Corporate Board News, October 2025: Shareholder Activism on the Rise

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The third quarter of 2025 underscored just how dynamic and demanding the governance landscape has become for corporate boards.

Shareholder activism reached record highs, investors sharpened their focus on how directors respond to corporate crises, and the financial sector saw a landmark deal with Fifth Third Bancorp’s plan to acquire Comerica, creating the nation’s ninth-largest bank.

This high-profile transaction highlights the critical role boards play in overseeing complex M&A activity, from ensuring shareholder value to upholding fiduciary duties through disciplined strategy, oversight, and transparent decision-making.

Record High Global Shareholder Activism in Q3 2025

A record number of global shareholder activism campaigns launched in the third quarter of 2025, setting the stage for an active Q4.

This trend signals that boards must be highly proactive in their engagement with investors and have robust corporate governance and operational strategies prepared to defend against activist demands. Boards must be particularly vigilant about areas like operational performance and capital allocation, as these remain primary activist targets.

Impact on Boards: Increased pressure for better performance, capital allocation reviews, and board composition/refreshment. Boards should review their shareholder engagement strategies.

Financial Institution M&A Oversight: Fifth Third's Acquisition of Comerica

Fifth Third Bancorp’s announcement of its plan to acquire Comerica (a significant deal forming the ninth-largest U.S. bank with approximately $288 billion in assets) highlights the sustained and complex work of financial institution boards in overseeing major mergers and acquisitions (M&A).

This includes ensuring the transaction is immediately accretive to shareholders and results in a “peer-leading” performance profile, underscoring the board’s duty of care and strategic review in a consolidating industry.

Impact on Boards: For boards contemplating or undergoing M&A, the news reinforces the need for rigorous due diligence, valuation oversight, and strategic rationale defense, all of which fall squarely under the board’s fiduciary duties.

Shareholder Scrutiny on Board Response to Corporate Scandals

Following a major corporate scandal, investors are increasingly demanding to know, “Where were the directors?” This focus, highlighted in Governance Intelligence, places a strong emphasis on the board’s oversight function and response mechanisms.

It reinforces the need for boards to have well-defined crisis management protocols and to demonstrate active and independent oversight in the face of alleged wrongdoing.

Impact on Boards: Renewed emphasis on crisis preparedness, independent oversight, and transparent communication regarding the board’s role and actions during a corporate crisis.

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About The Author

Adam Wire: Adam Wire is a Content Marketing Manager at OnBoard who joined the company in 2021. A Ball State University graduate, Adam worked in various content marketing roles at Angi, USA Football, and Adult & Child Health following a 12-year career in newspapers. His favorite part of the job is problem-solving and helping teammates achieve their goals. He lives in Indianapolis with his wife and two dogs. He’s an avid sports fan and foodie who also enjoys lawn and yard work and running.