "The most effective defence is to identify shareholder challenges and address them before the activist strikes.”
This sentiment was echoed by Patrick McHugh, co-founder and senior managing director, Okapi Partners, who advised issuers in the audience to talk to their shareholders early, communicate with confidence, and emerge stronger. “A few years ago, there was almost no dialogue unless there was an issue or a campaign. Companies are now starting to understand that they need to talk to their investors, explain what’s going on, and address any possible perception that nothing is happening,” he said. "You never want the first time you speak to an investor to be when you need their vote."
With the continued rise of first-time and occasional activists, companies were also advised to identify and assess potential activist approaches before they ever become public.
“A crucial part is intelligence and companies often underestimate this," explained Brendan Foo, partner at Forward Global. "When you’re dealing with first-time activists, you may not know how they think. The best approach is to start early. Ask yourself: If I were them, how would I approach this company and then build an understanding of how an objective third party would critique you. It's game changing."
Constructive engagement over combat
In a candid discussion moderated by White & Case partner Patrick Sarch, Spur Value Partners’ Till Hufnagel pulled back the curtain on how activists identify opportunity and what his recently launched fund expects from boards.
Markets are increasingly impatient when it comes to even the slightest performance variations, he said, and while this can offer substantial opportunities for fundamental value driven investors, it also means companies should avoid vulnerabilities that could eventually invite activist pressure.
"In Europe, activists don’t show up with boxing gloves just for the sake of it. The goal is constructive engagement, not theatrics," said Hufnagel, adding that meaningful feedback on his thesis was the goal of sharing his plan with management.
However, for campaigns that do require escalation, boards were advised that activists will be prepared to follow through. “If you enter a fight, it’s important to see it through because the value of all investors, especially minority investors, is at stake. We try not to stop until we achieve our objective,” Hufnagel explained.
The second half of the invite-only event broadened the lens, focusing on the future of social stewardship in an AI-driven world, the next chapter of the U.K. Stewardship Code, and evolving expectations around executive compensation across the UK and Europe. Watch this space for more key takeaways from these expert discussions next week.
Speaking after the event, DMI Editor-in-Chief Josh Black thanked the more than 20 expert speakers who contributed to the day’s success: "Today’s panels have shone a light on the expectations investors of various stripes place on boards as stewards of their capital. Successfully executing on strategies to enhance shareholder value means persuading the company’s owners that good governance and oversight is in place and understanding your shareholder base is the first step on that journey."
The Stewardship Series' next stop will see the event return to New York in the first quarter of 2026. For more information on sponsorship opportunities, get it touch here.
