Campaigns by shareholder activists look set to rise further this year after a return to pre-pandemic levels in 2022.

The conclusions come from experts following research by Lazard revealing activist action was at its highest for the past four years.

Lazard documented 235 campaigns last year at companies with market caps of more than $500m, higher than the 209 in 2019 and approaching 2018’s 249.

Experts studying the data say activists are likely to continue targeting companies in the coming 12 months as the economic conditions remain unchanged, with increased scrutiny of board decision making. Some observers believe many companies have been sheltered by tolerant shareholders willing to give boards “grace periods” due to recent economic conditions.

Activist investor campaigns rise back up to pre-Covid levels