Activist investor activity across Europe, including the UK, has increased year-on-year, though the number of board seats won as a result of engagement has fallen dramatically.

Figures for the first quarter of 2025 show that the number of companies targeted by activists across Europe increased 24% from the same period last year to 36.

However, activists appear to be failing to win boardroom seats. Board seats won have fallen from 18 in 2023, to eight in 2024 and just a single seat in the first three months of this year.

According to Diligent Market Intelligence, only one in 10 attempts to win boardroom representation is proving successful.

Josh Black, editor of Diligent Market Intelligence, says the UK is facing a “robust” period of activism, mainly focused on energy and closed-end fund industries.

“While the UK General Election may have been an overhang on the 2024 proxy season, a variety of economic headwinds are now providing opportunities for activists to challenge existing strategies and push for greater alignment with peers.”

The news comes as activist investors make headlines around the world. In the UK, energy giant BP became the latest company to be targeted, with US-based hedge fund Elliott acquiring a 5% stake in the business.

Jumping on board

In the US, Engine Capital has taken a hefty stake in Lyft, the ride-hailing software company, while in France, investor group CIAM has been duelling with Vivendi, the media conglomerate. Elliott has also targeted German energy supplier RWE.

Europe and the UK were the only the region to see a rise in activist targeting while others—Asia, Australasia, Canada and the US—saw falls, some more modest than others.

At the beginning of the year, it was anticipated that US activists would target UK companies because, while valuations of domestic companies were high, valuations of companies abroad were comparatively lower.

Much of the early speculation suggested activists were less interested in governance changes—for example, boardroom places—and that more focus would be on operational or strategic changes.

A report at the beginning of the year by consultancy Alvarez & Marsal (A&M) identified the UK as the biggest target, with Germany the next most attractive because of its “weak economic development”.

A&M said: “Those corporates that are slower in maximising their response and maximising shareholder value are likely to come under scrutiny by activist investors.”

A&M also predicted there would be a drop off in public activism, as investors shifted to private engagement to make their arguments.