Shareholder Activism: Get Your Playbook Ready 

Shareholder activism surged to record highs in 2025, with over 250 campaigns in the U.S. For boards, activism is now a regular feature of the governance landscape — one that demands foresight, alignment, and a clear plan.

In this program hosted on April 16, 2026, participants gained a clear, practical understanding of today’s shareholder activism landscape, informed by the surge in campaigns and the growing expectation that boards be prepared. They explored how activism can serve as a governance guardrail—challenging strategy, strengthening accountability, and supporting long-term value—while also recognizing how quickly situations can escalate into public scrutiny.

Through real-world insights and interactive discussion, attendees examined activism from three critical perspectives: director responsibilities, investor relations insights, and activist approaches. They left with actionable strategies to strengthen preparedness, enhance governance, and reduce vulnerability, as well as a clear roadmap for responding—both immediately and strategically—if activism arises.

To compliment this session, our program partners have provided the following resources:

• Cooley’s 2025 Activism Retrospective (provided by Cooley)
• Activism in 2025 and Beyond: Universal Proxy, Litigation Leverage and a New Playbook for Preparedness (provided by Cooley)
• When Should Boards Fight (provided by Edelman Smithfield)

Key Takeaways:

• Be prepared before the activist call comes. This includes identifying advisors, developing a response strategy, engaging a proxy solicitor, and having a press release template on hand.
• Directors participate as part of the governance team and should be prepared to clearly articulate the company’s strategy, alongside investor relations in dialogue and engagement with key stakeholders and investors.
• If an activist is at the table, listen openly, take their concerns seriously and escalate vulnerabilities to management and the board. A response that is measured, consistent with your public messaging, and protective of the company's long-term position, can then be crafted.
• Activist responses must include communication to employees, business partners, customers, and other stakeholders. Set clear expectations, and ensure all communications are consistent.
• Potential settlements should be carefully evaluated as to whether they are the best long-term outcome for the company. Key settlement provisions are all negotiable - the company's interests should be protected throughout the process.

Speakers

Sean Brownridge

Partner & Chair, Activism Defense Group, Cooley

Sean W. Brownridge is chair of Cooley’s activism defense group and a nationally recognized activism practitioner. He is a trusted advisor to boards of directors and management teams, with a principal focus on shareholder activism preparedness and defense...

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Kofi Bruce

General Mills Chief Financial Officer and Independent Board Member

Kofi Bruce is the chief financial officer of General Mills, a leading global food company with beloved brands including Cheerios, Nature Valley, Blue Buffalo, Häagen-Dazs, Old El Paso, Pillsbury, Betty Crocker, Annie's, Wanchai Ferry, and more...

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Heather Davis

Vice President of Investor Relations, EVgo

Heather Davis is the Vice President of Investor Relations for EVgo, an electric vehicle charging company, deploying fast charging stations across the U.S. Prior to EVgo, she had led IR, FP&A and ESG for several companies in the consumer and technology spaces...

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Christine O’Brien

Senior Advisor, Edelman Smithfield; former Head of Investment Stewardship, Elliott Investment Management

Christine provides strategic counsel on activism defense and other contested situations. She brings unique insight and deep expertise, having worked for more than a decade at Elliott Management, one of the largest and most prolific activist investment firms and served as a C-suite executive...

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Moderator / Small Group Facilitator

Liz Dunshee

Cooley Senior Strategic Advisor, Capital Markets & Corporate Governance

Liz is a trusted industry leader for executives, boards of directors and those who advise them. She brings nearly 20 years of experience in corporate and securities law, executive compensation and investor developments...

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Melodie Rose

President, Fredrikson; Board Chair, NACD Minnesota Chapter

A veteran of the firm for more than 30 years, Melodie serves as president of Fredrikson & Byron as well as a member of the Board of Directors and Compensation Committee. In her legal practice, Melodie has more than three decades of experience in corporate representation, including securities regulation, corporate governance, equity and debt capital market transactions, mergers and acquisitions, and business planning...

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This program was powered by 

Cooley’s corporate governance team advises boards and executives on director responsibilities, board composition and leadership, shareholder engagement, and evolving ESG and regulatory demands, helping directors enhance oversight, manage risk, and navigate high stakes governance and securities matters with practical, board level insight.