Universal Proxy Card Insights
New Universal Proxy Card (UPC) rules implemented in late 2022 changed how director elections are conducted and have made it easier for activists to win board seats. Activists were more successful in 2023, winning at least one board seat in approximately 80% of public campaigns compared to the recent average of about 33%. Boards must adapt and change how they communicate about each director on the board and evolve their investor engagement efforts accordingly.
Access this guide to navigating UPC dynamics for next proxy season and beyond.